Delaware Life Insurance Company Launches New Variable Annuity
WALTHAM, Mass., Nov. 1, 2018 /PRNewswire/ -- Delaware Life Insurance Company ("Delaware Life") has built a product suite that addresses the real risks to retirement and legacy planning, providing solutions for both accumulation and income. With that goal in mind, Delaware Life has launched the Delaware Life Masters Prime Variable Annuity℠. It is a new variable annuity that, for an additional fee, can provide a powerful optional benefit to help grow a consumer's future retirement income even more than with a traditional variable annuity income benefit rider.
"The Delaware Life Masters Prime Variable Annuity℠ was a natural development for us with our commitment to building smart solutions for retirement planning," said Tom Seitz, Vice President, Distribution. "We recognize that many clients want the opportunity to grow assets for retirement and choose from a variety of investment options. This is a client-focused and straightforward annuity with attractive investment choices."
Delaware Life has been prominent in the fixed income and fixed index annuity marketplace with noteworthy products such as Pinnacle MYGA®, Target Income 10® and Retirement Stages 7®.
"Delaware Life has pushed its way into the top 20 of fixed-indexed annuity sellers by relying on a focused distribution strategy and an emphasis on product simplicity," according to a recent article in Life Annuity Specialist.1
Delaware Life was acquired by Group One Thousand One, LLC ("Group1001") (formerly known as Delaware Life Holdings, LLC) from Sun Life Financial Inc. in August 2013. Since then, Delaware Life has launched seven annuities under the Delaware Life name, with more than $7 billion of total sales.
A "Back to Basics" Approach
Delaware Life is positioning the Delaware Life Masters Prime Variable Annuity℠ as "back to basics" and "straightforward" in that clients can choose only the optional benefits they need to fund financial goals such as guaranteed income throughout retirement, growth potential to address inflation, and leaving a legacy to loved ones. The absence of complicated features or heavy restrictions on investment options are reasons why Delaware Life is positioning this as a straightforward retirement solution.
This annuity offers an optional Guaranteed Lifetime Withdrawal Benefit ("GLWB") rider that guarantees clients will receive a specified retirement income payment amount for life, even if the annuity account cash value drops to zero.
A noteworthy feature of the GLWB is its bonus period reset. It is a powerful feature that can help grow a client's future income even more than with a traditional step-up feature. It enables a client to reset to a new 10-year bonus period every time there is a step-up in the GLWB benefit base value and is available until the income start date.
The annuity also features a variety of investment options from a diverse lineup of investment managers.
In addition to the standard death benefit, the Delaware Life Masters Prime Variable Annuity℠ also offers two optional death benefit riders, available for an additional fee, that are designed to help preserve principle or preserve investment gains.
Delaware Life is distributing its new variable annuity through the broker-dealer and bank channels and sees it as rounding out the company's annuity offerings to provide a suite of complementary products—no matter where clients are on the risk/return spectrum in their choice of annuity products.
About Delaware Life
Delaware Life is a member of the Group One Thousand One insurance holding company, a dynamic network of businesses making insurance more useful, logical, and accessible for everyone. Together with its subsidiary, Delaware Life Insurance Company of New York, Delaware Life is a leading provider of annuity and life insurance products in the United States, administering nearly 320,000 active annuity and life insurance policies representing approximately $36 billion in combined assets under management as of June 30, 2018.
For more information about Delaware Life, please visit www.delawarelife.com.
About Group1001
Group1001 is a customer-centric insurance holding company whose mission is to bring to market insurance and retirement products that empower consumers, communities and the industry.
Group1001 believes sports have the power to transform lives and communities. Corporate social programs include partnering with Fields & Futures and the Cal Ripken, Sr. Foundation to revitalize sports fields in at-risk communities and to provide safe, inclusive and nurturing spaces for the children in the communities that Group1001 serves. Group1001 sponsors the Power of Sports, a syndicated program that gives life and celebrates powerful stories of people and organizations connecting through sports while driving positive social change for kids and communities across the U.S.
For more information about Group1001, please visit Group1001.com.
- 1. Jay Cooper, "How Delaware Life Surged Up Ranks of Annuity Sellers," Life Annuity Specialist, September 26, 2018.
Investors are advised to carefully consider a variable annuity's risks, charges, limitations and investment objectives of its underlying investment options prior to making any investment decisions. The applicable prospectuses for this Delaware Life Masters Prime Variable AnnuitySM and its underlying investment options contain this and other important information. Please visit www.delawarelife.com to obtain the prospectuses. Read them carefully before investing.
Annuities are long-term investments designed for retirement. Annuity withdrawals and other distributions of taxable amounts, including death benefit payouts, will be subject to ordinary income tax. For nonqualified contracts, an additional 3.8% federal tax may apply on net investment income. If withdrawals and other distributions are taken prior to age 59½, an additional 10% federal tax may apply. Withdrawals will reduce the contract value and the value of the death benefits and also may reduce the value of any optional benefits.
Guarantees, including optional benefits, are subject to the claims-paying ability and financial strength of the issuing insurance company, Delaware Life Insurance Company, and do not protect the value of underlying investment options within the variable annuity, which are subject to risk. All optional riders are available for additional fees.
Not FDIC insured ● May lose value ● No bank or credit union guarantee ● Not a deposit ● Not insured by any federal government agency or NCUA/NCUSIF.
Annuity products are issued by Delaware Life Insurance Company and distributed by its affiliated broker-dealer, Clarendon Insurance Agency, Inc. (member FINRA), both located at 1601 Trapelo Road, Suite 30, Waltham, MA 02451.
The Delaware Life Masters Prime Variable Annuity℠ is issued on contract number ICC18-DLIC-VA-C-01 (or a state variation thereof). Rider Numbers: ICC18-DLIC-VA-GLWB-01, ICC18-DLIC-VAHAVDB, ICC18-DLIC-VAROPDB, ICC18-DLIC-VANHW, ICC18-DLIC-VATIW (state variations may apply).
Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Delaware Life Insurance Company of New York is authorized to transact business in New York and Rhode Island. Both companies are members of Group One Thousand One. Each company is responsible for its own financial condition and contractual obligations.
SOURCE Delaware Life Insurance Company
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