Ashley Dannelly has a Master of Arts in English and teaches English at Columbia International University and other higher education institutions. She is also a certified personal trainer with the American Council on Exercise and trains clients in both individual and group settings. Ashley’s background in English and fitness has allowed her the opportunity to write and create content for many ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Apr 24, 2022

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The Brief

  • The Delaware Life Insurance Company offers fixed, fixed index, and variable annuities.
  • Delaware Life offers riders so you can customize your annuity.
  • Delaware Life annuities are available throughout the United States.

Life insurance is a great product that allows you to leave behind a financial cushion for your loved ones after you have passed on, but what can you do if you need financial support while you are alive? If you have ever wondered how to get life insurance with living benefits, purchasing an annuity from the Delaware Life Insurance Company may be the answer you’ve been looking for.

Annuities are financial tools designed to empower you to make the most of your retirement. Keep reading to discover how Delaware Life Insurance can help you thrive in your golden years.

Annuities are financial tools that are designed to empower you make the most of your retirement. Keep reading to discover how Delaware Life Insurance can help you thrive in your golden years.

As you learn more about the Delaware Life Insurance Company, you can enter your ZIP code to get free quotes from life insurance companies near you.

What is the Delaware Life Insurance Company?

Delaware Life Insurance Company is a relatively young company. It was founded in Massachusetts in 2013, and the Delaware Life Insurance company address is in Waltham, MA, to this day.

Initially, it provided different types of life insurance along with annuity products, but in 2017, it was bought by Group 1001 Holdings, LLC, and now, Delaware Life only offers annuity products. No matter where you live in the United States, you can purchase an annuity from this company; however, different products are available in different states.

You can always call the Delaware Life Insurance phone number to inquire after which annuity products are available where you live.

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Is Delaware Life Insurance a highly rated company?

If you only want to do business with financially strong companies, the Delaware Life Insurance Company is certainly one to consider. The Delaware Life Insurance Company rating from A.M. Best is an A-. With such an admirable rating, you can rest assured that Delaware Life will be able to pay out on its annuity contracts. If you would like to do more research on the company, you can find Delaware Life Insurance Company’s financial statements online.

Delaware Life also has an A+ rating on the Better Business Bureau, but you should note that this company is not BBB accredited.

Cautious consumers may also be pleased to learn that Delaware Life Insurance provides a free-look period. Free-look periods typically last about 10 days. During this time frame, you are allowed to review your annuity, and if you decide that you no longer want the product for any reason, you can cancel it. If you cancel your annuity during this time, you will receive a refund.

Now, it is essential to note that you decide to cancel your annuity after the free-look period has ended, you may not be able to receive a refund. Cancellation terms can vary per product so you should always review the fine print before signing on the dotted line.

What kind of products does Delaware Life Insurance offer?

It is very important for you to recognize that the Delaware Life Insurance Company does not offer life insurance products. Instead, the company provides annuities for purchase. With an annuity, you can preserve and even increase your retirement savings. So how does an annuity work?

During an annuity’s accumulation phase, a lump sum deposit is made. After that, additional contributions are made to the annuity are made on a monthly or annual schedule. Those contributions are then invested. Once your annuity has reached the annuitization phase, you’ll be able to receive regular payments.

Delaware Life Insurance offers three annuities which include:

  • Fixed
  • Fixed index
  • Variable annuities

These annuities all have different features that set them apart, so it is best to review each one so you can verify which annuity may be the best fit for you.

Fixed Annuity

If you want to mitigate your risk, a fixed annuity could greatly interest you. A fixed annuity through the Delaware Life Insurance Company is made to provide you with a steady retirement income. The contributions with this policy are also made in a lump sum, also known as single-premium. It is also exciting to note that your contributions to a fixed annuity and its growth are tax-deferred.

Fixed Index Annuity

Consumers who want to grow their investments may be intrigued by Delaware Life’s fixed indexed annuity. If you were to buy such a policy, the contributions you made would be invested in an index like the S&P 500. This means that your annuity has a higher chance to grow.

You can purchase such policies that have different term lengths as well as a variety of investment options through Delaware Life. Just like the fixed annuity offered by Delaware Life, your contributions and the annuity’s growth are tax-deferred.

Variable Annuity

You can take even more control of your financial future when you purchase a variable annuity from Delaware Life.
Such policies are designed specifically for retirement, and you have the power to choose from over 30 different investment options for your contributions. Be warned, though, that variable annuities are a riskier investment. There is no guaranteed interest rate. Because of this, the value of your investment could fall.

How much do Delaware Life Insurance products cost?

Unfortunately, you will not be able to find Delaware Life annuity prices online; however, the price of an annuity will vary depending upon three factors:

  • The type of annuity you decide to buy.
  • The total amount you’ve invested in the annuity.
  • The riders you decide to add to your annuity.

You will not be able to get a quote directly from the company website, but you can find a Delaware Life Insurance representative near you and get a free quote through them.

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Does Delaware Life offer riders?

The ability to customize your products is not lacking with Delaware Life Insurance Company. Delaware Life offers several riders for the annuity products it offers, and two of the Delaware Life Insurance Company riders include:

  • Return of premium death benefit
  • Terminal illness waiver

Each rider has a specific function, so let’s examine these two more closely to learn how easily you can customize a Delaware Life Insurance annuity.

Return of Premium Death Benefit

This rider is a great one to purchase if you are thinking of buying a variable annuity because even if your annuity were to lose value, Delaware Life would be obligated to any paid premiums to your beneficiaries upon the event of your death.

How much it costs to add the return of premium death benefit to your annuity will vary. Bearing that in mind, you should review your annuity carefully during the free-look period to make sure that your annuity is not only set up exactly the way you want but that it is also affordable to maintain as well.

Terminal Illness Waiver

If you were to be diagnosed with a terminal illness and had this rider, Delaware Life Insurance Company would waive any fees for early withdrawals from your policy. Bear in mind that you can only take advantage of this ride a year after you have purchased your annuity.

What You Need to Know About Delaware Life Insurance

Annuities can help you preserve the saving you’ve worked hard to build up during your retirement, and some types of annuities, like a fixed index annuity, can even help those savings soar. Now, if you do not want to take risks in your golden years, variable annuities may not be the right choice for you.

You can buy annuities from the Delaware Life Insurance Company in Topeka, KS, or any other state, but remember, not every state will have the same annuities available to you.

Now that you have read this Delaware Life Insurance Company review, you can feel confident to start shopping for your own retirement plans and life insurance policies. Enter your ZIP code to get free life insurance quotes today.