Delaware Life at a Glance: Rates, Products and Reviews

As a member of Group One Thousand One, LLC, Delaware Life offers a wide selection of annuities, to include variable, fixed index and multi-year guarantee annuities (MYGAs). It touts a dedicated commitment to customer service and satisfaction, providing solid, reliable financial products investors can trust. Therefore, it rates as one of the best annuities for retirement, giving you versatility and flexibility for your portfolio.

Delaware Life Insurance Company is a newer company as it was founded in 2013. Located in Waltham, Massachusetts, Delaware Life is a member of Group One Thousand One, LLC, which shares its commitment to provide comprehensive and accessible financial products for individuals. Although it used to offer life insurance, it now focuses solely on annuities.

Delaware Life is available throughout the U.S., including Washington, D.C., Puerto Rico and the U.S. Virgin Islands, with the exception of New York.

Delaware Life Insurance Company represents 1.63% the market share, according to the National Association of Insurance Commissioners (NAIC). By April 2023, it had surpassed $20 billion in cumulative annuity sales with $25 billion in total invested assets. It has $46.1 billion in assets under management with over 312,000 annuity and life insurance policies in force.

Delaware Life offers one variable annuity product, five fixed index annuities (FIAs) and two MYGAs to choose from.

Delaware Life offers a single variable annuity, the Accelerator Prime Variable Annuity. The Accelerator Prime variable annuity has three income options available—Income Boost, Income Control and Armor—with over 90 investment choices. Annual costs for the Income Boost and Income Control are 1.35%, while there is a 0.80% rate for Armor. This allows you to pick the option that is best for your finances.

Nassau Life offers a range of FIAs designed to provide growth potential while protecting your investments from market downturns. Each product features flexible options for income, withdrawal and index selections, allowing individuals to tailor their annuity to meet specific retirement planning goals.

The Pinnacle Plus annuity is a MYGA that uses your retirement assets to create income. You can allow you to withdraw up to 10% fee-free after your first year. There are four different term options lasting three, five, seven or 10 years. It is available to individuals between the ages of 18 and 85. A minimum initial premium of $25,000 applies.

The Apex MYGA from Delaware Life is a multi-year guaranteed annuity product that delivers guaranteed, tax-deferred growth without falling subject to market fluctuations. There are available terms of three, five or seven years with the ability to take regular fee-free withdrawals. Those between the ages of 18 and 85 are able to get started with a $10,000 minimum initial premium.

Delaware Life offers multiple annuity products that promote tax-deferred savings with fee-free withdrawals and protection against market fluctuations. Some Delaware Life annuities come with bonus features, such as the Growth Pathway® Fixed Index Annuity, which includes the GMAV feature, or the Target Income 10 Fixed Index Annuity, which comes with the GLWB. There are also other benefits, such as the index account lock and interest crediting that comes with the PrimeStart Bonus 10 Fixed Index Annuity. There is also the option to add GLWB, which is an annuity rider for guaranteed lifetime income.

Delaware Life rates high for financial stability. AM Best rates it A- (Excellent), and Finch gives it an A- (Strong) rating. They are a bit higher than Standard & Poor’s rating of BBB+ (Satisfactory). Overall, it shows that Delaware Life is financially sound for investment in its products.

Delaware Life is backed by Group 1001 and boasts $25 billion in total invested assets with a wide selection of annuities from which to choose. With its industry ratings, it shows robust company stability for its investors. Its ratings also show a commitment to customer service and resolution, encouraging future parties to invest in a company where they will be valued.

Delaware Life Insurance Company does not rate in the 2023 J.D. Power U.S. Individual Annuity Study, and it is not accredited by the Better Business Bureau (BBB). However, BBB assigns an A+ rating based on Delaware Life Insurance reviews for its successful approach to customer satisfaction.

The NAIC rates companies based on their ability to successfully resolve customer complaints. Here it scores highly, scoring 0.32 out of a 1.00 baseline score, which reinforces Delaware Life’s strong commitment to customer service and satisfaction.

When considering Delaware Life annuities, it’s important to weigh the pros and cons to determine if they align with your financial objectives. Understanding both the potential benefits and limitations will help ensure you make an informed decision about securing your retirement income.

Editor Norah Layne contributed to this article.