Pinnacle MYGA®

The Pinnacle MYGA® fixed annuity from Delaware Life Insurance Company is a single-premium deferred fixed annuity with multiple guarantee periods. It offers a simple, guaranteed way to build retirement assets without the principal risk typically associated with stocks, bonds or mutual funds.

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Growth

Even the most conservative investments can be tripped up by an uncertain market. If you’d like to grow your savings at a more predictable rate, you may want to consider the Pinnacle MYGA®, which gives you a guaranteed rate of return over a set number of years.

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Ways to grow your savings with the Pinnacle MYGA®:

Guaranteed, fixed interest rates

You can choose one of multiple guarantee periods to align with your specific needs and get a fixed rate of interest for the period you select.

Tax-deferred growth, until you take withdrawals

You do not pay any taxes on earnings until you take withdrawals, so your money goes to work for you immediately, giving your account balance more time to grow. Deferring taxes could be even more beneficial if you are in a lower tax bracket when you make your withdrawals as a retiree. Withdrawals are taxed as ordinary income and if taken prior to 59½, you may have to pay a 10% federal tax penalty.

Renewal feature

At the end of your guarantee period, you will have the option to renew your annuity for another guarantee period. If you choose, you can generally continue to renew your annuity in any new guarantee period that ends prior to your 95th birthday.

Renewal rates for subsequent guarantee periods will be based on competitive current interest rates at the time of your renewal and may differ from the initial guaranteed interest rate. There is a 30-day window prior to the end of your guarantee period to select a new guarantee period. If no election is made, your annuity will automatically renew for the same guarantee period you had previously selected. During your 30-day window, you can make withdrawals or surrender your annuity with no surrender charges or market value adjustment.

Income

When you reach retirement, it would be nice to have fewer surprises when it comes to your income. The Pinnacle MYGA® offered by Delaware Life Insurance Company gives you a guaranteed rate of growth and can provide you with guaranteed income using the annuitization feature, which turns your deferred account into a regular stream of income payments.

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Ways to access your income:

Penalty-free withdrawals

Beginning in year two of your contract, you can withdraw up to 10% of the value of your account each year, free from charges. Amounts in excess of this may be subject to a surrender charge or market value adjustment, unless used to meet your required minimum distribution (RMD) if you are older than 70½.

Lifetime income options

Pinnacle MYGA® can provide you with a guaranteed income stream through the annuitization feature, which turns your deferred account into a regular stream of income payments.

You can choose from several different annuity payout options, including payments for your entire lifetime, payments for your entire lifetime including a guaranteed minimum period payable to either you or your beneficiary(ies), or payments over the lifetime for you and a co-annuitant. If annuitization begins following the fifth contract year, no surrender charges or market value adjustment will be applied when calculating your payout.

Other features:

Guaranteed death benefit

Pinnacle MYGA® allows you to designate a beneficiary or beneficiaries. Beneficiaries may choose to receive payouts in either a lump sum or a series of income payments. If you die before you begin receiving annuity income payments, your beneficiary will receive at least the account value (including all the interest you’ve earned).1

More about Pinnacle MYGA®:

If you make a withdrawal prior to the end of the interest guarantee period, you may be subject to a market value adjustment that reflects changes in interest rates that may occur between the times the guaranteed interest rate began and when the withdrawal is taken.

Pinnacle MYGA® Documentation

1Minus any adjustments for charges and taxes.

Pinnacle MYGA® Legal Disclosure

All products and/or options may not be available in all states. Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your licensed financial professional can provide you with complete details. For use with Delaware Life Insurance Company policy form ICC14-DLIC-MYGA-01A and state specific variations where applicable.

Riders are available for additional expenses.