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.
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.
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.
Ways to access your income:
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 72.
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.
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.