With the Goal of Growing its VA Business & Providing Clients with New Income and Investment Protection Options Delaware Life Launches Innovative Variable Annuity with Riders
June 1, 2021 by Delaware LIfe
WALTHAM, Mass., May 25, 2021 /PRNewswire/ — Delaware Life Insurance Company (“Delaware Life”) has launched an innovative new variable annuity with riders that provide financial professionals and their clients with the choice to prioritize income or investment protection during the first 7 to 10 years of the contract, based on changing market conditions or personal circumstances.
The Delaware Life Accelerator Prime℠ Variable Annuity combines the benefits of a traditional variable annuity, including direct investments through investment fund options, tax-deferral, and the ability to convert savings into retirement income for life, with the flexibility of a range of riders that address individual client needs.
Among the choices offered is the industry’s first Guaranteed Market Protection Benefit (GMPB) rider in a variable annuity. The Armor Flex Seven℠ and Armor Flex Ten℠ riders give clients the ability to invest in the financial markets through a broad range of investment fund options with, depending on the rider, a 10% or 20% protection buffer against downturns over a 7 or 10-year period. The riders offer clients choice, transparency of investment performance, and the flexibility to access the account value and investment gains at any time, subject to the terms of the contract.
“Delaware Life has the product, investment expertise, and capacity to offer unique products that give financial professionals and their clients the flexibility they are looking for,” said Dale Uthoff, senior vice president, Variable Annuity Products, Delaware Life Insurance Company. “We have developed Accelerator Prime℠ to provide financial professionals with a versatile and flexible solution to meet their clients’ income and protection needs.”
A comprehensive range of optional benefits provide significant investment freedom. The Income Boost℠ Guaranteed Lifetime Withdrawal Benefit (GLWB) rider offers open architecture investment with 96 investment fund options, a 6% bonus rate over a 10-year period, and annual step-up potential. The Income Control℠ GLWB rider offers higher income guarantees through a 7% bonus rate, attractive annual income factors, and unrestricted access to 25 investment fund options.
Clients also have the choice of a Guaranteed Minimum Accumulation Benefit (GMAB) rider, Armor Seven℠ or Armor Ten℠, which provides downside protection by guaranteeing the contract value at the end of the term will never be less than either 95% or 105% of the initial principal, depending on the term chosen. As additional options, Accelerator Prime℠ offers return of premium and highest anniversary value death benefit riders.
“Providing income and protection options for the initial 7 or 10 years of a contract ensures that financial professionals and their clients can prioritize what’s important to them when it matters most,” added Tom Seitz, president, Delaware Life Marketing, LLC, a subsidiary of Group1001. “Accelerator Prime℠ offers a valuable new investment option for client retirement portfolios with a path to generating lifetime income and the protection they seek to help ensure financial security.”
More information about Delaware Life Accelerator Prime℠, product riders and fees are available at: www.delawarelife.com/solutions/apva.
About Delaware Life
Delaware Life was established in 2013 following the acquisition by a private investor group of Sun Life Financial’s U.S. annuity business assets and employees, which was founded in 1973. As of December 31, 2020, the company had assets of $41.8 billion and liabilities of $40.1 billion (does not include Delaware Life Insurance Company of New York) and more than 360,000 active annuity and life insurance policies. Delaware Life Insurance Company is a member of Group One Thousand One, LLC (“Group1001”). http://www.delawarelife.com
About Group1001
Group1001 is a financial services group striving to make asset accumulation and insurance products more useful for everyone. Group1001 continues to look for opportunities to help disciplined investors grow and protect their savings. Group 1001’s family of brands includes Gainbridge®, Delaware Life®, Clear Spring Health® and Clear Spring Insurance®.
Group1001 also believes education and sports have the power to transform communities. Its corporate social programs to date have spanned more than 25, positively impacting more than 200,000 youths, and have included public and private partnerships to revitalize youth sports fields in at-risk communities and the creation of mentoring and education programs. www.group1001.com
Disclaimers
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 Accelerator PrimeSM Variable Annuity and its underlying investment fund 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 fund 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 variable annuities are distributed by its affiliated broker-dealer, Clarendon Insurance Agency, Inc. (member FINRA), both located at 1601 Trapelo Road, Suite 30, Waltham, MA 02451. Both companies are members of Group One Thousand One, LLC (Group1001).
Issued on Contract: ICC21-DLIC-VA-C-01 (state variations may apply).
Rider Numbers: ICC21-DLIC-VA-GLWMPB-01, ICC21-DLIC-VA-GLWMPB-02, ICC21-DLIC-VA-GMAB, ICC21-DLIC-VA-GMAB, ICC21-DLIC-VA-HAVDB, and ICC21-DLIC-VAROPDB (state variations may apply).
Delaware Life Insurance Company, 1601 Trapelo Road, Waltham, MA 02451
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SOURCE Delaware Life
