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Fixed Indexed Annuity Details

Assured Income 7

This annuity product has been withdrawn by the issuing insurance company and is no longer available for new purchases.

Product Name

Assured Income 7

Annuity Type

Fixed Indexed Annuity

Issuing Insurance Company and Ratings

A-
(4th of 15 ratings)
BBB+
(8th of 20 ratings)
Not Rated
Not Rated
52
(percentile of rated companies)

Product Information

The Assured Income 7 is a deferred fixed indexed annuity issued by Delaware Life Insurance Company.

When your full premium deposit is allocated to the fixed interest account, the current first year yield (including bonus if applicable) is 1.85% (see Rate Details below).

You can also allocate your premium between 3 different strategy and index account options (see Index Account Options below). For complete details on index account options, including current cap and participation rates, please contact AnnuityAdvantage at 1.800.239.0356.

An income rider is available that provides the option of activating a guaranteed lifetime income stream at a future date. The income payments cannot be outlived and your contract does not need to be annuitized.

During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. Beginning in the second contract year, this annuity provides up to 10% (noncumulative) of the contract value as the penalty free withdrawal amount that may be withdrawn from the annuity each contract year.

This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.

Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.

Delaware Life Insurance Company is rated “A-” by A.M. Best, was founded in 1970, and has over $16.9 billion in total assets.

Rate Details

Oct 12th, 2020
Not Scheduled

Premium Amount: $25,000 - $1,000,000

Current
Fixed Account First Year Yield: 1.85%
Fixed Account Current Interest Rate: 1.85%
Fixed Account Guaranteed Minimum Interest Rate: 1.00%
This annuity product has been withdrawn by the issuing insurance company and is no longer available for new purchases.

Initial Surrender Charge and MVA Periods

7 years

7 years

7 years

State variations may exist, refer to product disclosure for details.

Policy Details

$25,000
$25,000
$1,000,000
$1,000,000
80
80
60 days
Yes
Accumulation Value
Yes

Penalty Free Withdrawal Provisions

None
10%
No
Yes
Annuitization, Death, Nursing Home and Terminal Illness

See product brochure, disclosure and riders for additional details, limitations and availability. State variations, age restrictions and holding periods may apply.

State Variations

Not available in:  DE, NY and ND (as of 12/23/2018)

Market Value Adjustment (MVA) only applies to your annuity if issued in a state where MVA is allowed.

Notes

Built-in Bailout Endorsement: Comes with a free “bailout” benefit that enables you to make full or partial withdrawals from the contract without a surrender charge or market value adjustment (MVA) if renewal cap for the S&P 500® Index (using a 1-year point-to-point strategy) is below the bailout cap rate.

Income Rider Fee Refund Feature: The optional income rider includes a unique fee refund feature that allows you to recoup 100% of the rider fees you paid during the previous 10 years. You are eligible for this special fee refund as long as you: 1) Did not take lifetime income payments from the annuity, and 2) Did not make withdrawals of any kind (including required minimum distributions/RMDs) during those 10 years. This built-in fee refund feature gives you the opportunity to recoup the cost of your rider benefit if your personal situation or income needs change down the road.