Retirement Chapters 10^®

Retirement Chapters 10^® fixed index annuity can give you the security of principal protection, upside potential linked to the performance of the index(es) you choose, tax-deferred growth and predictable income.

Growth

Retirement Chapters 10^® gives you flexible growth options and control, so you can plan for the next chapters of your life your way. Choose from this selection of investment options and crediting methods designed to meet your evolving needs and goals.

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When market index is up, annuity account value can rise.

This chart is a hypothetical representation of fixed index annuity growth under varying market/index conditions and is not meant to represent the performance of any Delaware Life fixed index annuity (FIA) product. It does not reflect any potential withdrawals or associated surrender charges. Interest credited to a FIA is subject to caps, spreads and/or participation rates that affect the proportion of index gains the annuity captures. Account value is the sum of all premiums, plus accumulated interest, and minus the amount of any withdrawals. This is not a guarantee of performance and does not predict performance. Annuities do not participate directly in the stock market or any index. It is an insurance product designed to help you prepare for the future.

Like all fixed index annuities (FIAs), Retirement Chapters 10^® offers growth potential and principal protection—plus a choice of income options when you’re ready to retire. But with it's optional Stacked Accumulation Income Rider^® (STAIR^®) benefit, available for an additional fee¹, the power of time and compounding interest are on your side to grow your benefit base faster. At the start of your contract, the benefit base is increased by the 5% bonus, and then each year (for up to 15 years), your account will grow by both the interest credit from your allocation(s) PLUS an additional 4% credit added (“stacked”) to your benefit base. And your STAIR® fee is based and charged on your account value, not your benefit base. Your benefit base is left alone to grow until you’re ready to take income payments. STAIR® guarantees that you (or you and your spouse) will get retirement income payments for life, even if the annuity account cash value drops to zero.²

The benefit base is the amount used to calculate your income payments. It is not available as a surrender value or death benefit.

Withdrawals prior to your income start date will impact your future income payments.

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The hypothetical chart above shows how the benefit base can grow under varying market/index conditions with the purchase of the STAIR® optional guaranteed minimum lifetime withdrawal benefit rider. It does not represent the performance of any Delaware Life Fixed Index Annuity. The interest credit will be subject to caps, spreads and/or participation rates.

Ways to grow your savings: fixed account option and/or index-linked option(s)

Fixed rate

Payments allocated to this option will be credited with a fixed interest rate that is specified on the date the contract is effective. Each year, Delaware Life will declare new interest rates to reflect current conditions, but never less than a minimum guaranteed rate. If you want more certainty about the amount of interest that will be credited to your account value, this may be the choice for you.

S&P 500^® Index

For those who want to earn interest based on the performance of a range of large U.S. businesses, this index is widely regarded as a premier benchmark for the domestic stock market. It contains stocks from 500 leading companies in various industries.

CROCI Sectors III USD 5.5% Volatility Control Index (CROCI)

This index, sponsored by Deutsche Bank, represents an array of global equity/stock markets and selected industry sectors, balanced by a cash component to help limit overall volatility. It offers a significant amount of global exposure, because the index tracks stocks in the U.S., Europe and Japan.³

Momentum Asset Allocator 5.5% Volatility Control Index

This index, sponsored by Deutsche Bank and dynamically allocates exposure across equities, gold, interest rates and cash based on their trailing nine month performance, using a volatility control mechanism to help limit overall volatility.

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You may elect more than one strategy and on each contract anniversary, you may reallocate your account value among the options available at that time.

Income

Retirement Chapters 10^® gives you the flexibility to take income in several ways, in some cases, a guaranteed level of lifetime income through an optional rider, and the chance to “step up” your income benefit base amount by 4% a year.

Riders are extra features that can be added to an annuity for an additional cost, thereby reducing your account value.

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Ways to access your income:

Guaranteed withdrawals with the optional STAIR^® benefit

Available for an additional fee, with the optional Stacked Accumulation Income Rider^® (STAIR^®) benefit your benefit base (the amount on which your income is based) is credited with the 4% roll-up on top of any interest credited to the account value.

The STAIR^® benefit includes the 5% bonus paid on your first-year premiums. This bonus, available to you without any extra fees, continues to earn interest every year and a portion is always available for withdrawal based on the 10-year vesting schedule.²

Free/periodic withdrawals⁴

After the first contract year, you can withdraw up to the greater of 10% of the last anniversary value of your account or required minimum distributions (RMDs) with no surrender charges or market value adjustment (MVA). MVA is an adjustment to account for changes in the interest rate credited to the contract since inception that is applied to withdrawals and surrenders that exceed the 10% free withdrawal amount during the first 10 contract years. The exceptions to paying the early withdrawal charges are:

If you are required to take Required Minimum Distributions (RMDs) starting at age 70½
If, after first contract anniversary, you need to make a one-time withdrawal to pay for nursing home, hospice care or a terminal illness subject to restrictions

Surrender charges are paid on early withdrawals and surrenders based on a gradually decreasing schedule for each guarantee period year. Please see your product brochure or contract for more details about the 10-year surrender charge schedule.

MVA does not apply upon payment of a death benefit. MVA is subject to state availability and restrictions.

Withdrawals will reduce your future retirement earnings potential.

Minimum guaranteed surrender value

If you cash in or “surrender” your contract early (before the contract’s 10-year maturity date) you will be subject to surrender charges based on the 10-year surrender charge schedule. However, your contract’s Minimum Guaranteed Surrender Value (MGSV) will never be less than 87.5% of premiums paid, less any withdrawals and applicable withdrawal assessments, plus interest earned at the nonforfeiture rate stated in the contract. MGSV ends upon the annuity date or contract termination.

Annuity payments

When you transition to retirement, Retirement Chapters 10^® gives you the flexibility to take income in the way that best suits your needs and goals. You can opt for annuity payments for a specified period or choose from several annuity payment options for you and your spouse (if you purchase a joint contract).

Other features:

Reallocation

You have the flexibility to reallocate your index strategies at the end of the crediting method term if your needs, goals or risk tolerance shift over time. With a range of choices, this also gives you the ability to diversify in changing markets.

Guaranteed death benefit

If you die before you begin receiving annuity income payments, Retirement Chapters 10^® guarantees that your beneficiary will receive at least the account value (including all the interest you’ve earned and minus any withdrawals taken) and may avoid probate.⁵

Index-linked Options Sponsored by a Global Leader

Founded in 1870 and headquartered in Frankfurt am Main, Germany, Deutsche Bank is the largest bank in Germany and one of the largest financial institutions in the world.⁶ The company also offers the sales, trading and structuring of a wide range of financial markets’ products including index-based swaps, notes and certificates.

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Guaranteed principal to protect your retirement money

Unlike other retirement products, a fixed index annuity is not an investment in individual securities.

Retirement Chapters 10^® documentation

Product At-a-Glance
Product Brochure
FIA Rate Sheet
STAIR^® Rider

Sample Hypothetical Illustration
CROCI Sectors III USD 5.5% Volatility Control Index
S&P 500^® Index
Monthly CROCI Performance Summary

¹ Rider cost - 0.95% of the year-end account value, deducted annually.

² You may lose a percentage of the bonus if you make withdrawals beyond your vested amount during this time. Bonus annuities may be subject to higher and longer surrender charge periods, lower caps, higher spreads or other restrictions that are not included on similar annuities without a bonus.

³ “Deutsche Bank” means Deutsche Bank AG and its affiliated companies, as context requires. Deutsche Bank does not render legal or tax advice and information in this communication should not be regarded as such. While volatility control may result in less fluctuation in rates of return as compared to indexes without volatility controls, they may also reduce the overall rate of return as compared to products not subject to volatility controls. Obligations to make payments under the annuity are solely the obligation of Delaware Life and are not the responsibility of Deutsche Bank. The selection of an index as a crediting option under the annuity does not obligate Delaware Life or Deutsche Bank to invest annuity payments in the components of any Index.

⁴Charges will apply to the excess amount withdrawn in that contract year. Withdrawals may be subject to a market value adjustment, which may decrease or increase your surrender value depending on how interest rates have changed since you first purchased your annuity (not applicable in every state). A market value adjustment (MVA) is an adjustment applied to withdrawals and surrenders in excess of the free annual withdrawal amount during the first 10 contract years. MVA does not apply upon payment of death benefit. State variations may apply. Withdrawals are taxed as ordinary income and you may have to pay a 10% federal tax penalty if you are younger than age 59 ½.

⁵ The death benefit amount is the greatest of the account value or minimum guaranteed surrender value. The death benefit is subject to adjustments for applicable charges and taxes.

⁶ Source: www.businessinsider.com

Retirement Chapters 10^® 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 policy forms ICC14-DLIC-FIA-10 or DLIC-FIA-10 and rider forms ICC15-DLIC-GLWB-01, ICC15-DLIC-NHW, and ICC15-DLIC-TIW.

Retirement Chapters 10^® is currently approved for sale in all states EXCEPT: CT, NM, NY.

This Product (the “Product”) is not sponsored, endorsed, managed, sold or promoted by Deutsche Bank AG (DB AG) or any subsidiary or affiliate of DB AG. The Deutsche Bank Indices are the exclusive property of DB AG. “Deutsche Bank” and “CROCI” are proprietary marks of DB AG and its affiliates that have been licensed for certain uses and purposes to Delaware Life Insurance Company (DLIC). Neither DB AG, CROCI, nor any affiliate of DB AG, nor any other party involved in, or related to, making or compiling the Deutsche Bank Indices: (1) is acting in a fiduciary or product management capacity or providing any endorsement of the Product or investment advice of any kind; (2) has any obligation to take the needs of DLIC, the sponsor of the Product, or its clients into consideration in determining, composing or calculating the Deutsche Bank Indices; (3) is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Product; (4) WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DEUTSCHE BANK INDICES OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT. The CROCI Indices have been built on the premise that the CROCI Economic P/E is an effective indicator of inherent value. This premise may not be correct, and prospective investors must form their own view of the CROCI methodology and evaluate whether CROCI is appropriate for them. Please see the Disclosure Statement and Annuity Illustration for more information about the Deutsche Bank Indices and the Product.

Obligations to make payments under the Product are solely the obligation of Delaware Life Insurance Company and are not the responsibility of DB AG. The selection of one or more of the Deutsche Bank Indices as a crediting option under the Product does not obligate Delaware Life Insurance Company or DB AG to invest annuity payments in the components of any of the Deutsche Bank Indices.

While volatility controls may result in less fluctuation in rates of return as compared to indices without volatility controls, they may also reduce the overall rate of return as compared to products not subject to volatility controls.

There are risks associated with the CROCI methodology, the CROCI Sectors III Index and the CROCI Sectors III USD 5.5% Volatility Control (”CROCI Sectors 5.5% VC”) Index:

No assurance can be given that the CROCI methodology will be successful at identifying undervalued companies;
There is no assurance that (i) the three industry sectors chosen will outperform the other industry sectors or (ii) the 30 chosen stocks will outperform the remaining stocks in the component indices;
Even if the strategy of the CROCI Sectors III Index is successful and it outperforms the component indices, the level of the CROCI Sectors 5.5% VC may decline;
Because the CROCI Sectors 5.5% VC is subject to a maximum notional exposure of 100% to the CROCI Sectors III Index and will not adjust its exposure to the CROCI Sectors III Index by more than 10% on any day, the CROCI Sectors 5.5% VC may not be able to maintain a fixed target volatility level of 5.5%;
If the realized volatility of the CROCI Sectors III Index is less than 5.5%, the CROCI Sectors 5.5% VC may have a 100% exposure to the CROCI Sectors III Index, but a target volatility level less than 5.5%;
Because the CROCI Sectors 5.5% VC’s exposure to the CROCI Sectors III Index on each day is calculated based on the historical realized volatility the CROCI Sectors III Index, the realized volatility of the CROCI Sectors 5.5% VC could differ significantly from the target volatility level;
The CROCI Sectors 5.5% VC is subject to currency exchange rate risk; and
Deutsche Bank AG, London Branch, as the sponsor and calculation agent of the Index, may adjust the Index and/or its components in a way that affects their respective levels and may have conflicts of interest.

The Standard & Poor’s 500^® (”S&P 500^®“) is a product of S&P Dow Jones Indices LLC or its affiliates (”SPDJI”) and has been licensed for use by Delaware Life Insurance Company (”Delaware Life”). Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (”S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (”Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Delaware Life. Retirement Chapters 10^® is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500^®.

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. A withdrawal charge and a market value adjustment (MVA) also 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.

Fixed index annuities are not securities and do not participate directly in the stock market or any index, and are not investments. It is not possible to invest directly in an index.

Riders are available for additional expenses.

Retirement Chapters 10®