Goldstein Scorecard: C+ (dated October 4, 2026). See how it is graded.
Delaware Life Assured Income 7 (discontinued): what existing owners should check
Written & reviewed by Hans Goldstein, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Facts verified against Delaware Life’s archived Assured Income 7 product page, profile and brochure (Wayback Machine) and its current ratings pages on October 4, 2026 · Updated
Assured Income 7 is a discontinued fixed index annuity from Delaware Life Insurance Company with a built-in lifetime income rider and a 7-year surrender schedule. Per Delaware Life’s product page archived October 20, 2020, the rider added a 9% simple roll-up to the benefit base for 10 years for a 0.90% yearly fee on that base. It is not in Delaware Life’s lineup on October 4, 2026. If you own one, your contract data page and annual statement are what count now.
Rating watch (checked October 4, 2026): AM Best rates Delaware Life Insurance Company A- (Excellent), outlook negative, as of 07/31/2026; S&P shows A- (Strong) with a negative outlook as of 07/14/2026 and Fitch A- (Strong) on Rating Watch Negative as of 07/22/2026 (Delaware Life Business Highlights). Per the company, AM Best affirmed the A- in July 2026 and revised the outlook from Positive to Negative.
Delaware Life’s update dated September 11, 2026 says it disclosed on June 26, 2026 the reclassification of a material portion of its private credit investments from unaffiliated to affiliated, after a grand jury subpoena from the U.S. Attorney’s Office for the Southern District of New York in early February 2026, and that the SEC is conducting a parallel investigation. It reports affiliated holdings of 39% of general account invested assets at June 30, 2026, an August 17, 2026 agreement with its parent, TWG Global, to exchange up to $6.5 billion of those investments (subject to regulatory approval), and a target below 10% by June 30, 2027 (Delaware Life update).
What it means: an annuity’s values and any contractual guarantees are backed by the claims-paying ability of Delaware Life Insurance Company. If an insurer fails, state guaranty associations cover annuity values up to set limits (in California, 80% of value up to $250,000 per owner per insurer; see California guaranty coverage and guaranty limits by state). A rating action is not a default. It is a reason to keep the amount per insurer within your state’s limit and to read the latest rating before you buy or add money.
Correction (October 4, 2026): an earlier version of this page was titled “Delaware Life Assured Income FIA Review (2026)” and presented the product as current, with a 7% benefit base roll-up, a 0.95% rider fee and payout factors of 5.5% at 65 and 6.0% at 70. Delaware Life’s product page archived October 20, 2020 and its 2020 profile show a 9% simple roll-up for 10 years, a 0.90% fee on the benefit base, and single-life payout rates of 5.00% at 65 and 5.50% at 70. The product is no longer offered. This page is now a guide for existing Assured Income 7 owners.
What Assured Income 7 was (historical, from Delaware Life’s 2020 documents)
Assured Income 7 was a flexible premium, tax-deferred fixed index annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider built in. Every figure below is historical: it is what Delaware Life published around 2019 to 2020, not a current offer, and your contract may differ by issue date and state. Delaware Life’s old product pages now return not found, so these come from Wayback Machine copies of Delaware Life’s own pages and PDFs.
| Feature (historical) | What the 2020 documents say |
|---|---|
| Issuer and policy form | Delaware Life Insurance Company; policy forms ICC15-DLIC-FIA-07, DLIC-FIA-07 or MS15-DLIC-FIA-07; GLWB rider form ICC16-DLIC-GLWB-02 (product page, Oct 20, 2020) |
| State availability then | Approved in all states except DE and ND (product page, Oct 20, 2020); the issuing company was then authorized in all states except New York (2020 product page) |
| Issue ages | 50 to 80 (2020 profile) |
| Premium | Minimum $25,000; maximum $1,000,000 per owner without Delaware Life approval; additional premium from $500 (2020 profile) |
| Plan types | Nonqualified, IRA, SEP-IRA, Roth IRA (2020 profile) |
| Surrender charge by contract year | Year 1: 7%, 2: 6%, 3: 5%, 4: 4%, 5: 3%, 6: 2%, 7: 1%, then none (2020 profile) |
| Free withdrawal | After the first contract year, the greater of 10% of the last anniversary account value or the RMD, without surrender charge or MVA (product page and profile) |
| Market value adjustment | Yes, on withdrawals above the free amount in the first 7 contract years, tied to Moody’s Bond Indices Corporate Average; not on the death benefit; state rules vary (profile) |
| Minimum guaranteed surrender value | Not less than 87.5% of premiums paid, less withdrawals, plus interest at the contract’s stated rate (profile) |
| Bailout provision | Full or partial withdrawals without surrender charge or MVA if the 1-year point-to-point S&P 500 renewal cap falls below the bailout cap set at issue; no cost (profile) |
| Crediting options | Fixed account (1-year); S&P 500 1-year performance trigger, 1-year point-to-point with cap, 1-year point-to-point with participation rate (profile). Current renewal rates for in-force contracts are not publicly disclosed. |
| GLWB roll-up | 9% simple interest added to the benefit base each year for the first 10 contract years (product page and profile) |
| GLWB rider fee | 0.90% a year, calculated on the benefit base and deducted annually (product page footnote and profile) |
| Lifetime income | Available from age 50; single-life payout rate 3.60% at 51 rising 0.10% a year of age: 4.50% at 60, 5.00% at 65, 5.50% at 70, 6.00% at 75, 6.50% at 80, 7.50% at 90+; joint life 1% lower (profile) |
| Fee refund feature | Rider fees paid in the last 10 contract years refunded after 10 years (or earlier at the owner’s death) if lifetime income was never started and no withdrawals of any kind, including RMDs, were taken (product page) |
| Waivers | After the first anniversary, a one-time withdrawal for terminal illness, or for 90+ days of hospital or nursing facility confinement if bought before the 76th birthday; state rules vary (profile) |
| Death benefit | Greater of account value or minimum guaranteed surrender value (profile) |
Delaware Life’s own 2020 brochure example (a hypothetical, assuming no withdrawals): a $100,000 premium with the 9% simple roll-up reaches a $190,000 benefit base after 10 years, which at the 5.00% age-65 rate would pay $9,500 a year. Simple means 9% of the starting base is added each year; it does not compound. The benefit base has no cash or surrender value.
Is the annuity you're looking at the right fit for you?
Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
Email only. Hans reads every one himself and replies within one business day. Hans Goldstein · NPN 20602398.
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Hans is independently licensed and is NOT specifically appointed to discuss or sell Delaware Life products. This page is based on Delaware Life’s own archived product materials and its current public ratings pages.
If you own Assured Income 7: what to check now
- Your contract data page. It states your issue date, roll-up rate and period, rider fee, payout rates, bailout cap and minimum caps or rates. The 2020 figures above are a guide; the data page controls.
- Your latest annual statement. Note two numbers separately: the account value (real money, what a surrender is based on) and the GLWB benefit base (used only to figure income and the rider fee).
- The rider charge. Find the yearly GLWB charge in dollars. Because it was charged on the benefit base, it grows as the base rolls up. Hypothetical: on a $190,000 base, 0.90% is $1,710 a year, taken from the account value.
- Surrender charges remaining. The 2020 schedule ran 7% down to 1% over 7 contract years, with an MVA during those years. Count from your issue date; after year 7 the schedule shown in 2020 had no charge.
- Income start options. Ask Delaware Life for an in-force illustration showing lifetime withdrawals starting now and at later ages, single and joint, and the annuity payout options in the contract. Lifetime income was available from age 50 per the 2020 profile.
- Fee refund status. If you have taken no withdrawals (including RMDs) and never started income, ask whether you are still eligible for the 10-year rider fee refund and when it would apply. One withdrawal may end eligibility.
- Current crediting rates. Ask for the renewal caps, participation rates and fixed rate on your contract for this year, and the bailout cap. In-force rates are not posted publicly.
Use the customer service number on your annual statement. To weigh the rider against simply annuitizing, see the income rider vs annuitization calculator; to see what leaving early would cost, use the surrender charge calculator.
What Delaware Life sells now instead
Delaware Life’s annuity menu on October 4, 2026 lists these income-focused fixed index annuities: Target Income Choice, TruePath Income and DualTrack Income. Delaware Life does not describe any of them as a successor to Assured Income 7, and this page does not quote their rates or rider terms (not verified here). For Delaware Life’s full lineup, see the Delaware Life annuity hub.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | B | AM Best A- (Excellent), negative outlook, 07/31/2026; S&P negative outlook; Fitch Rating Watch Negative (Delaware Life Business Highlights) |
| Rate or cap competitiveness | Incomplete | Renewal caps and rates on in-force contracts are not publicly disclosed; the product is closed to new buyers |
| Guaranteed floor | Incomplete | Minimum caps and the fixed account minimum are in the contract, not public; 2020 profile shows a minimum surrender value of 87.5% of premium plus interest at the contract rate |
| Liquidity | B | 7-year schedule from 7% to 1%, 10% or RMD free after year 1, MVA during the 7 years, bailout provision (2020 profile) |
| Costs | C+ | 0.90% a year on a benefit base that rolls up 9% simple for 10 years, so the dollar fee rises; refundable only if no withdrawals or income are ever taken (2020 documents) |
| Transparency | D | Product pages removed from delawarelife.com; terms now only in archived copies and your contract |
| Guaranteed minimum cap | Not publicly disclosed | No public Delaware Life document states the minimum cap for this discontinued contract (checked October 4, 2026); owners keep the floor printed in their own contract. |
| Overall | C+ | Four of six dimensions graded |
How these contract minimums compare across products: guaranteed minimum caps across FIAs (October 2026).
Get the current numbers for your amountor call 213-414-2808
Pros and cons
Pros (for an existing owner)
- A 9% simple roll-up for 10 years and payout rates rising with age (5.00% at 65, 5.50% at 70 in 2020) can produce a sizeable income base if you will use lifetime income.
- Only 7 years of surrender charges, with 10% or RMD free after year 1 (2020 profile).
- The bailout provision lets you leave without surrender charge or MVA if the S&P 500 cap renews below the bailout cap.
- Fee refund of the last 10 years of rider fees if you never take a withdrawal or start income (2020 product page).
Cons
- The 0.90% fee is charged on the benefit base, not the account value, so it grows each year of roll-up and comes out of real money.
- The benefit base is not cash. If you surrender or die, the account value (or minimum surrender value) is what counts.
- Current renewal caps are not published, so you cannot compare your crediting without asking Delaware Life.
- The issuer carries a negative outlook from AM Best and S&P and a Fitch Rating Watch Negative as of July 2026.
Who it’s for, and when to look elsewhere
Fits: an owner who plans to start lifetime withdrawals and whose benefit base, at the payout rate for their age, gives more income than the account value would buy elsewhere. Run both numbers before deciding.
Look elsewhere if: you will never turn on income (you are paying 0.90% of the base for a benefit you will not use), or what you mainly want is a known rate on money past its surrender period. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.80% to 6.00% on 5-year MYGAs and the best nationally available 5-year CDs about 4.35% to 4.50% APY on September 24, 2026 (AnnuityRateWatch carrier data; DepositAccounts). Current rates: MYGA rates. Moving money by direct 1035 exchange keeps it tax-deferred if done under IRC 1035 (1035 exchange rules), but the GLWB benefit base does not transfer.
Questions to ask your agent
- What are the minimum guaranteed caps, participation rates and fixed rate in my contract, and what are this year’s renewal rates? Please send them in writing.
- How many surrender charge years are left, what is the charge this year, does the MVA still apply, and how much can I take free this year?
- What is my benefit base today, what lifetime withdrawal would it pay at my age, single and joint, and how would a withdrawal above that amount reduce it?
- Am I still eligible for the rider fee refund, and what would end that eligibility?
- If you recommend replacing this contract, how are you paid on the new one? Commission comes from the insurer, is built into the product’s pricing and is not deducted from premium; ask the percentage and whether a longer surrender term pays you more. See how annuity commissions work.
From my desk
When I look at an income annuity like this one, the first thing I pull is the contract data page, because the brochure tells you what the product looked like when it was printed, not what your contract says. For Assured Income 7 that matters twice over: the product is closed, and the old version of this very page had the roll-up and fee wrong.
The number people misread most on this type of contract is the benefit base. It shows up on the statement next to the account value and it is bigger, so it feels like the balance. It is not. It only drives the income formula and, here, the rider fee. If you will never turn on income, that larger number costs you 0.90% a year and returns nothing except the fee refund, and only if you never touch the money.
My comparison to a MYGA is simple. I take the account value, less any surrender charge left, and ask what a MYGA would credit on it for the same years. Then I take the benefit base times your payout rate and ask what that income would cost to buy elsewhere. Whichever number you actually need wins. Hypothetical: a $190,000 base at 5.00% pays $9,500 a year for life; if the account value is far lower, that income may be hard to replace. If you want a second set of eyes, see annuity second opinion.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. Phone 213-414-2808.
Related reading: GLWB income riders compared, income rider fee vs payout math, how annuity crediting works, and the annuity calculator.
Frequently asked questions
Is Delaware Life Assured Income 7 still sold?
It does not appear in Delaware Life's annuity lineup on delawarelife.com as of October 4, 2026, and its old product pages (/solutions/assured-income-7 and /product/assured-income-7) return not found. The last Wayback Machine capture of the product page is dated October 20, 2020. Existing contracts stay in force on their own terms.
Is there a Delaware Life Assured Income FIA today?
Not under that name. The product was called Assured Income 7 Fixed Index Annuity (policy form ICC15-DLIC-FIA-07). The income-focused fixed index annuities Delaware Life lists on October 4, 2026 are Target Income Choice, TruePath Income and DualTrack Income.
What roll-up and rider fee did Assured Income 7 have?
Per Delaware Life's product page archived October 20, 2020 and its 2020 At a Glance profile: the built-in Guaranteed Lifetime Withdrawal Benefit rider added a 9% simple roll-up to the benefit base each year for the first 10 contract years, and the rider fee was 0.90% a year, calculated on the benefit base. Your own contract data page governs; terms can differ by issue date and state.
Can I cash out the benefit base?
No. Delaware Life's 2020 materials say the benefit base is used only to calculate income payments and the rider fee; it has no cash or surrender value and is not available as a lump sum. What you can surrender is the account value, less any surrender charge and market value adjustment still in effect.
Does taking a withdrawal affect the rider fee refund?
Per the product page archived October 20, 2020, the fee refund (rider fees paid in the last 10 contract years) applied after 10 years only if lifetime income was never started and no withdrawals of any kind, including RMDs, were taken. Confirm with Delaware Life whether your contract is still eligible before you take money out.
What is Delaware Life's financial strength rating now?
Delaware Life's Business Highlights page shows AM Best A- (Excellent) with a negative outlook as of 07/31/2026, S&P A- with a negative outlook as of 07/14/2026, and Fitch A- on Rating Watch Negative as of 07/22/2026, checked October 4, 2026.
Sources (checked October 4, 2026)
- Delaware Life, Assured Income 7 product page (DLPC 1597 01/19), Wayback Machine capture October 20, 2020
- Delaware Life, Assured Income 7 At a Glance profile (AIGI0003PP, © 2020, EXP 09/21), Wayback Machine capture January 9, 2025
- Delaware Life, Assured Income 7 brochure (AIGI0002CB, © 2020, EXP 03/21), Wayback Machine capture January 10, 2025
- Delaware Life, Business Highlights: financial strength ratings (AM Best as of 07/31/2026, S&P 07/14/2026, Fitch 07/22/2026), read October 4, 2026
- Delaware Life, Affiliated Investments Reduction Plan update, dated September 11, 2026
- Delaware Life product pages: Target Income Choice, TruePath Income, DualTrack Income, read October 4, 2026; delawarelife.com/product/assured-income-7 and /solutions/assured-income-7 returned 404 on October 4, 2026
- MYGA and CD benchmark: AnnuityRateWatch carrier data and DepositAccounts, September 24, 2026
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
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Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.