Target Income 10®

Target Income 10® lets you take advantage of growth when market indexes rise, while reducing the downside risk, so you can look forward to a reliable income stream in retirement.



Target Income 10® features an optional rider that can provide lifetime income, protection of your principal and competitive accumulation potential based on the performance of the interest rate options you select. Your earnings grow 100% tax deferred, until you start taking withdrawals or income payments.

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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), Target Income 10® offers growth potential and principal protection—plus a choice of income options when you’re ready to retire. But it's the optional Guaranteed Lifetime Withdrawal Benefit (GLWB) rider available with Target Income 10® that really boosts the value of this annuity. This extra rider, available for an additional fee, accelerates your accumulation of income benefits by:

  • Adding a 10% bonus to your benefit base for all premiums you pay during the first year of your contract. The benefit base is not a surrender value or death benefit and is not available as a lump sum.
  • Growing the benefit base by 9% each year for the first 10 years—on top of any interest credited.


This is a hypothetical example for illustrative purposes only and does not reflect earnings in any particular product.

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 Insurance Company 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.

CROCI Sectors III USD 5.5% Volatility Control Index

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.1

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.

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 diversifies risk and balances 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.

View current fixed index annuity prices See prices


When you transition to retirement, Target Income 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).

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Ways to access your income:

Guaranteed lifetime withdrawals

Target Income 10® offers an optional Guaranteed Lifetime Withdrawal Benefit rider, available for an additional fee, that provides lifetime income even if your account value should go to zero, as long as certain requirements are met.

Free/periodic withdrawals2

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 environment (based on an external, publicly available rate index - Moody’s Bond Indices -- Corporate Average) that is applied to withdrawals and surrenders that exceed the 10% free withdrawal amount during the first 10 contract years. After the first ten years, you can make withdrawals without surrender charges when you need them, in any amount. However, if you take withdrawals from your contract before then, you could pay a surrender charges for any amount that exceeds the 10% free withdrawal amount. 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.

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 plus interest earned at the minimum guaranteed rate stated in the contract, minus 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, Target Income 10® gives you the flexibility to take income in the way that best suits your needs and goals.

Other features:


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, Target Income 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.3

Index-linked Options Sponsored by Global Leaders

Deutsche Bank
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.4 The company also offers the sales, trading and structuring of a wide range of financial markets’ products including index-based swaps, notes and certificates.

Morgan Stanley
Morgan Stanley is a leading global financial services firm with offices in 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.

More about Target Income 10®:

Guaranteed principal to protect your retirement money

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

1 “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.

2 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 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.

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

4 Source:

Target Income 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 ICC17-DLIC-FIA-17, ICC17- GLWB-03, ICC15-DLIC-TIW-01 and ICC15-DLIC-NHW-01. Policy and rider form numbers may vary by state.

Target Income 10® is currently approved for sale in all states except CA and NV, and in PR.

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.

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.

There are risks associated with any product linked to the Morgan Stanley Global Opportunities 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.

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.