Retirement Stages 7®

Retirement Stages 7® is a fixed index annuity that offers growth potential, principal protection to help you reach your retirement goals.

When market index is up, the annuity account value can rise. But when market index is down or flat, the annuity does not lose value.

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. They are insurance products designed to help you prepare for the future.

Like all our fixed index annuities (FIAs), Retirement Stages 7® offers growth potential and principal protection—plus a choice of income options when you’re ready to retire.

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.

Morgan Stanley Global Opportunities Index

This index uses a rules-based, multi-asset strategy and a trend-following methodology to make allocations to global equities, interest rates and commodities. This approach is intended to diversify risk and balance exposure to various market risk factors to reduce the portfolio’s natural volatility. The index is managed to a 5% target volatility over the long term and may also include a cash allocation to reduce overall volatility.

Watch a video about the Morgan Stanley Global Opportunities Index

S&P 500®

The S&P 500® Index option may be a good choice for those who want to earn interest based on the performance of a range of large U.S. businesses. The index is widely regarded as a premier benchmark for the domestic stock market. It contains stocks from 500 leading companies in various industries.

First Trust Capital Strength® Barclays 5% Index

The First Trust Capital Strength® Barclays 5% Index creates a diversified portfolio by combining U.S. stocks selected based on capital strength methodology with a portfolio of four Barclays U.S. Treasury futures indexes. The index seeks to enhance return and manage risk exposure by adjusting the portfolio’s asset allocation on a monthly basis using techniques from modern portfolio theory. It aims to maintain an annual volatility level at or below 5%, using a procedure called volatility control, to further control risk.

View current fixed index annuity prices See prices

Ways to access your income:


Retirement Stages 7® includes a “bailout” benefit. The bailout provision allows you to withdraw the entire contract value of the annuity, without a surrender charge or market value adjustment, if the renewal cap for the 1-year point-to-point S&P 500® Index falls below the contract's issue cap rate, which is is declared at contract issue and will not change during the life of the contract. No allocation to the S&P 500® Index is required to receive the bailout protection.

The 1-year point-to-point with cap strategy is a crediting method whereby interest is credited annually based on the index return from one point in time to another, up to a maximum called the cap.

Free/periodic withdrawals1

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) without surrender charges or market value adjustment (MVA).

MVA is an adjustment to the 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 7 contract years. The exceptions to paying the surrender charges for early withdrawal are:

  • If you are required to take Required Minimum Distributions (RMDs) starting at age 72
  • 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
  • If you qualify for the “bailout” provision that allows for free withdrawals if the S&P 500® Index performs poorly (see bailout endorsement)

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 7-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 7-year maturity date) you will be subject to surrender charges based on the surrender charge schedule in your contract. However, your contract’s value (“surrender value”) will never be less than your Minimum Guaranteed Surrender Value (MGSV) or the Enhanced Guaranteed Surrender Value (EGSV), whichever is greater, minus any withdrawals and applicable withdrawal assessments. The EGSV equals 100% of your premium payments, plus interest credited at the minimum guaranteed rate stated in the contract. MGSV and EGSV end upon the annuity date or contract termination.

Annuity payments

For guaranteed income for life or for a specified period, you can choose from among several annuity payment options for you and your spouse (if you purchase a joint contract).

Other features:

Return of premium option

This optional rider—available for an additional fee—allows you to discontinue your annuity at the end of the surrender charge period, at any time before its renewal or termination date—and limits the amount of surrender charge paid. This rider guarantees that you will receive at least 100% of the premiums you paid, minus prior withdrawals, withdrawal assessments, and fees paid for rider benefits.2


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 Stages 7® guarantees that your beneficiary will receive the greatest of the account value, Enhanced Guaranteed Surrender Value or Minimum Guaranteed Surrender Value, minus any withdrawals and applicable withdrawal assessments, without going through probate.3

Morgan Stanley

Morgan Stanley is a leading global financial services firm with offices in New York City, London, Tokyo, Hong Kong and other world financial centers. The firm provides investment banking, securities, wealth management and investment management services to clients worldwide including corporations, governments, institutions and individuals.

First Trust

At First Trust, their experience, history of innovation and diversity of offerings are all part of their mission and are the only way they know to become a trusted financial professional. Because they consider each financial professional and his or her customer integral to their business, and truly our most valuable investment, they are committed to their best interests. They provide exceptional resources that help financial professionals define goals, solve problems and develop long-term strategies to help their clients achieve their dreams and goals. They believe that this kind of leadership will provide the most fundamentally sound investment products and financial professional support available in today’s marketplace.

More about Retirement Stages 7®

Guaranteed principal to protect your retirement money

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


1 If you withdraw your assets, your principal may be reduced by withdrawal and surrender charges, rider fees and a market value adjustment. Charges 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 7 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.

2 Rider cannot be canceled before the end of the 7-year surrender charge period. The rider fee will be deducted until the earliest of: the end of the 7-year surrender charge period, the annuity date, or termination of the contract.

3 The death benefit amount is the greatest of the account value, Enhanced Guaranteed Surrender Value or minimum guaranteed surrender value. The death benefit is subject to adjustments for applicable charges and taxes.

Retirement Stages 7® 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 base policy forms DLIC-FIA-17 or ICC17-DLIC-FIA-17.

Retirement Stages 7® is currently approved for sale in all states EXCEPT: NY

Morgan Stanley

This product is not sponsored, endorsed, sold or promoted by Morgan Stanley or any of its affiliates. Neither Morgan Stanley nor any other party (including, without limitation, any calculation agents or data providers) makes any representation or warranty, express or implied, regarding the advisability of purchasing this product. The Morgan Stanley Global Opportunities Index (the “Index”) is the exclusive property of Morgan Stanley. Morgan Stanley and the Index are service marks of Morgan Stanley and have been licensed for use by Delaware Life Insurance Company for certain purposes. Morgan Stanley will not have any obligation or liability to owners of this product in connection with the administration or marketing of this product, and neither Morgan Stanley nor any other party guarantees the accuracy and/or the completeness of the Index or any data included therein. Morgan Stanley and its affiliates may engage in transactions involving components of the Index for their proprietary accounts and/or for accounts of their clients, which may affect the value of such components and the level of the Index.

Risk Factors:

There are risks associated with any product linked to this Index:

  • Allocation to a crediting method using the Index provides the potential for interest to be credited based in part on the performance of the Index.
  • The Index may not increase in value due to a number of factors and as a result there may be no interest credited to the annuity contract.
  • Because the Index is managed to a volatility target, the Index performance will not match the performance of the underlying Index components and may dampen the performance of the Index in rising markets.
  • The Index has a limited performance history and past performance is no indication of future performance.
  • The Index may be comprised of a small number of index components at any given time and the performance of the index involves risk associated with international and U.S. equities and bonds, commodities and precious metals, which may impact the Index value and the interest credited to the annuity contract.
  • Premium allocated to a crediting method using the Index is not a direct investment in the stock markets, bond markets, commodities, precious metals or in the index.
  • Purchasers of products linked to the index will have no access to the components underlying the Index.
  • The Index is calculated on excess return basis.

Barclays and First Trust®

Neither Barclays Bank PLC ("BB PLC") nor any of its affiliates (collectively ‘Barclays’) is the issuer or producer of Delaware Life Retirement Stages 7® fixed index annuity and Barclays has no responsibilities, obligations or duties to investors in Delaware Life Retirement Stages 7®. The First Trust Capital Strength® Barclays 5% Index (the 'Index'), together with any Barclays indices that are components of the Index, is a trademark owned by Barclays and, together with any component indices and index data, is licensed for use by Delaware Life Insurance Company as the issuer or producer of Delaware Life Retirement Stages 7® fixed index annuity (the 'Issuer').

Barclays’ only relationship with the Issuer in respect of the Index is the licensing of the Index, which is administered, compiled and published by BB PLC in its role as the index sponsor (the ‘Index Sponsor’) without regard to the Issuer or the Delaware Life Retirement Stages 7® or investors in the Delaware Life Retirement Stages 7®. Additionally, Delaware Life Insurance Company as issuer or producer of Delaware Life Retirement Stages 7® may for itself execute transaction(s) with Barclays in or relating to the Index in connection with Delaware Life Retirement Stages 7®. Investors acquire Delaware Life Retirement Stages 7® from Delaware Life Insurance Company and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in Delaware Life Retirement Stages 7®. The Delaware Life Retirement Stages 7® is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Delaware Life Retirement Stages 7® or use of the Index or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein.

Barclays Index Administration (“BINDA”), a distinct function within BB PLC, is responsible for day-to-day governance of BB PLC’s activities as Index Sponsor.

To protect the integrity of Barclays’ indices, BB PLC has in place a control framework designed to identify and remove and/or mitigate (as appropriate) conflicts of interest. Within the control framework, BINDA has the following specific responsibilities:

  • oversight of any third-party index calculation agent;
  • acting as approvals body for index lifecycle events (index launch, change and retirement); and
  • resolving unforeseen index calculation issues where discretion or interpretation may be required (for example: upon the occurrence of market disruption events).

To promote the independence of BINDA, the function is operationally separate from BB PLC’s sales, trading and structuring desks, investment managers, and other business units that have, or may be perceived to have, interests that may conflict with the independence or integrity of Barclays’ indices.

Notwithstanding the foregoing, potential conflicts of interest exist as a consequence of BB PLC providing indices alongside its other businesses. Please note the following in relation to Barclays’ indices:

  • BB PLC may act in multiple capacities with respect to a particular index including, but not limited to, functioning as index sponsor, index administrator, index owner and licensor.
  • Sales, trading or structuring desks in BB PLC may launch products linked to the performance of a index. These products are typically hedged by BB PLC’s trading desks. In hedging an index, a trading desk may purchase or sell constituents of that index. These purchases or sales may affect the prices of the index constituents which could in turn affect the level of that index.
  • BB PLC may establish investment funds that track an index or otherwise use an index for portfolio or asset allocation decisions.

The Index Sponsor is under no obligation to continue the administration, compilation and publication of the Index or the level of the Index. While the Index Sponsor currently employs the methodology ascribed to the Index (and application of such methodology shall be conclusive and binding), no assurance can be given that market, regulatory, juridical, financial, fiscal or other circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any constituent within the Index) will not arise that would, in the view of the Index Sponsor, necessitate an adjustment, modification or change of such methodology. In certain circumstances, the Index Sponsor may suspend or terminate the Index. The Index Sponsor has appointed a third-party agent (the ‘Index Calculation Agent’) to calculate and maintain the Index. While the Index Sponsor is responsible for the operation of the Index, certain aspects have thus been outsourced to the Index Calculation Agent.


a. makes no representation or warranty, express or implied, to the Issuer or any member of the public regarding the advisability of investing in transactions generally or the ability of the Index to track the performance of any market or underlying assets or data; and

b. has no obligation to take the needs of the Issuer into consideration in administering, compiling or publishing the Index.

Barclays has no obligation or liability in connection with administration, marketing or trading of the Delaware Life Retirement Stages 7®.

The licensing agreement between Delaware Life Insurance Company and BB PLC is solely for the benefit of Delaware Life Insurance Company and Barclays and not for the benefit of the owners of the Delaware Life Retirement Stages 7®, investors or other third parties.


None of the information supplied by Barclays and used in this publication may be reproduced in any manner without the prior written permission of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

Bloomberg Index Services Limited is the official index calculation and maintenance agent of the Index, an index owned and administered by Barclays. Bloomberg Index Services Limited does not guarantee the timeliness, accurateness, or completeness of the Index calculations or any data or information relating to the Index. Bloomberg Index Services Limited makes no warranty, express or implied, as to the Index or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg Index Services Limited, its affiliates, and all of their respective partners, employees, subcontractors, agents, suppliers and vendors (collectively, the “protected parties”) shall have no liability or responsibility, contingent or otherwise, for any injury or damages, whether caused by the negligence of a protected party or otherwise, arising in connection with the calculation of the Index or any data or values included therein or in connection therewith and shall not be liable for any lost profits, losses, punitive, incidental or consequential damages.

First Trust®, First Trust & Design®, and First Trust Capital Strength® (“Mark”) is a registered trademark of First Trust Portfolios LP (“First Trust”) and has been licensed for use by Delaware Life. Delaware Life Retirement Stages 7® (“Product”) is not sponsored, endorsed, sold or promoted by First Trust. FIRST TRUST MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY DELAWARE LIFE, A PRODUCT ISSUER, THE INVESTORS IN THE PRODUCT, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MARKS OR PRODUCT. FIRST TRUST EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OF THE PRODUCT.

Standard & Poor’s®

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 Stages 7® 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®.

Delaware Life

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.