Retirement Stages 7 - GLP Financial Group...Retirement Stages 7® is not invested directly in the stock market or in any securities. Instead, your account receives interest based on

Retirement Stages 7®

Fixed Index AnnuityPlan for your retirement lifestyle

Issued by Delaware Life Insurance Company

RS7GI16CB

Delaware Life Retirement Stages 7® Fixed Index Annuity2

Retirement will likely be a time to do the things that you never got a chance to do when you were working—all the activities, projects, and adventures you put off while you were building a career, raising a family, and paying a mortgage.

But …

• Will you have the money you need to do all the things you’re looking forward to when your regular paycheck goes away?

• Do your tax-deferred savings have the potential to keep growing without taking on too much risk?

• When you finally do retire, will you want a steady stream of income to carry you through your entire retirement, which could last 25 years or more?

The Retirement Planning Challenge: Creating Income That Lasts

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Annuities can help you save now—and provide income later

Annuities are a practical, no-nonsense way to supplement your other tax-deferred savings today and provide a source of guaranteed income in the future. They are based on a simple concept of value received and promises delivered.

Essentially, an annuity is a contract with an insurance company. And all annuities have one feature in common, which makes them different from other financial products. With an annuity, the insurance company promises to pay you income on a regular basis for a period of time you choose—including the rest of your life.

Average Life Expectancy Based on Current Age

Source: CDC Center for Disease Control and Prevention website: NCHS, National Vital Statistics, Mortality United States Life Tables, 2017, table A: https://www.cdc.gov/nchs/data/nvsr/nvsr68/nvsr68_07-508.pdfThe period life expectancy at a given age is the average remaining number of years expected prior to death for a person at that exact age, born on January 1, using the mortality rates for 2017 over the course of his or her remaining life.The data used to prepare the U.S. life tables for 2017 are final numbers of deaths for the year 2017; July 1, 2017 population estimates based on the 2010 decennial census; and age-specific death and population counts for Medicare beneficiaries aged 66–99 for the year 2017 from the Centers for Medicare & Medicaid Services. Data from the Medicare program NCHS reports can be downloaded from: https://www.cdc.gov/nchs/products/index.htm. 2 National Vital Statistics Reports, Vol. 68, No. 7, June 24, 2019 are used to supplement vital statistics and census data for ages 66 and over.

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Current Age


Fixed Index Annuities: Pursue Growth and ProtectionWhile You’re Saving

A fixed index annuity offers

As you focus on saving for retirement, the challenge is to find ways to both grow and protect your money, especially in times of economic and market uncertainty. A fixed index annuity can help you meet that challenge.

In its simplest form, a fixed index annuity (FIA) is a long-term contract with an insurance company that can help you build assets for retirement by:

• Protecting the money you put into the contract (your principal)

• Offering the potential for your money to grow tax deferred

• Paying interest based on the performance of market index(es) that you select

Guaranteed principal

Growth potential

Retirement income options

Plus, all FIAs offer:

• A guaranteed death benefit so your beneficiaries receive at least the value of your account

• Access to a portion of your cash value every year

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Income When You Retire

When you’re ready to retire, a FIA gives you three ways to turn your savings into retirement income:

You can take withdrawals when you need them from the cash value of your annuity contract.

You can “annuitize” your contract value into a series of guaranteed payments for life orfor a specified period, for you and (if you purchase a joint contract) your spouse.

If you have purchased a guaranteed lifetime income option, you can withdraw a specified level of income for life—even if your account value goes to zero.

How a FIA works

A FIA pays you interest that is based on the performance of the market index(es) that you choose. Different FIAs use different methods to calculate their interest credits, and there may be limits to the amount you receive.

1

2

3


Delaware Life Retirement Stages 7®:Unique Features and FlexibilityLike all fixed index annuities (FIAs), Retirement Stages 7® is a fixed index annuity that offers growth potential, principal protection, and income options to help you reach your retirement goals. Your benefits are delivered in two “stages”:

STAGE 1: Growth Potential and Protection While You Save for Retirement

During your working years, the value of a Retirement Stages 7® annuity can increase based on:

• The performance of the interest or index options you choose

• The crediting method you select to fit your individual needs

• Earnings that are “locked in” every year and protected from loss

How Interest Increases Your Account ValueRetirement Stages 7® is not invested directly in the stock market or in any securities. Instead, your account receives interest based on the performance of the indexes you’ve selected.

The method used to calculate these interest credits varies from index to index. It also may be limited by a “cap,” a “participation rate” or a “spread.”

A cap is a maximum interest rate that an FIA can earn. For example, if the index returns 8.2% in a given year, and your annuity has a cap rate of 6%, then your interest credit for that time period would be capped at 6%. If your annuity uses a participation rate, it will credit interest that is a

percentage of the gains achieved by the underlying index. For example, if the index you’ve selected rises by 10% and your FIA has a 75% participation rate, the contract would receive 7.5% in interest (10% x 75% participation rate). An annuity with a spread (a specified percentage) subtracts that spread from any gain that the underlying index achieves. For example, if the index increases 10% and the annuity has a spread of 4%, the index interest credit would be 6% (10% - 4% spread).

For a more detailed look at how interest for Retirement Stages 7® is calculated and credited, ask your financial professional for a copy of the "How Your Fixed Index Annuity Earns Interest" brochure.

The “7” in this annuity’s name is important too because it means you will have free access to all of the cash in your contract after seven years. However, you could pay a penalty or “surrender” charge if you take withdrawals of more than 10% per year from your contract before then. Withdrawals prior to your income start date will impact your future income payments.

Growth potential and protection while you save for retirement

STAGE

1

Options for income when you retire

STAGE

2

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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.

Fixed Account

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

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.

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 tries to limit long-term volatility to 5% or less on average each year by diversifying the portfolio’s assets and rebalancing its rates/fixed-income allocation as needed to manage interest rate changes.

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

Index choices to help your annuity grow

Retirement Stages 7® has the potential to build cash value based on the performance of the interest rate options you select. Your financial professional can familiarize you with these index options and help you select the ones most suitable for your goals and risk tolerance. When you choose, remember that you can:

• Pick more than one strategy to diversify your sources of interest

• Change your selection(s) on your annuity’s contract anniversary if your needs, goals, or risk tolerance shifts over time


Protect Your Earnings from Downside Risk

Retirement Stages 7® includes an annual reset feature that “locks in” any earnings from the previous year.

With this feature, you don’t have to worry about whether your retirement savings will be diminished by market dips.

Plus, both your premium payment and any interest locked in at the end of each term are protected from loss by the claims-paying ability and financial strength of Delaware Life.

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 product.

Contract year

StockMarketIndex

Fixed Index Annuity Account Value

When marketindex is up, theannuity accountvalue can rise

When market index is flat, the annuitydoes not lose value

When market index is down, the annuity does not lose value

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2 Withdrawals are taxed as ordinary income and you may have to pay a 10% federal tax penalty if you are younger than age 59 1/2. Withdrawals may be subject to a market value adjustment, which is an adjustment to account for changes in the interest rate environment since contract inception that is applied to withdrawals and surrenders that exceed the 10% free withdrawal amount during the first 7 contract years (not applicable in every state).

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.

Access to Your Money

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.2 You have free access to all of the cash in your contract after seven years.

However, if you take withdrawals from your contract before then, you could pay early withdrawal or “surrender” charges for any amount that exceeds the 10% free withdrawal amount. Withdrawals will also reduce your future retirement earnings.

The exceptions to paying the early withdrawal charges are:

• If you are required to take Required Minimum Distributions (RMDs) starting at age 72

• If you withdraw the money to pay for nursing home or hospice care

• If you qualify for the “bailout” provision that allows for free withdrawals if the S&P 500® Index performs poorly (see next page)

Guaranteed Death Benefit

If you die before you begin receiving annuity income payments, Retirement Stages 7® guarantees that your beneficiaries will receive the full account value (including all the interest you've earned) and may avoid probate.3

Return of Premium Option

This optional rider—available for an additional fee—allows you to discontinue your annuity at any time before its renewal or termination date—and limits the amount of surrender charge paid.

Once you have purchased the rider, it cannot be terminated prior to the end of the surrender charge period. The rider fee will be deducted until the earliest of the end of the surrender charge period, the annuity date, or termination of the contract.


* The issue cap rate on your contract may be different.

Built-in Bailout Endorsement

Retirement Stages 7® also comes with a free “bailout” benefit that enables you to make full or partial withdrawals from the contract 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 issue cap rate. (The cap is the maximum interest your FIA can earn in a year.)

How It Works

Option 1: Bailout Triggered

S&P 500® 1-Year Point-to-Point with Cap Index Account

Option 2: Bailout NOT Triggered

S&P 500® 1-Year Point-to-Point with Cap Index Account

Issue rate

Renewal rate

3.80%Issue Cap Rate Example*

5.0%

3.5%

Issue rate

Renewal rate

3.80%Issue Cap Rate Example*

5.0%

4.7%

You do not have to make an allocation to the S&P 500® Index account to receive this bailout protection; it is provided at no additional cost. Ask your financial professional for more details.

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STAGE 2: Options for Income When You Retire

When you transition to retirement, Retirement Stages 7® gives you the flexibility to receive income in several ways. Your financial professional can help you choose the option that best suits your situation.

• The Stacked Accumulation Income Rider® (STAIR®) guarantees that you (or you and your spouse) will receive retirement income payments for life, even if the annuity account cash value drops to zero. Available for an additional fee,4 the optional STAIR® benefit adds or “stacks” a 4% credit to the benefit base6 of your annuity every year—on top of any index interest—which is based on the performance of the strategy (or strategies) you select and reflect any caps, spreads and/or participation rates—is added to the account value.

• Annuitization and other withdrawal methods are available5

4 Rider cost – 0.95% is deducted from the account value on each contract anniversary. 5 Withdrawals are taxed as ordinary income, and you may have to pay a 10% federal tax penalty if you are younger than age 59 1/2. Withdrawals may be subject to a market value adjustment, which is an adjustment to account for changes in the interest rate environment since contract inception that is applied to withdrawals and surrenders that exceed the 10% free withdrawal amount during the first 7 contract years (not applicable in every state).

6 The benefit base is the amount on which income payments are based. It is not available as a cash/surrender value or death benefit.

The chart is a hypothetical example of how the benefit base can grow under varying market/index conditions and is not meant to represent the performance of the Delaware Life Retirement Stages 7® Fixed Index Annuity. Interest credited will be subject to caps, spreads and/or participation rates.

How the STAIR® Roll-up can help your future income grow

The benefit base4 is credited with the 4% roll-up after any interest credit—which is based on the performance of the strategy (or strategies) you select and reflect any caps, spreads and/or participation rates—is added to the account value.

Hypothetical Interest Credit

$100,000Initial Premium

Year 1 4%

Year 2

0%Year 3

5%

$103,012$102,033

$106,017Your Account Value

$122,429Your Benefit Base6$108,000

4+44% Roll-up + 4% Interest Credit

$112,320



Focused on What Matters At Delaware Life Insurance Company, we’re focused on what matters: Creatingpractical solutions with easy to understand features, delivered with clarity, integrity and efficiency. We've made it our mission to deliver a seamless experience that gives our clients exactly what they’re looking for: the comfort of understanding, the confidence of transparency and streamlined products without needless features.

Delaware Life is a member of Group One Thousand One (Group1001), a dynamic network of businesses making insurance more useful, logical, and accessible for everyone. As of September 30, 2019, Delaware Life Insurance Company had assets of $38.8 billion and liabilities of $37.4 billion (does not include Delaware Life Insurance of New York) with nearly 350,000 active annuity and life insurance policies.

For the most recent independent credit ratings for Delaware Life Insurance Company, please see www.delawarelife.com/our-company.

The Standard & Poor’s 500® (“S&P 500®”) is a product of S&P Dow Jones Indexes 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, 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®.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 Indexes 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 Indexes: (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 Indexes; (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 INDEXES 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 Indexes 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 Indexes 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 Indexes 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 Indexes. While volatility controls 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.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.


Annuities are long-term investments vehicles designed for retirement purposes. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your financial professional can provide you with complete details.Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company. For use with base policy forms DLIC-FIA-17 or ICC17-DLIC-FIA-17 and endorsement/rider forms ICC15-DLIC-ROPR-01, ICC15-DLIC- GLWB-01, ICC15-DLIC-TIW-01, ICC15-DLIC-NHW-01, ICC16-DLIC-TBOUT and ICC15-DLIC-EGSV. Policy and rider form numbers may vary by state. Products, riders and features may vary by state, and may not be available in all states. This material may not be approved in all states. Ask your financial professional for more information.Delaware Life Insurance Company is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One (Group1001).This brochure is a general description of the product. Please read your contract and disclosure statement for definitions and complete terms and conditions, as this is a summary of the annuity’s features.This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.

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2020020008 EXP 02/21

RS7GI16CB (Revised 02/20)

Service Center: PO Box 758581, Topeka, KS 66675-8581Sales Support: 844.DEL.SALE (844.335.7253)Customer Service: 877.253.2323

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK OR CREDIT UNION GUARANTEENOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY OR NCUA/NCUSIF

© 2020 Delaware Life Insurance Company

delawarelife.com

Retirement Stages 7®

Fixed Index Annuity

Meeting your retirement challenges with:

• Guaranteed Interest Rates

• Protection of Your Principal

• Lifetime Income Options

Ask your financial professional how to get started.

Issue Ages 18–80

PremiumMinimum: $10,000Maximum: $1,000,000 without Delaware Life approvalMinimum additional: $500

Plan Types Non-qualified, IRA, SEP-IRA, and Roth IRA

Choices for Growth with Interest Credit Options

See Investment Options/Crediting Methods below and separate index option fact sheets• Interest credited at the end of the term • Can reallocate at the end of the term at no charge• Refer to product rate sheet for current caps, spreads and participation rates

Optional Rider Benefits Available for an Additional Fee

See Extra Benefits Available for Purchase below• STAIR® (Stacked Accumulation Income Rider®) for lifetime income• Return of Premium Rider

Free Withdrawal Amount1 After the first contract year, 10% of anniversary account value per year or required minimum distribution, if greater, can be withdrawn free of surrender charges

No Fees for Withdrawals after 7 years

7-Year ScheduleContract Year 1 2 3 4 5 6 7

Surrender Charge 8.5% 8% 7% 6% 5% 4% 3%

Retirement Stages 7® is a flexible premium, tax-deferred, long-term saving vehicle with returns that can track a market index, and with a guaranteed return of principal.

Stage 1 for SavingFor conservative investors who want another tax-favored way to save, Retirement Stages 7® offers:

• A unique menu of interest options for growth potential

• Protection from losses in down markets

• Earnings that are income tax–free until withdrawn

Stage 2 for IncomeRetirement Stages 7® also gives you clear choices when you retire:

• Guaranteed lifetime income if you purchase the optional Stacked Accumulation Income Rider® (STAIR®) benefit with your original contract

• Annuitization and other withdrawal methods are available

Summary of Key Features For more details, see the Retirement Stages 7® Disclosure Statement.

Issued by Delaware Life Insurance Company (Waltham, MA) —For use in all states EXCEPT: AK, CA, CT, FL, IA, IN, MN, MO, NJ, OH, OR, PA, SC, UT, WA

Retirement Stages 7® Fixed Index Annuity

At a Glance

1 Withdrawals are taxed as ordinary income and, if taken prior to 59½, there may be a 10% federal tax penalty. Withdrawals will reduce any protection benefits, and may result in a surrender charge or a market value adjustment (MVA).

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Retirement Stages 7® Fixed Index Annuity At A Glance2

Benefit Details Annual CostSTAIR® (Stacked Accumulation Income Rider®)

Adds 4% annual return “roll-up” to aggregate credited rate during first 15 contract years and• Guarantees lifetime income beginning at age 50• Increases income payout rates as follows:

0.95% is deducted from the account value on each contract anniversary

Income Start Age 50-55 56 57 58 59 60 65 70 75 80 85Single Life Payout Rate 4% 4.1% 4.2% 4.3% 4.4% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%

Return of Premium Rider

• Allows you to surrender the annuity any time before the annuity date and limits the amount of surrender charge paid.

• Rider cannot be canceled before the end of the 7-year surrender charge period. • 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.

0.40% of account value

Optional Benefits Available for PurchaseThese riders can be purchased with the annuity contract to enhance its value. See separate fact sheets for more details.

Continued

Bailout Endorsement

Allows for full or partial withdrawals from the contract without surrender charge or market value adjustment (MVA) if the renewal cap for the 1-year point-to-point S&P 500® falls below the issue cap rate.• No allocation is required to this index account to receive this bailout protection • This benefit is provided to the owner at no cost

Free Terminal Illness Waiver • Waives withdrawal charges after the first contract anniversary, for a one-time withdrawal

if you have a terminal illness• Subject to state availability & restrictions

Free Nursing Home Waiver

• Waives withdrawal charges after the first contract anniversary, for a one-time withdrawal if you are confined to a hospital or nursing facility for at least 90 days, as long as the contract is purchased prior to your 76th birthday

• Subject to state availability & restrictions

Retirement Withdrawal1 Options

• Withdraw as needed • Annuitize payments• Make systematic withdrawals • Take Required Minimum Distributions (RMDs)

Guaranteed Death Benefit Greatest of account value, Enhanced Guaranteed Surrender Value (EGSV),** or minimum guaranteed surrender value

Fixed Account S&P 500® IndexDeutsche Bank CROCI Sectors III USD 5.5% Volatility Control Index

Morgan Stanley Global Opportunities

Crediting Method:• Annual

Choice of Crediting Methods:• 1-year point-to-point with cap• 1-year performance trigger• 1-year point-to-point with

participation rate

Crediting Method:• 1-year point-to-point

with spread

Crediting Method:• 1-year point-to-point with

participation rate

Interest Options /Crediting MethodsFor more details, see separate fact sheet for each index option.

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Definitions*Market Value Adjustment (MVA)

MVA is an adjustment to account for changes in the interest rate environment since contract inception that is applied to withdrawals and surrenders that exceed the 10% free withdrawal amount during the first 7 contract years. MVA does not apply upon payment of death benefit. State variations may apply.

**Enhanced Guaranteed Surrender Value (EGSV)

The EGSV equals 100% of your premium payments, minus any withdrawals and applicable withdrawal assessments, plus interest credited at 1%.

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(R) 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®.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.

RS7GI16PP 3

delawarelife.com



© 2020 Delaware Life Insurance Company 2020010033 EXP 01/21RS7GI16PP (Revised 01/20)

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 composed 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.


• Purchasers of products linked to the index will have no access to the components underlying the Index.• The Index is calculated on an excess return basis.

Riders are available for additional expenses.Annuities are long-term investments vehicles designed for retirement purposes. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your financial professional can provide you with complete details.Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company. For use with base policy forms DLIC-FIA-17 or ICC17-DLIC-FIA-17 and endorsement/rider forms ICC15-DLIC-ROPR-01, ICC15-DLIC- GLWB-01, ICC15-DLIC-TIW-01, ICC15-DLIC-NHW-01, ICC16-DLIC-TBOUT and ICC15-DLIC-EGSV. Policy and rider form numbers may vary by state. Products, riders and features may vary by state, and may not be available in all states. This material may not be approved in all states. Ask your financial professional for more information.Delaware Life Insurance Company (Watham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One (Group1001).This profile is a general description of the product. Please read your contract and disclosure statement for definitions and complete terms and conditions, as this is a summary of the annuity’s features.This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.


STAIR® (Stacked Accumulation Income Rider®)

Optional Guaranteed Minimum Lifetime Withdrawal BenefitIssued by Delaware Life Insurance Company (Waltham, MA)

An Easy Way to Add Value—and Longevity—to Your AnnuityWant the confidence that comes with knowing that you won’t outlive your income when you retire? For an additional fee,1 you can add the Stacked Accumulation Income Rider® (STAIR®) to your Delaware Life Fixed Index Annuity. This optional lifetime withdrawal benefit rider 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. With STAIR®, the power of time and compounding interest are on your side to grow your benefit base faster.

Each year (for up to 15 years), your account will grow by both the interest credit from your index 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.(Remember: The benefit base is the amount used to calculate your income payments. It is not available as a cash/surrender value or death benefit.)

1 Rider cost – 0.95% is deducted from the account value on each contract anniversary. 2 The benefit base is credited with the 4% roll-up after any interest credit is added to the account (cash) value.

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.

Here’s How the STAIR® Roll-up Can Help Your Future Income Grow

Hypothetical Interest Credit

$100,000Initial Premium

Year 1 4%

Year 2

0%Year 3

5%

$103,012$102,033

$106,017Your Account Value1

$122,429Your Benefit Base2

$108,000


$112,320


NOT FDIC INSURED | MAY LOSE VALUE | NO BANK OR CREDIT UNION GUARANTEENOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY OR NCUA/NCUSIFRS16GI0006STAIR

STAIR® is an optional guaranteed minimum lifetime withdrawal benefit available for an additional cost on Retirement Stages 7® Fixed Index Annuity.This profile contains summary information. Please refer to the disclosure statement for additional details.Annuity withdrawals are generally subject to ordinary income tax. Any withdrawals taken before age 59½ may incur an additional 10% federal tax penalty. Withdrawals reduce account (cash) value and may reduce value of other benefits, including death benefit.Annuities are long-term investments vehicles designed for retirement purposes. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your financial professional can provide you with complete details.Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company, a member of the Delaware Life group of companies. For use with policy forms ICC17-DLIC-FIA-17, ICC15-DLIC-FIA-07 or DLIC-FIA-07 and rider forms ICC15-DLIC-GLWB-01, ICC15-DLIC-NHW-01, ICC15-DLIC-TIW-01, ICC15-DLIC-ROPR-01 and ICC16-DLIC-TBOUT. Policy and rider form numbers may vary by state. Products, riders and features may vary by state, and may not be available in all states. This material may not be approved in all states. Ask your financial professional for more information.Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One (Group1001).This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.

© 2020 Delaware Life Insurance Company DLPC 1562 12/19 EXP 12/20RS16GI0006STAIR (Revised 01/20)

Availability • For Delaware Life’s Retirement Stages® Fixed Index Annuity (FIA); may not be available in all states

Eligibility • Must be purchased when you buy your annuity contract • Available to annuitants ages 45 to 80

Stacking Roll-up Credit

• 4% added to the benefit base on each contract anniversary• Applies to first 15 contract years or the income start date, whichever is first• Added to the index interest credit, which is based on the gross performance of the index(es) you

select minus any caps, spreads and/or participation rates.• Increases the benefit base used to calculate guaranteed lifetime income• Does not increase account (cash) value and may not be withdrawn as cash value or death benefit

Rider Cost • 0.95% is deducted from the account value on each contract anniversary

Guaranteed Lifetime Withdrawals

• Guaranteed % of benefit base for your lifetime• Withdrawal % locks in on income start date• 4% for ages 50–55 (for a single life), increasing 0.1% per year until age 85 as follows:

Age at First Withdrawal Single Life Withdrawal Rate Joint Life Withdrawal Rate50–55 4.0% 3.0%56 4.1% 3.1%60 4.5% 3.5%65 5.0% 4.0%70 5.5% 4.5%75 6.0% 5.0%80 6.5% 5.5%85 7.0% 6.0%

Excess Withdrawals

• Withdrawals greater than the annual guaranteed amount will reduce the benefit base by the amount in excess of the guaranteed amount, unless taken as RMDs (see below)

RMD Friendly • Required minimum distribution (RMD) amounts that are greater than the guaranteed withdrawal percentages do not reduce the benefit base

Termination • You may terminate this rider at any time or under other conditions described in the disclosure statement

STAIR® at a Glance

delawarelife.comService Center: PO Box 758581, Topeka, KS 66675-8581Sales Support: 844.DEL.SALE (844.335.7253)Customer Service: 877.253.2323


Morgan Stanley Global Opportunities Index (MSGO)

The MSGO Index, maintained by Morgan Stanley & Co. LLC, is one of the market indexes you can select as a benchmark for crediting interest to the cash value of your Delaware Life fixed index annuity (FIA).1

What the MSGO index represents

This index represents the performance of a portfolio that offers diversified access to global opportunities by tracking multiple asset classes of equities, fixed-income rates, and commodity futures.

The MSGO Index may be appropriate if you want an index option that:

• Includes markets outside of the U.S.

• Uses a trend-following strategy

• Applies a daily risk control mechanism

More details about how Morgan Stanley manages this index are included on p. 2.

Your FIA can earn interest credits based on how this index performs

• Your Delaware Life FIA is not directly invested in financial markets and it does not own shares in any index, index fund, or equity or bond investment. Instead it earns interest credits based on the performance of the indexes you select.2

• It’s important to remember that a FIA index is not an investment that you can purchase. It tracks the actual index but is not invested directly in the index.

• So, while you cannot actually invest in an index, you can use it as a benchmark—or point of reference—to track the performance of the market it represents and compare that to the returns of similar instruments or groups of instruments.

1 Index Annuities issued by Delaware Life Insurance Company.2 Index strategies used in Delaware Life Fixed Index Annuities are subject to factors such as caps, spreads, and participation rates, which will reduce crediting rates relative to the underlying index performance. See the applicable disclosure statement for more information.

DGI013MSPP

Morgan Stanley Global Opportunities Index (MSGO)2

How we calculate the FIA interest credit for this index2

To calculate the amount of interest to be credited each year to the FIA, the FIA contract uses a 1-year point-to-point strategy with a participation rate.

The 1-year point-to-point strategy measures the change in the index value between a starting “point” date and a finishing “point” date to determine the gross return. Then,

If the percentage change in the index is positive, you will receive interest based on a “participation rate” or percentage of the gains.

If the index’s percentage change is flat or negative, you won’t receive indexed interest, but your contract’s value will be protected and will not decrease due to the negative return.

The participation rate used to calculate the interest credit will vary, based on your FIA contract. Please check with your financial representative for more information about the crediting method used for your contract.

How MSGO “invests”

The MSGO Index is maintained by Morgan Stanley & Co. LLC, exclusively for Delaware Life. The index uses a proprietary multi-asset and trend-following strategy to determine allocations and track the performance of underlying instruments in three main asset classes/categories.

2 Index strategies used in Delaware Life Fixed Index Annuities are subject to factors such as caps, spreads, and participation rates, which will reduce crediting rates relative to the underlying index performance. See the applicable disclosure statement for more information.

Asset class/category What indexes are tracked Represents performance of

EquityS&P 500® (U.S.)DAX 30 (Germany)NIKKEI 225 (Japan)

Equity (stock) investments in the U.S., Germany, and Japan

Rates5-year U.S. Treasury Note5-year German Euro bond10-year Japanese bond

Rate-driven fixed-income instruments in Japan, Germany, and the U.S.

CommoditiesCrude oil futuresSoybeans futuresGold futures

Future contracts underlying Energy, Agriculture, and Precious Metals sectors

DGI013MSPP 3

The annual return of the MSGO Index is based on the aggregated performance of the underlying instruments in each of these asset classes/categories.

• By taking a multi-asset approach, the index can diversify risk and reduce volatility by rebalancing its exposure to various market risk factors within each asset class or category.

To do this, the index starts with the Base Risk Allocations shown in the chart below—33% for each asset class.Within each asset class the baseline allocation for each category is calculated to equalize the “risk budget” at 11%. For example, within the 33% Commodities asset class allocation, each category—crude oil, soybeans and gold—would have a “risk budget” of 11%. Assets with higher volatility would have smaller allocations than those with lower volatility, but all within the 11% risk allocation for each category.

33%–CommoditiesCrude Oil, Soybeans, Gold

33%–EquityS&P 500®, DAX 30, NIKKEI 225

33%–Rates10-Year Japanese Bond, 5-Year German Euro Bond, 5-Year U.S. Treasury Note

Equal-risk Base Allocations are a function of the realized volatility of each underlying; underlyings with a higher realized volatility get a proportionally reduced notional base allocation vs. underlyings with a lower realized volatility.

33% 33%

33%

Morgan Stanley Global Opportunities Index – Base Risk Allocations

Base Risk Allocations help to create a portfolio that balances volatility contributions to diversify risk across regions and asset classes.

• By using a trend-following strategy, the index seeks to add value by identifying and responding to investment trends in different market environments. The index objective is to increase its allocation to assets that exhibit strong upward trends and pares back investments during market downturns. It also tries to take advantage of long-and short-term price moves that play out in various markets.


Why we use a trend-following strategy

The use of “trend-following” strategies dates back to the 1700s when David Ricardo, an English political economist, proposed his golden rule: “Cut short your losses [and] let your profits run on.” Because this popular approach has historically performed well in a variety of market environments, Morgan Stanley chose to use it for the MSGO Index.

For the rate/fixed-income portion of the portfolio, the index also uses a dynamic rebalancing method called a “dynamic duration overlay.” This approach seeks to:

• Dynamically adjust its interest rate risk exposure by adjusting the allocations to different bond durations,

• Reduce the effects of interest rates in volatile rate environments, and

• Potentially provide positive returns when rates are rising.

How the index manages volatility

The index tries to limit long-term realized volatility to 5% or less dynamically adjusting the allocation between the underlying traded instruments and cash. While these volatility controls may result in less fluctuation in rates of return when compared to indexes that don’t use them, they also may reduce the overall rate of return compared to those other indexes.

DGI013MSPP 5

What are the potential benefits of selecting the MSGO Index?

Global growth potential

• Reflects multi-asset, global exposure to equities and bond rates in the U.S., Germany, and Japan, plus a variety of commodity futures to take advantage of performance differences across multiple regions and asset classes

• Daily rebalancing between equities, rates, and commodities to tap into trends across asset classes

Less volatility

• “Dynamic rebalancing” of interest rate risk exposure in the index’s fixed-income/bond component to mitigate the risk of downtrends in volatile interest-rate environments

• 5% annual volatility target

Consistent, positive performance in a variety of market environments

• Positive return in each of the past 10 calendar years (based on simulated returns)

A strategy that complements other Delaware Life FIA options that track

• Global Momentum (Stocks, Bonds & Commodities) (MSGO)

• Global Value (Stocks) (CROCI)

• Income (Fixed Account)


MSGO Index ReturnAnnualized

Weekly Volatility

Sharpe Maximum Drawdown

2002 11.36% 4.70% 2.42 3.01%2003 10.26% 5.19% 1.98 3.58%2004 7.33% 4.04% 1.82 4.95%2005 7.62% 5.28% 1.44 3.54%2006 4.94% 5.15% 0.96 5.04%2007 11.09% 5.19% 2.14 2.59%2008 9.71% 5.02% 1.94 4.41%2009 6.84% 4.16% 1.64 2.18%2010 14.45% 4.38% 3.30 1.91%2011 6.53% 5.25% 1.24 3.06%2012 3.96% 4.16% 0.95 3.10%2013 6.76% 4.55% 1.49 2.93%2014 9.84% 3.82% 2.57 1.81%2015 0.91% 4.40% 0.21 4.71%2016 3.90% 4.47% 0.87 4.68%2017 4.29% 3.83% 1.12 3.64%2018 -0.85% 4.25% -0.20 4.95%

2002–2018* 6.92% 4.94% 1.40 5.04%7-Year Trailing 5.58% 4.38% 1.27 4.95%5-Year Trailing 3.55% 4.20% 0.85 4.95%3-Year Trailing 2.42% 4.21% 0.57 4.95%1-Year Trailing -0.85% 4.25% -0.20 4.95%

* Annualized return—simulated analysis used to estimate how the index may have performed prior to July 21, 2017.

Performance (based on hypothetical, simulated returns)

Because the MSGO Index was introduced in 2017, it has limited performance history. For this reason, Morgan Stanley has used statistical analysis and hypothetical circumstances to create estimates of how the Index might have performed in prior years. In addition, when certain index components existed for only a portion of the back-tested period, substitute data was used for portions of the simulation. These hypothetical results are shown in the chart below and should be considered illustrative only.

Actual future performance of the Index may vary significantly from the results of this hypothetical analysis and Morgan Stanley cannot guarantee that any product linked to the Index will achieve results that are consistent with these values. In addition, as with any index or investment, past performance does not indicate future performance.

About Morgan StanleyFounded in 1935, Morgan Stanley & Co. LLC, is one of the world’s largest diversified global financial services firms with offices in New York City, London, Tokyo, Hong Kong, and other financial centers. For decades, Morgan Stanley has been a leader in providing advisory services for companies, governments, and institutional investors around the globe. The firm, through its subsidiaries and affiliates, provides its products and services to a large and diversified group of clients and customers.

MS Global Opportunities Index

350

300

250

200

150

100

50

Year 05040302 06 07 08 09 10 11 12 13 14 15 16 17 18

MS Global Opportunities Index

DGI013MSPP 7

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.

No purchaser, seller or holder of this instrument, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley’s permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley.

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 has a consistent 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 composed of a small number of index components at any given time and the performance of the index involves risk associated with international and US 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 an excess return basis.

Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company. For use with policy forms ICC17-DLIC-FIA-17, ICC15-DLIC-GLWB-01, ICC15-DLIC-TIW-01 and ICC15-DLIC-NHW-01. Policy and rider form numbers may vary by state. Products, riders, and features may vary by state, and may not be available in all states. This material should be accompanied by the corresponding Product Brochure and may not be approved in all states. Ask your financial professional for more information.

Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC (Group1001).

This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.

DGI013MSPP 7



2020010015 EXP 01/21

delawarelife.com

DGI013MSPP (Revised 01/20)


The S&P 500® Index, managed by S&P Dow Jones Indexes LLC, is one of the market indexes you can select as a benchmark for crediting interest to the cash value of your Delaware Life Insurance Company fixed index annuity (FIA).1

What the S&P 500® index representsThe S&P 500® represents a portfolio of 500 stocks from large U.S. companies that are leaders in their industries. Today the index includes household names such as Apple, Microsoft, Amazon, Exxon, Home Depot, and Pepsi.Because the index tracks the performance of a large swath of firms throughout the U.S., it is frequently used as a key benchmark for investors who follow the domestic stock market. It is also widely regarded as the best single gauge of the overall performance of large company (large-cap) U.S. stocks.

How the S&P 500® “invests”The 500 companies included in the S&P 500® Index are selected by the S&P Index Committee, a team of analysts and economists at S&P Dow Jones Indexes LLC. These experts consider a variety of factors—such as market size, liquidity, and industry groupings—when determining the 500 stocks to include in the index. They also use a market cap methodology that gives a higher weighting to the performance of larger companies within the index.

Standard & Poor’s 500® Index(S&P 500® Index)



• It’s important to remember that a FIA index is not an investment that you can purchase. It tracks the actual index but is not invested directly in the index.

• So, while you cannot actually invest in an index, you can use it as a benchmark—or point of reference—to track the performance of the market it represents and compare that to the returns of similar securities or groups of securities.

1 Index Annuities issued by Delaware Life Insurance Company.2 Index strategies used in Delaware Life Fixed Index Annuities are subject to factors such as caps, spreads, and participation rates, which will reduce crediting rates relative to the underlying index performance. See the applicable disclosure statement for more information.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK OR CREDIT UNION GUARANTEENOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY OR NCUA/NCUSIFDGI0009SP

Standard & Poor’s 500® Index (S&P 500® Index) 2

How we calculate the FIA interest credit for this index

If you select the S&P 500® as the index to track for your FIA, you can choose one of three methods to calculate the amount of interest to be credited each year to your annuity account value:

1-year point-to-point with cap method

The 1-year point-to-point with cap method measures the change in the index value between a starting “point” date and a finishing “point” date to determine the gross return.

• Then, if the percentage change in the index is positive, you will receive an interest credit up to a predetermined interest rate “cap” on the gross return.

1-year point-to-point with participation rate method

The 1-year point-to-point with participation rate method also measures the change in the index value between a starting “point” date and a finishing “point” date to determine the gross return.

• Then, if the percentage change in the index is positive, you will receive interest credit based on a “participation rate” or percentage of the return.

1-year performance trigger method

The 1-year performance trigger method measures the difference in the index value between two points in time that are a year apart.

• Then, if the change in the index is positive, you will receive an interest credit based on a fixed “performance trigger” interest rate regardless of the level of the index’s positive return.

With all three methods, if the percentage change is flat or negative, you won’t receive any interest, but your contract’s value will be protected and will not decrease due to the negative return.

The cap, participation rate, or performance trigger rate that is used to calculate the interest credit will vary, based on your FIA contract. Please check with your financial representative for help in deciding which crediting method to use.

This index may be an appropriate choice if you would like to:

• Earn interest for your FIA based on the performance of the broad U.S. stock market.

1

2

3

DGI0009SP 3

About S&P Dow Jones Indexes LLC4

S&P Indices and Dow Jones Indexes joined together in 2012 to form S&P Dow Jones Indices LLC, and become the world’s largest provider of financial market indices. Combined, the company has over 120 years of experience constructing solutions that help investors achieve their financial goals. Since the launch of the iconic Dow Jones Industrial Average® in 1896 and S&P 500® in 1957, the company has been a catalyst for some of the last century’s most important financial innovations. Today, more assets are invested in products based on the company’s indices than any other provider in the world.

The Standard & Poor’s 500® (“S&P 500®”) is a product of S&P Dow Jones Indexes LLC or its affiliates (“SPDJI”) and has been licensed for use by Delaware Life Insurance Company (“Delaware Life”).

A strategy that complements other Delaware Life FIA options that track




3 From S&P Dow Jones Indices at https://us.spindices.com/indices/equity/sp-5004 From S&P Dow Jones Indices S&P 500 Fact Sheet at https://us.spindices.com/indices/equity/sp-500

Performance (based on actual returns)3

The chart below shows the performance of the S&P 500® Index over 10 years.

Index Name

S&P 500Price Return

2,881.4010 yr. Ann. Returns

11.98%�As of May 10, 2019

Year 2010 2012 2014 2016 2018

3,500

3,000

2,500

2,000

1,500

1,000

500



DLPC 1234 05/19 EXP 05/20

delawarelife.com

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.Delaware Life Fixed Index Annuities are 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®.Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company. For use with policy forms ICC17-DLIC-FIA-17, ICC14-DLIC-FIA-10 and DLIC-FIA-10, or ICC15-DLIC-FIA-07 and DLIC-FIA-07, and rider forms ICC15-DLIC-GLWB-01, ICC15-DLIC-NHW-01, and ICC15-DLIC-TIW-01 and ICC15-DLIC-ROPR-01. Policy and rider form numbers may vary by state. Products, riders and features may vary by state, and may not be available in all states. This material should be accompanied by the corresponding product brochure and may not be approved in all states. Ask your financial professional for more information.Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC.This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.

DGI0009SP (Revised 01/20)


Deutsche Bank’s CROCI Sectors III USD5.5% Volatility Control Index

The CROCI Sectors III USD 5.5% Volatility Control Index (CROCI Index), managed by Deutsche Bank AG, is another market index you can select as a benchmark for crediting interest to the cash value of your Delaware Life fixed index annuity (FIA).1

What this index representsThis index reflects the performance of a portfolio of value stocks in major global equity markets and industry sectors plus a cash component used to help limit overall volatility.

The CROCI Sectors III USD 5.5% Volatility Control Index (CROCI Index) may be appropriate if you want an index option that:

• Includes markets outside the U.S.• Uses a strategy focusing on attractive stock valuations• Increases the likelihood of paying interest by managing volatility with a dynamic cash allocation2

More details about how Deutsche Bank manages this index are included on p. 2.



• It’s important to remember that a FIA index is not an investment that you can purchase.

It tracks the actual index but is not invested directly in the index.

• So, while you cannot actually invest in an index,

you can use it as a benchmark—or point of reference—to track the performance of the market it represents and compare that to the returns of similar securities or groups of securities.

1 Index Annuities issued by Delaware Life Insurance Company.2 While volatility controls 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.


RS16GI0004CROCI

Deutsche Bank’s CROCI Sectors III USD 5.5% Volatility Control Index2

How we calculate the FIA interest credit for this index3

To calculate the amount of interest credited each year to your annuity account value, the CROCI Sectors 5.5% VC Index option uses a 1-year point-to-point strategy with a spread.

The 1-year point-to-point strategy measures the change in the index value between a starting “point” date and a finishing “point” date to determine the gross return. The annuity then subtracts a “spread” or percentage from this return to determine your interest credit. So,

If the percentage change in the index is more than the spread, you will receive an interest credit for the difference between the gross return and the spread.

But if the percentage change is equal to or less than the spread, you won’t receive any interest. However, your contract’s value will still be protected and will not decrease due to any negative performance.

For example, if the annuity has a 4% spread and the index grows by 10%, then your interest credit would be 6% (10%-4% spread). But if the index gains only 2%, you would not get an interest credit because the spread is a negative number (2%-4% spread). In this case, your contract value would remain unchanged.

The spread used to calculate the interest credit will be specified in your FIA contract. Please ask your financial representative for the rate sheet that includes the current spread value.


How the CROCI Index “invests”

This index:

• Uses a rigorous selection process to identify the regions, sectors, and stocks/equities that represent the best values all over the globe

• Rebalances the stock portfolio regularly to reflect changes in markets and industry sector valuations

• Manages the allocation of its cash component to try to limit annual volatility to 5.5%

The equity portfolio of this index is represented by Deutsche Bank’s CROCI Index, which tracks the performance of 30 potentially undervalued stocks of companies located in the U.S., the Eurozone, and Japan.

RS16GI0004CROCI 3

The selection of stocks for this underlying index is based on Deutsche Bank’s proprietary CROCI (Cash Return on Capital Investment) Economic P/E (price-to-earnings) evaluation methodology that helps compare company valuations across sectors and geographies.

As shown in the chart, the selection process begins with a pool of large-cap global stocks from which three global industry sectors with the lowest stock valuations are chosen. The index then identifies the cheapest stocks in each sector and rebalances them periodically to reflect changing valuations and market conditions.

Consumer Discretionary Industrials Telecomm Services

Consumer Staples Energy Health Care

Information Technology Utilities Materials

Identify Three Cheapest SectorsSelect three industry sectors with lowest median

trailing 12-month Economic P/E (price-to-earnings)*

Start with a Global Large-Cap Selection Pool

Rebalance the Index PeriodicallyEqual weighted, zero cash position, 30 stocks, managed turnover

Identify Cheapest StocksSelect 10 stocks with lowest positive trailing 12-month Economic P/E (price-to-earnings)*

from each of the three industry sectors with the lowest median trailing 12-month Economic P/E (price-to-earnings)*

How the index manages volatility

The CROCI Index combines the equity/stock component with a cash allocation that provides additional diversification to help reduce the risk of negative index returns over time. The cash allocation is adjusted daily to target an annualized volatility level of 5.5%—with a higher allocation to cash when volatility increases and a higher allocation to equities when volatility decreases.

S&P 500 IndexTop 251 stocks based on market cap. ex-financials

EURO STOXX Large Index TOPIX 100 Index

*Trailing price-to-earnings (P/E) is calculated by taking a company's current stock price and dividing it by the trailing earnings per share (EPS) for the past 12 months.


What are the benefits of selectingthe CROCI Index?

Global growth potential

• Reflects global exposure to cheaper “value” stocks in the U.S., Eurozone, and Japan

• Regular rebalancing among selected stocks and sectors responds to changes in valuations and markets

Less volatility

• Daily “dynamic rebalancing” of the cash allocation in the index helps manage volatility

• 5.5% annual volatility target

Consistent performance in a variety of market environments

• Positive returns in 6 of the past 10 calendar years (based on simulated returns)

A strategy that complements other Delaware Life FIA index options that track




RS16GI0004CROCI 5

Global Diversification and Volatility Control Designed for a Variety of Markets

Deutsche Bank’s CROCI Sectors III USD 5.5% Volatility Control Index: Historical Hypothetical Return Analysis5

Based on an initial investment of $100,000

Performance (based simulated and actual returns)

The chart below compares the performance of the Deutsche Bank CROCI Sector III USD 5.5% Volatility ControlIndex and the MSCI World Index,4 a broad global benchmark of large-and mid-cap equities. Because the CROCI Index was introduced in March 2015, any returns prior to March 13, 2015, are based on the retrospective application of a back-tested index methodology designed with the benefit of hindsight.5

This example does not reflect the effect of any fees, spreads, floors or other adjustments that may apply to an annuity or other product.

4 The MSCI World Index is a broad global equity benchmark, representing large- and mid-cap equity performance across 23 countries with developed markets. (source: msci.com/world)

5 No actual investment that allowed tracking of the performance of the index was possible before March 13, 2015. The methodology of the index was designed, constructed and tested using historical market data and based on knowledge of factors that may have affected its performance.

$50,000

$100,000

$150,000

$200,000

3/183/173/163/153/143/133/123/113/103/093/083/073/063/05

$179,541 $189,229

MSCI World Index4

CROCI Sectors III USD 5.5% Volatility Controlled Index


About Deutsche Bank6

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.7 As of December 2017, the firm had 2,434 branches in 70 countries.8 The company also offers the sales, trading and structuring of a wide range of financial markets’ products including index-based swaps, notes and certificates.

6 “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.

7 Source: http://www.businessinsider.com/sp-global-biggest-banks-in-europe-2017-4?r=UK&IR=T/#4-deutsche-bank-germany-1676-trillion-19

8 Source: https://www.db.com/company/en/global-network.htm

RS16GI0004CROCI 7

Delaware Life Fixed Index Annuities (the “Products”) are not sponsored, endorsed, managed, sold or promoted by Deutsche Bank AG (DB AG) or any subsidiary or affiliate of DB AG. The Deutsche Bank Indexes 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 Indexes:• Is acting in a fiduciary or product management capacity or providing any endorsement of the Products or investment

advice of any kind;• Has any obligation to take the needs of DLIC, the sponsor of the Products, or its clients into consideration in determining,

composing or calculating the Deutsche Bank Indexes;• Is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Products;• WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DEUTSCHE BANK INDEXES 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 PRODUCTS.

The CROCI Indexes 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 Statements and Annuity Illustrations for more information about the Deutsche Bank Indexes and the Products.Obligations to make payments under the Products 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 Indexes as a crediting option under the Products does not obligate Delaware Life Insurance Company or DB AG to invest annuity payments in the components of any of the Deutsche Bank Indexes.Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company. For use with policy forms ICC17-DLIC-FIA-17, ICC14-DLIC-FIA-10 and DLIC-FIA-10, or ICC15-DLIC-FIA-07 and DLIC-FIA-07, and rider forms ICC15-DLIC-GLWB-01, ICC15-DLIC-NHW-01, and ICC15-DLIC-TIW-01 and ICC15-DLIC-ROPR-01. Policy and rider form numbers may vary by state. Products, riders and features may vary by state, and may not be available in all states. This material should be accompanied by the corresponding Product Brochure and may not be approved in all states. Ask your financial professional for more information.Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC.This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.



DLPC 1240 05/19 EXP 05/20RS16GI0004CROCI (Revised 01/20)


delawarelife.com

DLPC 2000 09/19 EXP 09/20PGI0009FHIMO (Revised 12/19) Page 1 of 4

That’s why every Delaware Life employee will go out of their way to make sure that:

You feel confident that the money you have given us will be handled with care.

You get what you’re looking for: practical solutions with easy to understand features that perform in line with your expectations.

Every experience you have with us is efficient, accurate and authentic.

We strive to be the company you are delighted to do business with because you get results and transparency with every encounter. And the financial professionals we choose to collaborate with are as passionate as we are about giving you the knowledge and power you need to make smart decisions as you build for your future.

Highlights as of September 30, 2019

The Strength of Delaware Life:

We focus on what matters to you

Assets of

$38.8 billion* and liabilities of

$37.4 billion*

At Delaware Life Insurance Company, we’re focused on two of the things that matter most to you: your financial security and your future.

Nearly

350,000 active annuity and life

insurance policies

*Excludes Delaware Life Insurance Company of New York.


Delivering pure value with clarity, trust, and real results

In fact, at Delaware Life we’ve made it our mission to deliver value and results to everyone we work with by:

• Building client-focused products with straightforward features, appealing index crediting methods and reasonable fees—plain and simple.

• Making those products available to a network of knowledgeable financial professionals who deliver those products with clarity and integrity to help you make smart decisions to protect your savings and build for the future, according to your individual needs.

• Creating a seamless, accurate service experience you can trust from the first moment you contact us.

Managing risk with financial strength

Formerly part of Sun Life Financial, Inc. (SLF U.S.), the Delaware Life Brand was established in 2013 with the transition of $40B of legacy business and a long-tenured employee base. Delaware Life Insurance Company is a member of Group One Thousand One, LLC (“Group1001”): a dynamic network of businesses making insurance more useful, logical, and accessible for everyone.

As of September 30, 2019, the company had assets of $38.8 billion and liabilities of $37.4 billion with nearly 350,000 active annuity and life insurance policies. We have:

The financial resources and disciplined risk management practices in place to keep our promises to you through the economy’s ups and downs.

The ongoing financial strength to meet our obligations to every client who owns a Delaware Life insurance or annuity contract.


Financial Strength Ratings of Delaware Life Insurance Company1 as of September 30, 2019

A- (Excellent)2

A.M. Best

Delaware Life Insurance Company andDelaware Life Insurance Company of New York

BBB+ (Stable)3

Standard & Poor’s

Delaware Life Insurance Company andDelaware Life Insurance Company of New York

1 Financial Strength Ratings are for Delaware Life Insurance Company only (not the subaccounts of Delaware Life’s Masters Prime Variable AnnuitySM).

2 A.M. Best A- (Excellent) is 4th out of 13 possible ratings.3 Standard & Poor’s BBB+ (Stable) is 8th out of 21 possible ratings.

48.9%

5.2%

7.2%

4.3%

16.5%

17.9%

High-Quality, Well-Diversified Investment AccountAs of September 30, 2019

48.9%–Corporate Bonds (99% Investment Grade)

17.9%–Asset-backed Securities

5.2%–Government/Agency Securities

7.2%–Cash & Short-Term Securities

4.3%–Mortgages

16.5%–Other


delawarelife.com

© 2019 Delaware Life Insurance Company. All rights reserved.

Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company.

Annuities are long-term investments vehicles designed for retirement purposes. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your financial professional can provide you with complete details.

Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC (“Group1001”).

This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK OR CREDIT UNION GUARANTEE NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY OR NCUA/NCUSIF

NBR0022RSNBIIMO [05/2018]Page 1 of 2

Application Documents

Delivery of Buyer’s Guide, if applicable.• Must be delivered at or before time of application.

Application• Elect Rider(s) at Application; they cannot be

added to an existing Contract.

Initial Premium • Minimum initial Premium is $10,000 and the

maximum is $1,000,000. • Index Account Elections must total 100%.

Owner(s) Important: The Death Benefit for this product is based on the Owner’s life.• Non-Qualified Contracts: Joint Owner must be

spouse of Owner.• Trust Owned Contracts: Please submit our Trust

Affidavit form along with Application.

Beneficiary(ies)• Primary Beneficiary is required.• Beneficiary Allocations must be set to whole

percentages; we do not accept decimals.

Agent Commission Option• Option 1 – Heaped will be selected if no

indication is made on the application.

Disclosure Statement

Suitability Questionnaire Note: All Florida residents must complete the

Florida-specific Annuity Suitability Questionnaire. Annuity Disclosure and Comparison form must be completed if the contract is being funded by a replacement.

Notice Regarding Standards for Medi-Cal Eligibility (CA Only)

Comparison of Annuity Contracts (CA Only)

Signature Requirements for Application Documents All Owners and the Selling Agent(s) must sign:

• Application• Disclosure Statement• Suitability Questionnaire• Notice Regarding Standards for Medi-Cal

Eligibility (CA Only)

Comparison of Annuity Contracts

Additional Forms – Certain account registrations may require additional client forms to be completed by your client. Please contact Customer Service at 877-253-2323 with any questions.

Transfer / 1035 Exchange (if applicable)

Replacement Form• Complete and sign the necessary Form A or

state-specific replacement form, based on the requirements of the state in which the application is signed.

Qualified Transfer/1035 Exchange Form• If the owner is transferring funds from

another company to purchase this annuity, please complete the Qualified Transfer/1035 Exchange Form.

• Owner(s) must sign.

Note: To complete a transfer/1035 exchange, the Owner(s)/Annuitant(s) on the existing contract must be identical to the new contract. (Transfers must be like for like to be in good order.)

Please use the following checklist as a guide to ensure business is submitted properly.• All cross-outs or alterations made to any form submitted must be initialed by the applicant(s).


New Business InstructionsIssued by Delaware Life Insurance Company

NBR0022RSNBIIMO [05/2018]Page 2 of 2

Delivery Instructions

• Make check payable to: Delaware Life Insurance Company• Please ensure that the owner’s name is referenced on the check• Keep a copy of the documents for your files.• Mail application and forms, together with the check or transfer form to: Delaware Life

P.O. Box 758580 Topeka, KS 66675-8580

By Overnight mail: Delaware Life

Mail Zone 581 5801 SW 6th Avenue Topeka, KS 66636

New Business Instructions (continued)

Delaware Life Insurance Company is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One.© 2018 Delaware Life Insurance Company. All rights reserved.

P.O. Box 758581, Topeka, KS 66675-8581 | 877.253.2323 | Page 1 of 9 | 07/2019 | RS7-092616ICC16-DLIC-FIAAPP16

Application – Retirement Stages 7®

Individual Flexible Premium Fixed Indexed Deferred Annuity With Market Value Adjustment Feature

Issued by Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581 (the “Company”)

Optional Living Benefit Riders

Stacked Accumulation Income Rider® (STAIR®) Guaranteed Living Withdrawal Benefit (GLWB)

Other Optional Riders

Guaranteed Return of Premium (ROP)

Owner(If trust, include Trustee Affidavit)

Optional Riders

Owner

A

B

Joint Owner Information (For non-qualified contracts only and must be spouse of the Owner)

Complete Name (First-Middle-Last)

Residential Address

City State Zip Code

Mailing Address (if different from Residential Address)

City State Zip Code

Social Security Number or TIN Gender

Date of Birth or Trust Date (mm/dd/year) Phone Number

Male Female Entity


Residential Address

City State Zip Code

Mailing Address (if different from Residential Address)

City State Zip Code

Social Security Number or TIN Gender Date of Birth (mm/dd/year)

Phone Number Relationship to Owner

Male Female


Annuitant Information

(Complete only if Annuitant is different from Owner)

Annuitant C

Joint Annuitant Information (For non-qualified contracts only)

(Not available for Individual Retirement Annuities)

Plan TypeD

Plan Type (check one)

Non-Qualified Traditional IRA Roth IRA

SEP IRA

Please complete if applicable

If Traditional IRA Contribution – Tax Year________________________

If Roth IRA Contribution – Tax Year________________________

If Roth IRA – Inception Date____________________________________

Premium PaymentE

Premium/Method of Payment Applicable Source(s)

Cash with application: $

Check (make payable to Delaware Life Insurance)

Wire Bank Originating: __________________________________________________

New Investment

Direct Qualified Transfer of Funds

From: ______________________________________________

Rollover

IRC 1035 Exchange

Carrier: _____________________________________________

CD/Mutual Fund Non-Qualified Transfer

From: _______________________________________________

Expected Transfer Amount: $

Brokerage Transfer Brokerage Account Number: __________________________________________________

1035 Exchange or Transfer

Agent/Client initiated Funds Source of Funds: __________________________________________________

Indicate all that apply in each column:


Residential Address (No PO Box)

City State Zip Code

Social Security Number Gender

Date of Birth (mm/dd/year) Phone Number



City State Zip Code

Social Security Number Gender

Date of Birth (mm/dd/year) Phone Number

Male Female Male Female


Existing Coverages/Replacement

Transfer Instructions

F

G

Please answer the following questions:

a. Do you have any other life insurance policies or annuity contracts? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No If “Yes,” and required by your state, complete the necessary Replacement Notice.

b. Is the Contract applied for replacing or intended to replace or change any existing life insurance or annuity contracts? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No If “Yes,” and required by your state, complete the necessary Replacement Notice.

Complete this section only if you are submitting a Transfer In/1035 Exchange Form.

Check one box:

Single Transfer/1035 Exchange Only one transfer is expected to fund the Contract. No additional selections are required.

Multiple Transfers/1035 Exchanges More than one transfer/1035 Exchange is expected to fund the Contract. You must select a Contract Issue Date in Section H below (required).

Cash with application and Transfer(s)/1035 Exchange(s) Cash and additional transfer(s) are expected to fund the Contract. You must select a Contract Issue Date in Section H below (required).

Contract Issue Date SelectionH

Complete this section only if you checked either Multiple Transfers/1035 Exchanges or Cash with application and Transfer(s)/1035 Exchange(s) in Section G above.

Note: Interest on your Initial Premium will be credited beginning on the Contract Issue Date.

Check one*:

First Premium Received Your Contract will be issued on the date when the first Premium is received by the Company. The Premium will be applied to your Contract according to the Index Account Allocation you selected in this Application. All subsequent Premiums received will be invested into the Fixed Account until your first Contract Anniversary.

Last Premium Received Your Contract will be issued on the date the last Premium is received by the Company. All subsequent Premiums received after the Contract Issue Date will be invested into the Fixed Account.

If all requested Premiums are not received by the 90th calendar day from the application signature date, the Company will return the application along with any held Premiums.

* If neither option is selected, Your Contract Issue Date will be the First Premium Received Date and all subsequent Premiums will be invested into the Fixed Account until Your First Contract Anniversary, at which time you will be able to reallocate into the available Index Accounts.


Select from the index strategies below. You must allocate a whole percentage to each investment option you select. The total must equal 100%.

S&P 500®

1-Year Term Point-to-Point with Cap

1-Year Performance Trigger

1 Year Term Point-to-Point with Participation Rate

_______________%

_______________%

_______________%

CROCI Sectors III USD 5.5% Volatility Control Index

1-Year Term Point-to-Point with Spread _______________%

Morgan Stanley Global Opportunities Index

1-Year Term Point-to-Point with Participation Rate _______________%

Fixed Account _______________%

Total Allocation 100%

Index Account AllocationsI








City State Zip Code


City State Zip Code


City State Zip Code


City State Zip Code


City State Zip Code

Social Security Number/Tax ID Number Relationship to Owner Allocation





Gender Date of Birth/Trust Date (mm/dd/year) Phone Number





Male Female Entity

Male Female Entity

Male Female Entity

Male Female Entity

Male Female Entity

Beneficiary InformationJPrimary

Primary Contingent

Primary Contingent

Primary Contingent

Primary Contingent

%

%

%

%

%


By checking “Yes,” I/we hereby authorize the Agent(s) identified in this Application, any Agent of record servicing the Contract in the future, and his/her/their designees, to provide the Company with account value reallocation instructions from time to time via any means acceptable to the Company. I/we understand and agree that the Company may terminate this authorization at its discretion at any time without prior notice, but in the absence of such termination, this authorization will remain effective until the Company receives at its administrative office, in a form acceptable to the Company, notice from me/us that this authorization has been revoked or proof of an owner’s death. I/we understand that the Company has established procedures reasonably designed to confirm that reallocation instructions communicated to it are genuine, that these procedures may require any person requesting reallocation to provide my/our personal and/or Contract identifying information, and that the Company will not be liable for following instructions that it reasonably believes are genuine.

Yes

Agent Authorization – ReallocationK


Signing as: Trustee Other Fiduciary (eg. Attorney In Fact POA, Guardian, Authorized Officer)

Signing as: Trustee Other Fiduciary (eg. Attorney In Fact POA, Guardian, Authorized Officer)

Signature of Owner Date (mm/dd/year) State Where Signed

X

Signature of Joint Owner Date (mm/dd/year) State Where Signed

X

The assets in your Contract are subject to state unclaimed property laws which provide that if no activity occurs in your Contract within the time period specified by the particular state law after the Contract’s maturity date or date that the death benefit is due and payable, your assets must be transferred to the appropriate state. We are required by law to advise you that your assets may be transferred to an appropriate state in compliance with these state laws.

Under penalty of perjury, I certify that (1) the Social Security or taxpayer identification number shown on this form is my correct Social Security or taxpayer identification number, (2) I am not subject to backup withholding as a result of either being exempt from backup withholding, not being notified by the IRS of a failure to report all interest or dividends, or the IRS has notified me that I am no longer subject to backup withholding, (3) I am a U.S. person (including a U.S. resident alien), and (4) I am exempt from FATCA reporting. (Cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding due to a failure to report all interest and dividends.)

The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.

I agree to all terms and conditions as shown, and have read and understand all the statements made above. I represent that all statements made in this application are true, to the best of my knowledge and belief. I understand that amounts payable under the Contract may be subject to Withdrawal and Surrender Charges and Market Value Adjustment, which may cause the values to increase or decrease if withdrawn or surrendered prior to a specified date or dates as stated in the Contract and/or endorsement attached to the Contract.

I understand and acknowledge that the Company does not offer legal, financial, tax, investment or estate-planning advice and I have had the opportunity to seek such advice from the proper sources before applying for this Contract.

I believe this to be a suitable purchase for my financial status. I received and reviewed a Disclosure Document that includes information about my annuity Contract, its benefits, and the fees and charges that apply to it.

I UNDERSTAND THAT WHILE THE VALUES OF THIS CONTRACT MAY BE AFFECTED BY THE PERFORMANCE OF AN EXTERNAL INDEX, THE CONTRACT DOES NOT DIRECTLY OR INDIRECTLY PARTICIPATE IN ANY STOCK OR EQUITY INVESTMENTS, INCLUDING BUT NOT LIMITED TO, ANY DIVIDEND PAYMENTS.

Fraud Notice: Any person who knowingly presents a false statement in an application for insurance may be guilty of a criminal offense and subject to penalties under state law.

Acknowledgement and Signatures

Special Instructions

L

M

Patriot Act Notice: To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain and record information for each person who opens an account, including an application for an insurance policy or annuity contract.


This section to be completed by Agent. Note: Election of a commission option is not available if Return of Premium (ROP) is selected.

Option 1 – Up-Front (Option 1 will be the default Agent Commission Option if none is selected.)

Option 2 – High upfront with lower trail

Option 3 – Lower upfront with higher trail

1. Will this Contract replace any existing life insurance policy or annuity contract? . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

If “Yes,” please explain

For any replacement, indicate the type of coverage proposed to be replaced:

Term Life Whole Life Variable Life Fixed Annuity Variable Annuity

Other _______________________________________________________________________________________________________________________________________

2. Advertising materials:

• I certify that I used only Company-approved sales material with this Application and that an original or a copy of all sales material was left with the applicant.

• I certify that a printed copy of any electronically presented sales material was/will be presented to the proposed owner no later than the date the Contract is delivered.

3. I certify that this Application is in accordance with the Company’s Business Guidelines with respect to the acceptability of replacements.

4. By signing below, I hereby certify, to the best of my knowledge and belief, that all information in this application is true. I also certify that I have explained any applicable Surrender Charges, Early Withdrawal Adjustment and Market Value Adjustment provisions contained in this Contract, and I certify that this annuity is suitable for the proposed owner, based upon the proposed owner’s disclosure.

Agent Name (Print Legibly) Email Address

Office Phone Number Agent Number Split

Agent Name (Print Legibly) Email Address

Office Phone Number Agent Number Split

%

%

If you haven’t received your Agent number please indicate “PENDING”

Agent Commission Option

Agent Signature(s)

N

O

Signature of Agent Date (mm/dd/year)

XSignature of Agent (If Joint Case) Date (mm/dd/year)

X


The Standard and 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, 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®.

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 Product Summary 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.

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 for certain purposes Delaware Life Insurance Company. 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.

No purchaser, seller or holder of this security, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley’s permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley.

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.

Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC (“Group1001”).



NBR0005BG

Prepared by the

NAIC

National Association of Insurance Commissioners

The National Association of Insurance Commissioners is an association of state insurance regulatory officials.

This association helps the various insurance departments to coordinate insurance laws for the benefit of all consumers.

This guide does not endorse any company or policy

Reprinted by Delaware Life Insurance Company

NAIC Buyer’s Guide for Fixed Deferred Annuities

It’s important that you understand how annuities can be different from each other so you can choose the type of annuity that’s best for you. The purpose of this Buyer’s Guide is to help you do that. This Buyer’s Guide isn’t meant to offer legal, financial, or tax advice. You may want to consult independent advisors that specialize in these areas.

This Buyer’s Guide is about fixed deferred annuities in general and some of their most common features. It’s not about any particular annuity product. The annuity you select may have unique features this Guide doesn’t describe. It’s important for you to carefully read the material you’re given or ask your annuity salesperson, especially if you’re interested in a particular annuity or specific annuity features.

This Buyer’s Guide includes questions you should ask the insurance company or the annuity salesperson (the agent, producer, broker, or advisor). Be sure you’re satisfied with the answers before you buy an annuity.

08/2015

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Buyer’s Guide for Deferred Annuities

Table of Contents

What Is an Annuity? 1

When Annuities Start to Make Income Payments 1

How Deferred Annuities Are Alike 1

How Deferred Annuities Are Different 1

How Does the Value of a Deferred Annuity Change? 2

Fixed Annuities 2

Fixed Indexed Annuities 2

What Other Information Should You Consider? 3

Fees, Charges, and Adjustments 3

How Annuities Make Payments 3

How Annuities Are Taxed 4

Finding an Annuity That’s Right for You 5

Questions You Should Ask 5

When You Receive Your Annuity Contract 5

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WHAT IS AN ANNUITY?

An annuity is a contract with an insurance company. All annuities have one feature in common, and it makes annuities different from other financial products. With an annuity, the insurance company promises to pay you income on a regular basis for a period of time you choose - including the rest of your life.

When Annuities Start to Make Income Payments Some annuities begin paying income to you soon after you buy it (an immediate annuity). Others begin some later date you choose (a deferred annuity).

How Deferred Annuities Are Alike

There are ways that most deferred annuities are alike:

They have an accumulation period and a payout period. During the accumulation period, the value of your annuity changes based on the type of annuity. During the payout period the annuity makes income payments to you.

They offer a basic death benefit. If you die during the accumulation period, a deferred annuity with a basic death benefit pays some or all of the annuity’s value to your survivors (called beneficiaries) either in one payment or multiple payments over time. The amount is usually the greater of the annuity account value or the minimum guaranteed surrender value. If you die after you begin to receive income payments (annuitize), your chosen survivors may not receive anything unless: 1) your annuity guarantees to pay out at least as much as you paid into the annuity, or 2) you chose a payout option that continues to make payments after your death. For an extra cost you may be able to choose enhanced benefits that increase the value of the basic death benefit.

SOURCES OF INFORMATION

Contract: The legal document between you and the insurance company that binds both of you to terms of the agreement.

Disclosure: A document that describes the key features of your annuity, including what is guaranteed and what isn’t, and your annuity’s fees and charges. If you buy a variable annuity, you’ll receive a prospectus that includes detailed information about investment objectives, risks, charges, and expenses.

Illustration: A personalized document that shows how you annuity features might work. Ask what is guaranteed and what isn’t and what assumptions were made to create the illustration.

You usually have to pay a charge (called a surrender or withdrawal charge) if you take some or all of your money out too early (usually before a set time period ends). Some annuities may not charge if you withdraw small amounts (for example, 10% or less of the account value) each year.

Any money your annuity earns is tax deferred. That means you won’t pay income tax on earnings until you take them out of the annuity.

You can add features (called riders) to many annuities, usually at an extra cost.

An annuity salesperson must be licensed by your state insurance department. A person selling a variable annuity also must be registered with FINRA1 as a representative of a broker/dealer that’s a FINRA member. In some states, the state securities department also must license a person selling a variable annuity.

Insurance companies sell annuities. You want to buy from an insurance company that’s financially sound. There are various ways you can research an insurance company’s financial strength. You can visit the insurance company’s website or ask your annuity salesperson for more information. You also can review an insurance company’s rating from an independent rating agency. Four main firms currently rate insurance companies. They are A.M. Best Company, Standard and Poor’s Corporation, Moody’s Investors Service, and Fitch Ratings. Your insurance department may have more information about insurance companies. An easy way to find contact information for your insurance department is to visit www.naic.org and click on “States and Jurisdictions Map”.

Insurance companies usually pay the annuity salesperson after the sale, but the payment doesn’t reduce the amount you pay into the annuity. You can ask your salesperson how they earn money from the sale.

How Deferred Annuities Are Different

There are differences among deferred annuities. Some of the differences are:

Whether you pay for the annuity with one or more than one payment (called a premium).

The types and amounts of the fees, charges, and adjustments. While almost all annuities have some fees and charges that could reduce your account value, the types, and amounts can be different among annuities. Read the Fees, Charges, and Adjustments section in the Buyer’s Guide for more information.

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1 FINRA (Financial Industry Regulatory Authority) regulates the companies and salespeople who sell variable annuities

http://www.naic.org/

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Whether the annuity is fixed annuity or variable annuity. How the value of an annuity changes is different depending on whether the annuity is fixed or variable.

Fixed annuities guarantee your money will earn at least a minimum interest rate. Fixed annuities may earn interest at a rate higher than the minimum but only the minimum rate is guaranteed. The insurance company sets the rates.

Fixed indexed annuities are a type of fixed annuity that earns interest based on changes in a market index, which measures how the market or part of the market performs. The interest rate is guaranteed to never be less than zero, even if the market goes down.

Variable annuities earn investment returns based on the performance of the investment portfolios, known as “subaccounts”, where you choose to put your money. The return earned in a variable annuity isn’t guaranteed. The value of the subaccounts you choose could go up or down. If they go up, you could make money. But, if the value of these subaccounts goes down, you could lose money. Also, income payments to you could be less than you expected.

Some annuities offer a premium bonus, which usually is a lump sum amount the insurance company adds to your annuity when you buy it or when you add money. It’s usually a set percentage of the amount you put into the annuity. Other annuities offer an interest bonus, which is an amount the insurance company adds to your annuity when you earn interest. It’s usually a set percentage of the interest earned. You may not be able to withdraw some or all of your premium bonus for a set period of time. Also, you could lose the bonus if you take some or all of the money of your annuity within a set period of time.

HOW DOES THE VALUE OF A DEFERRED ANNUITY CHANGE?

Fixed Annuities Money in a fixed deferred annuity earns interest at a rate the insurer sets. The rate is fixed (won’t change) for some period, usually a year. After that rate period ends, the insurance company will set another fixed interest rate for the next rate period. That rate could be higher or lower than the earlier rates.

Fixed deferred annuities do have a guaranteed minimum interest rate – the lowest rate the annuity can earn. It’s stated in your contract and disclosure and can’t change as long as you own the annuity. Ask about:

The initial interest rate – What is the rate? How long until it will change?

The renewal interest rate – When will it be announced? How will the insurance company tell you what the new rate will be?

Fixed Indexed Annuities

Money in a fixed indexed annuity earns interest based on changes in an index. Some indexes are measures of how the overall financial markets perform (such as the S&P 500 Index or Dow Jones Industrial Average) during a set period of time (called the index term). Others measure how a specific financial market performs (such as the Nasdaq) during the term. The insurance company uses a formula to determine how a change in the index affects the amount of interest to add to your annuity at the end of each index term. Once interest is added to your annuity for an index term, those earnings usually are locked in and changes in the index in the next index term don’t affect them. If you take money from an indexed annuity before an index term ends, the annuity may not add all of the index-linked interest for that term to your contact.

FIXED DEFERRED INDEXED FORMULAS

Annual Point-to-Point – Change in index calculated using two dates one year apart.

Multi-Year Point-to-Point – Change in index calculated using two dates more than one year apart.

Monthly or Daily Averaging – Change in index calculated using multiple dates (one day of every month for monthly averaging, every day the market is open for daily averaging). The average of these values is compared with the index value at the start of the term.

Monthly Point-to-Point – Change in index calculated for each month during the index term. Each monthly change is limited to the “cap rate” for positive changes, but not when the change is negative. At the end of the index term, all monthly changes (positive and negative) are added. If the result is positive, interest is added to the annuity. If the result is negative or zero, no interest (0%) is added.

Insurance companies use different formulas to calculate the interest to add to your annuity. They look at changes in the index over a period of time. See the box “Fixed Deferred Indexed Formulas” that describes how changes in an index are used to calculate interest.

The formulas insurance companies use often mean that interest added to your annuity is based on only part of a change in an index over a set period of time. Participation rates, cap rates, and spread rates (sometimes called margin or asset fees) all are terms that describe ways the amount of interest added to your annuity may not reflect the full change in the index. But if the index goes down over that period, zero interest is added to your annuity. Then your annuity value won’t go down as long as you don’t withdraw the money.

When you buy an index annuity, you aren’t investing directly in the market or the index. Some indexed annuities offer you more than one index choice. Many indexed annuities also offer the choice to put part of your money in a fixed interest rate account, with a rate that won’t change for a set period

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WHAT OTHER INFORMATION SHOULD YOU CONSIDER?

Fees, Charges, and Adjustments

Fees and charges reduce the value of your annuity. They help cover the insurer’s cost to sell and manage the annuity and pay benefits. The insurer may subtract these costs directly from your annuity’s value. Most annuities have fees and charges but they can be different for different annuities. Read the contract and disclosure or prospectus carefully and ask the annuity salesperson to describe these costs.

A surrender or withdrawal charge is a charge if you take part or all of the money out of your annuity during a set period of time. The charge is a percentage of the amount you take out of the annuity. The percentage usually goes down each year until the surrender charge period ends. Look at the contract and the disclosure or prospectus for details about the charge. Also look for any waivers for events (such as death) or the right to take out a small amount (usually up to 10%) each year without paying the charge. If you take all of your money out of an annuity, you’ve surrendered it and no longer have any right to future income payments.

HOW INSURERS DETERMINE INDEXED INTEREST

Participation Rate – Determines how much of the increase in the index is used to calculate index-linked interest. A participation rate usually is for a set period. The period can be from one year to the entire term. Some companies guarantee the rate can never be lower (higher) than a set minimum (maximum). Participation rates are often less than 100%, particularly when there’s no cap rate.

Cap Rate – Typically, the maximum rate of interest the annuity will earn during the index term. Some annuities guarantee that the cap rate will never be lower (higher) than a set minimum (maximum). Companies often use a cap rate, especially if the participation rate is 100%. Spread Rate – A set percentage the insurer subtracts from any change in the index. Also called a “margin or asset fee”. Companies may use this instead of or in addition to a participation or cap rate.

Some annuities have a Market Value Adjustment (MVA). An MVA could increase or decrease your annuity’s account value, cash surrender value, and/or death benefit value if you withdraw money from your account. In general, if interest rates are lower when you withdraw money than they were when you brought the annuity, the MVA could increase the amount you could take from your annuity. In general, if interest rates are higher when you withdraw money than they were when you brought the annuity, the MVA could reduce the amount you could take from your annuity. Every MVA calculation is different. Check your contract and disclosure or prospectus for detail

How Annuities Make Payments

Annuitize

At some future time, you can choose to annuitize your annuity and start to receive guaranteed fixed income payments for life or a period of time you choose. After payments begin, you can’t take any other money out of the annuity. You also usually can’t change the amount of your payments. For more information, see “Payout Options” in this Buyer’s Guide. If you die before the payment period ends, your survivors may not receive any payments, depending on the payment option you choose.

Full Withdrawal

You can withdraw the cash surrender value of the annuity in a lump sum payment and end your annuity. You’ll likely pay a charge to do this if it’s during the surrender charge period. If you withdraw your annuity’s cash surrender value, your annuity is cancelled. Once that happens, you can’t start or continue to receive regular income payments from the annuity

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Partial Withdrawal

You may be able to withdraw some of the money from the annuity’s cash surrender value without ending the annuity. Most annuities with surrender charges let you take out a certain amount (usually up to 10%) each year without paying surrender charges on that amount. Check your contact and disclosure or prospectus. Ask your annuity salesperson about other ways you can take money from the annuity without paying charges.

ANNUITY FEES AND CHARGES

Contract fee – A flat dollar amount or percentage charged once or annually.

Percentage of purchase payment – A front-end sales load or other charge deducted from each premium paid. The percentage may vary over time.

Premium tax – A tax some states charge on annuities. The insurer may subtract the amount of tax when you pay your premium, when you withdraw you contract value, when you start to receive income payments, or when it pays a death benefit to a beneficiary.

Transaction fee – A charge for certain transactions, such as transfers or withdrawals.

Living Benefits for Fixed Annuities

Some fixed annuities, especially fixed indexed annuities, offer a guaranteed living benefits rider, usually at an extra cost. A common type is called a guaranteed lifetime withdrawal benefit that guarantees to make income payments you can’t outlive. While you get payments, the money still in your annuity continues to earn interest. You can choose to stop and restart the payments or you might be able to take extra money from your annuity. Even if the payments reduce the annuity’s value to zero at some point, you’ll continue to get payments for the rest of your life. If you die while receiving payments, your survivors may get some or all of the money left in your annuity.

How Annuities Are Taxed PAYOUT OPTIONS

You’ll have a choice about how to receive income payments.

These choices usually include:

For your lifetime

For the longer of your lifetime or your

spouse’s lifetime

For a set time period

For the longer of your lifetime or a

set time period

Ask a tax professional about your individual situation. The information below is general and should not be considered tax advice.

Current federal law gives annuities special tax treatment. Income tax on annuities is deferred. That means you aren’t taxed on any interest or investment returns while your money is in the annuity. This isn’t the same as tax-free. You’ll pay ordinary income tax when you take a withdrawal, receive an income stream, or receive each annuity payment. When you die, your survivors will typically owe income taxed on any other death benefit they receive from an annuity.

There are other ways to save that tax advantages, including Individual Retirement Accounts (IRAs). You can buy an annuity to fund an IRA, but you also can fund your IRA other ways and get the same tax advantages. When you take a withdrawal or receive payments, you’ll pay ordinary income tax on all of the money you receive (not just the interest or the investment return). You also may have to pay a 10% tax penalty if you withdraw money before you’re age 59½.

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Finding an Annuity That’s Right for You

An annuity salesperson who suggests an annuity must choose one that they think is right for you, based on information from you. They need complete information about your life and financial situation to make a suitable recommendation. Expect a salesperson to ask about your age; financial situation (assets, debts, income, tax status, how you plan to pay for the annuity); your tolerance for risk; your financial objectives and experience; your family circumstances; and how you plan to use the annuity. If you aren’t comfortable with the annuity, ask your salesperson to explain why they recommend it. Don’t buy an annuity you don’t understand or that doesn’t seem right for you.

Within each annuity, the insurer may guarantee some values but not others. Some guarantees may be only for a year or less while others could be longer. Ask about risks and decide if you accept them. For example, it’s possible you won’t get all of your money back or the return on your annuity may be lower than you expected. It’s also possible you won’t be able to withdraw money you need from your annuity without paying fees or the annuity payments may not be as much as you need to reach your goals. These risks vary with the type of annuity you buy. All product guarantees depend on the insurance company’s financial strength and claims-paying ability.

Questions You Should Ask

Do I understand the risks of an annuity? Am I comfortable with them? How will this annuity help me meet my overall financial objectives and time horizon? Will I use the annuity for a long-term goal such as retirement? If so, how could I achieve that goal if the income isn’t as much as I

expected it to be? What features and benefits in the annuity, other than tax deferral, make it appropriate for me? Does my annuity offer a guaranteed minimum interest rate? If so, what is it? If the annuity includes rider, do I understand how they work? Am I taking full advantage of all of my other tax-deferred opportunities, such as 401(k)s, 403(b)s, and IRAs? Do I understand all of the annuity’s fees, charges, and adjustments? Is there a limit on how much I can take out of my annuity each year without paying a surrender charge? Is there a limit on the total

amount I can withdraw during the surrender charge period? Do I intend to keep my money in the annuity long enough to avoid paying any surrender charges? Have I consulted a tax advisor and/or considered how buying an annuity will affect my tax liability? How do I make sure my chosen survivors (beneficiaries) will receive any payments from my annuity if I die?

If you don’t know the answers or have other questions, ask your annuity salesperson for help.

When You Receive Your Annuity Contract

When you receive your annuity contract, carefully review it. Be sure it matches your understanding. Also, read the disclosure or prospectus and other materials from the insurance company. Ask your annuity salesperson to explain anything you don’t understand. In many states, a law gives you a set number of days (usually 10 to 30 days) to change your mind about buying an annuity after you receive it. This often is called a free look or right to return period. Your contract and disclosure or prospectus should prominently state your free look period. If you decide during that time period that you don’t want the annuity, you can contact the insurance company and return the contract. Depending on the state, you’ll either get back all of the money or you current account value.

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Why is the suitability analysis important?State regulations, and your obligations to your client, require that you gather enough information to make a recommendation of a product that is suitable. Collecting information from your client involves understanding their lifestyle, recent or upcoming life events, financial experience, income needs, risk tolerance, time horizon, and availability of funds for emergencies. This information will assist you in completing the suitability analysis and ultimately help you and your client determine if this annuity is the right one for them.

What is suitability all about?Suitability means that your client buys this annuity for all the right reasons, with a complete understanding of how it works – the benefits as well as any conditions, limitations and/or restrictions. Suitability requires your professional analysis and judgment based on the specific needs and circumstances of your client.

What types of records are you required to keep?The Delaware Life Suitability Questionnaire was designed to help capture your suitability analysis. When making your recommendation, all of the information you collect on these forms will provide a detailed summary as to why the annuity was determined to be suitable. In addition, you should keep notes of all conversations, information discussed and presented, and every item you considered during your analysis. All materials used during your review are required to be maintained as part of your customer file and you may be asked to provide this documentation to Delaware Life. State regulations require producers to retain written documentation for each customer for each recommended transaction. Please refer to the recordkeeping rules in your jurisdiction to learn how long you must retain documentation.

What are your responsibilities? You are responsible for having reasonable grounds for believing that this annuity is suitable for your client. To do that, you must:• Make every effort to obtain your client’s suitability

information• Have adequate knowledge of the Delaware Life

annuity product you are recommending

• Assess the various features of the annuity against your client’s suitability information to make your recommendation

• Record all information you collect and keep copies of everything you present

• Cooperate with our efforts to review your recommendations, including providing follow-up information as we may require in any review of your transactions

What are Delaware Life’s responsibilities?Delaware Life is responsible for ensuring your compliance with state insurance suitability requirements. This means that we will not issue an annuity unless there is a reasonable basis for believing the annuity is suitable based on your client’s circumstances. In addition, we must:• Inform you of your responsibilities, which is the purpose

of this Guide• Provide training materials, including Product Specific

Training, which explain the material features of our annuity products

• Maintain a procedure for reviewing the suitability information for each of your recommendations

• Maintain reasonable procedures to detect recommendations that are not suitable

What happens if your client chooses to “opt-out” of providing the information Delaware Life requires?If an applicant chooses not to provide the required information, we will be unable to issue an annuity contract. We do not allow applicants to opt-out of completing the entire Delaware Life Suitability Questionnaire. The suitability disclosure details are necessary to understand both your recommendations and your client’s need for a specific annuity product. Completed forms clearly document the discussion you had with your client and helps demonstrate their understanding.If privacy is a concern, please assure your client that we protect all personal information and restrict access to personal information by maintaining physical, electronic, and procedural safeguards. We allow access only to persons who must use the information to provide insurance products and services.

Producer’s Guide to SuitabilityFor Fixed and Fixed Index Annuities

Summary


What information must be obtained?Before you make a recommendation to your client, you must understand their circumstances. To do that, you must obtain information from your client to aid you in assessing their financial needs and objectives, as well as their reasons for purchasing the annuity. At a minimum, the following must be collected and recorded:• Age• Annual income• Existing assets, including investment, annuity, and

life insurance holdings,• Financial experience• Financial objectives• Financial situation and needs, including the financial

resources used for the funding of this annuity• Financial time horizon • Intended use of the annuity• Liquid net worth• Liquidity needs• Risk tolerance• Tax status

How can you determine if an annuity is suitable?In addition to collecting and understanding your client’s suitability information, you must have a general understanding of annuities and have knowledge of the annuity you are considering for recommendation. Product knowledge is necessary for you to assess the features of the annuity, which include the conditions, limitations, and restrictions on the annuity benefits.When making the suitability determination, using your professional analysis and judgment, your understanding of your client’s suitability information, and the annuity being considered, assess whether:• The annuity meets your client’s insurance needs as

well as their financial needs and objectives at the time of review

• The annuity offers substantial benefits• Your client will be able to satisfy the conditions,

limitations, or restrictions required to receive the benefits of the annuity

Generally, an annuity is suitable for applicants who:• Understand that annuities are designed to meet long-

term retirement needs• Have no immediate need for liquidity from the annuity

and expect to hold the annuity for at least the length of the surrender charge period

• Have sufficient funds and assets available to cover living expenses, emergencies, and changes in income, liquid assets and health care needs

When might an annuity not be suitable?Examples of situations not considered suitable:• A surrender charge schedule that exceeds the applicant’s

life expectancy• An annuity purchase that ties up too much of an

applicant’s liquid assets• An annuity purchased with proceeds from a reverse

mortgage or home equity loan• Lack of understanding by the applicant of all benefits,

features and limitations of the annuity• Replacement where both products have the same

features and benefits• Replacement where the surrender charges, fees, and/or

market value adjustment of the old annuity outweigh the benefits of the new annuity

Delaware Life Suitability ReviewUpon receipt of a Suitability Questionnaire, Delaware Life will:• Review for completeness and to ensure all requested

and required information is provided. If any information is missing or requires clarification, the suitability review will be delayed.

• Apply a screening system to the transaction to ensure all responses are within pre-determined parameters

• Identify recommendations that may require additional follow-up

In the event we require additional information from you, we will contact you. We may also contact the applicant directly, but will make every effort to clear any outstanding issues with you first.

What if an application is reviewed and/or declined for suitability issues?Prior to declining any application for suitability-related issues, Delaware Life will contact you to confirm details we might be questioning and to afford you the opportunity to supplement any information already presented. Once we have all of the facts and our decision is made, it will be final.

What if the applicant wants the annuity even after it was declined for suitability issues?Our review process allows opportunity for a thorough evaluation of all information. Our decision to decline a case is final.

The Process


What if two applications are being written – one for each spouse… is a Delaware Life Suitability Questionnaire required with each application – even when most of the information is the same?We require one completed Suitability Questionnaire for each application presented.

What if the applicant is not the annuitant?Complete the Suitability Questionnaire based on the applicant’s information. In general, the Suitability Questionnaire should be completed based upon the person paying the annuity premium.

What if the applicant is a non-natural person?• Revocable Trust – complete the Suitability Questionnaire based upon the trust grantor’s information• Irrevocable Trust – complete the Suitability Questionnaire based upon the trust’s information• Corporation – complete the Suitability Questionnaire based upon the corporation’s financial information• UTMA/UGMA – complete the Suitability Questionnaire based upon the financial information of the person funding

the annuity

Please ensure that all questions are answered. If information is missing or requires alteration, we will require that that all modifications be signed and dated by the applicant.The Financial Inventory form should be used to help you record the information required for this section. This form does not need to be submitted with the application package, but you should maintain a copy in your files. If additional information is needed, we will request this form.

To locate information concerning federal income tax bracket and tax filing status: www.irs.gov

How is net worth calculated?Net worth equals total assets minus total liabilities (Net Worth = Total Assets – Total Liabilities)

Why is the applicant’s primary residence excluded from the net worth calculation?A home, while valuable, is not liquid and should not be factored into net worth for purposes of annuity suitability. Delaware Life will not accept premium from reverse mortgages or home equity loans.

What are some examples of liquid assets, non-liquid assets, and liabilities?

Liquid Assets:• 401(k) Plan if the applicant is over age 59½, Mutual Funds• Brokerage Accounts, Money Markets, Stocks,

Bonds, Options• Bank CDs, Checking/Savings Accounts• Deferred Annuities

Non-liquid Assets:• Rental or Investment Property• Immediate Annuities

Liabilities:• Rental or Investment Property Mortgage• Credit Card Debt, Loans

A Guide to Completing the Suitability Questionnaire

Applicant & Joint-Applicant Information

Important

Financial Information & Experience


Financial InventoryThis worksheet is not required to be submitted with the application package. We recommend that you complete this document and maintain it in your file, as we may request it if additional information or clarification is required.

Applicant Name

Applicant Information

Annual Household* Income & Living Expenses

** “Household” includes the applicant and, if a member of their household, the applicant’s spouse/partner.** other than income received on money used to purchase this annuity

Income

Salary/ Wages $

Social Security Payments $

Pension/Retirement Benefits $

Interest/Dividend Income** $

Rental Income/Other $

TOTAL $

Annual Disposable Income

Total Income $

Minus Total Expenses $

DISPOSABLE INCOME $

Living Expenses

Rent/ Mortgage Payment $

Utilities $

Debt Repayment $

Transportation $

Food $

Health Care $

Taxesincludes property, income & FICA taxes $

Insurance $

Support for Dependents $

Charitable Donations $

Travel $

Other $

TOTAL EXPENSES $


Household Net Worth & Liquid Assets

Notes

Net Worth

Checking Accounts $

Savings Accounts/ CDs $

Securities (non-retirement accounts) $

Annuities (non-retirement accounts) $

Retirement Account Balances $

Real Estate(exclude primary residence) $

Value of Business $

Total Assets $

Minus Total Liabilities(exclude mortgage on primary residence) $

NET WORTH $

Liquid Assets

Checking Accounts $

Savings Accounts $

Securities(include mutual funds without

deferred sales charges)$

Current Year Free Annuity Withdrawals

(other than on the annuity being purchased)$

Other $

TOTAL LIQUID ASSETS(exclude liquid assets used to fund this annuity) $

This worksheet is not required to be submitted with the application package.

We recommend that you complete this document and maintain it in your file, as we may request it if additional information or clarification is required.


Thank you for your interest in this annuity offered by Delaware Life Insurance Company (“Delaware Life” or “the Company”).The purpose of this questionnaire is to help ensure that the annuity you are purchasing is appropriate based on your insurance needs and financial objectives. Before submitting your application, you should be satisfied that the product meets your needs and objectives, and that you have the knowledge necessary to make an informed decision. At the end of this questionnaire, you will be asked to affirm that the annuity is suitable and appropriate for your retirement income needs. Delaware Life reserves the right to deny an application if the Company determines that the product may not be suitable. Further, if the purchase of this annuity involves the replacement of an existing annuity contract or life insurance policy, you should be educated on the advantages and disadvantages of a replacement, and complete replacement forms as required by state regulations. Your privacy is a high priority to us and your information will be treated with the highest degree of confidentiality. A copy of Delaware Life’s Privacy Policy can be found at delawarelife.com.Please read the questions on this Suitability Questionnaire carefully and provide a response for each one. Note that this Suitability Questionnaire must be completed in full, signed, and dated. We will otherwise be unable to consider your annuity application.

Name Social Security Number Age

Employment Status

Occupation (Previous Occupation if Retired or Unemployed)

Where do you currently reside?

Name Social Security Number Age

Employment Status

Occupation (Previous Occupation if Retired or Unemployed)

Employed Unemployed Retired

Employed Unemployed Retired

Personal Residence Nursing Home Family Member’s Residence Assisted Living Facility

Suitability QuestionnaireFixed and Fixed Index Annuities

Instructions

Applicant’s Personal Information

Joint Applicant’s Personal Information (if applicable)


Entity

Beneficial Owner

Non-Natural Owner Information (to be completed by Beneficial Owner)

Product Name Premium Amount

$Contract Term/Surrender Charge Period

Delaware Life Account Information

1 What is your annual income? $ _______________________________________________

2 What is the income source? _______________________________________________

3 What are your annual living expenses? $ _______________________________________________

4 What is your annual disposable income? (#1 minus #3) $ _______________________________________________

5 What is your approximate net worth? [exclude home & personal property] $ _______________________________________________

6 What is the amount of your liquid assets? $ _______________________________________________ [checking account, savings account, CDs, stocks, bonds, mutual funds]

7 What is your federal income tax bracket?

less than 15% 15-28% greater than 28% N/A (corporate applicants only)

8 What is your tax filing status?

Single Head of Household Widowed Married Filing Jointly Married Filing Separately

N/A (corporate applicants only)

9 What other financial products do you currently own or have you previously owned? If you currently own any of these products, please select all that apply and include a current account value for each. If you previously owned any, but do not now, please select all that apply, and insert $0.00 for each.

None Certificate of Deposit $________________________

Variable Annuity(ies) $________________________ Stocks/Bonds/Mutual Funds $________________________

Fixed/Fixed Index Annuity(ies) $________________________ Money Market Account $________________________

Variable Life Insurance $________________________ Reverse Mortgage $________________________

Your Household* Financial Information & Experience

3YR 5YR 7YR 10YR

* “Household” includes the applicant and, if a member of their household, the applicant’s spouse/partner.

continued on next page


12 What are your financial objectives in purchasing this annuity? Select all that apply.

Income Now Guaranteed Interest Rate Pass to Beneficiary(ies)

Preservation of Capital Avoid Probate Growth

Tax Deferral Lifetime Income Other ___________________________________________________

13 What is the premium source for this annuity? Select all that apply.

Fixed Annuity Life Insurance CD Checking/Savings

Variable Annuity Family Member Mutual Fund Reverse Mortgage/Home Equity Loan

Fixed Index Annuity Death Benefit Proceeds/Inheritance

Non-Family Member (if so, please provide an explanation on a separate document)

Other (please explain) ________________________________________________________________________________________________________________

Your Household Financial Information & Experience (continued)

14 What is your risk tolerance?

Conservative Moderately Conservative Moderate Moderately Aggressive Aggressive

15 Aside from required distributions or other partial withdrawals, do you plan to keep the annuity open and in-force until the end of the surrender charge period? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No


If “Yes,” please explain.

11 Other than the premium in this annuity, do you have sufficient funds or other assets available to you, without penalty, for living expenses and in case of emergencies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

If “No,” please explain.

10 Do you anticipate a significant increase in living expenses (i.e., medical) or a decrease in annual income or liquid assets during the surrender charge period of the annuity? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No


17 How do you anticipate taking distributions from this annuity? Please select all that may apply.

Annuitize Lump Sum Leave to Beneficiary(ies)

Systematic Withdrawal Free Withdrawals No plans to access

Withdrawals greater than the free amount Required Minimum Distribution

18 Do you understand that this annuity may have significant withdrawal, Market Value Adjustment and/or other charges, for withdrawals in excess of the free amount? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

19 California Applicants Only Subsequent to the purchase of this annuity, do you intend to apply for means-tested benefits, including but not limited to Medi-Cal or the veterans’ aid and attendance benefit? . . . . . . . . . . . . . . . . . . . . . . Yes No

If “Yes,” please explain.

Your Household Financial Information & Experience (continued)

16c Do you understand that surrender charges incurred by replacing a life policy or annuity contract may offset the benefits of the Delaware Life annuity for which you are applying? . . . . . . . . . . Yes No

16d Have you fully considered these charges with your producer as part of your assessment that the Delaware Life annuity being applied for will meet your financial needs? . . . . . . . . . . . . . . . . . . . . Yes No

16e Have you exchanged or replaced any other life insurance policy or annuity contract within the last 36 months? (In California or Minnesota within the last 60 months?) . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

If “Yes” to question 16e above, please explain.

16 Does your purchase involve the replacement of one or more life policies or annuity contracts? . . . . . . . . . Yes No If “Yes,” proceed to Question 16a

If “No,” proceed to Question 17 (skip Questions 16a through 16e)

16a Is any life policy or annuity contract being replaced subject to surrender charges?. . . . . . . . . . . . . . . . . . Yes No If “Yes,” proceed to Question 16b

If “No,” proceed to Question 16e (skip Questions 16b through 16d)

16b Applicant must complete the following for each life policy or annuity contract being replaced. Add an extra sheet if more space is needed.

Current Carrier #1

Transfer Amount (prior to any surrender charges)

Amount of surrender charges, fees, bonus recaptures or other penalties

________________________________________________

$ ______________________________________________

$ ______________________________________________

Current Carrier #2



________________________________________________

$ ______________________________________________

$ ______________________________________________

Current Carrier #3



________________________________________________

$ ______________________________________________

$ ______________________________________________

NBR0008SQ [Rev 07/2019]Page 10 of 11

Applicant Statement

This Suitability Questionnaire is designed to help you determine if purchasing a Delaware Life annuity contract meets your financial needs.

By signing below, you agree and understand that:• The Delaware Life annuity contract is not a mutual fund, savings account, certificate of deposit, bond, security or similar

financial product;• The Delaware Life annuity contract is not a short-term investment. Any withdrawal of funds prior to the last day of the

surrender and withdrawal charge period, as described in the annuity contract, may be subject to a charge as described in the annuity contract;

• Capital gains, loss of existing benefits, withdrawal or surrender charges, and/or tax liability may be incurred as a result of liquidating or withdrawing funds from any existing investment for the purpose of purchasing the Delaware Life annuity contract;

• The purchase of this annuity from Delaware Life is suitable and appropriate for my needs;• The producer reviewed with me the Disclosure Statement for the annuity I have applied for and provided me with a copy;• I acknowledge that all questions were answered truthfully; and• I have read and understand the above statements.

California Applicants OnlyThe purchase of the Delaware Life annuity is not intended to affect the applicant’s Medi-Cal eligibility under any circumstances.

Applicant Signature Date (mm/dd/yyyy)

XJoint Applicant Signature Date (mm/dd/yyyy)

X

Affirmations


NBR0008SQ [Rev 07/2019]Page 11 of 11

Producer Statement

This Suitability Questionnaire is designed to help you determine if recommending the purchase of a Delaware Life annuity contract meets the financial needs of the Applicant(s).

By signing below, you agree to following:• I have made no representation that differs from Delaware Life-approved sales materials;• I have reviewed the Applicant’s financial objectives; financial information; health and age information along with all

information provide above and agree that recommendation of this annuity is suitable; • The Applicant’s decision to purchase this annuity is based on my recommendation;• I have reviewed the Disclosure Statement for the annuity applied for and provided a copy to the Applicant(s); and• I do not believe the Applicant(s) has a diminished capacity with regard to making financial decisions on his/her

own behalf.

California Applicants OnlyThe purchase of the Delaware Life annuity is not intended to affect the applicant’s Medi-Cal eligibility under any circumstances.

Massachusetts Applications OnlyHave you sold other life policies or annuity contracts to the Applicant(s) which will remain in force when the annuity contract being applied for is issued? If so, please list the policies/contracts below (attach an additional sheet if necessary):

Contract/Policy Type Contract/Policy Carrier Contract/Policy Issue Date

Contract/Policy Current Value

Check here if additional policies/contracts are listed on an attached sheet.

Producer Signature Date (mm/dd/yyyy)

X

Affirmations (continued)

Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC (“Group1001”).© 2019 Delaware Life Insurance Company. All rights reserved.

Page 1 of 15 2020010040 EXP 01/21NBR0025RS16PD

Who are the parties to the Annuity Contract?

Parties to the Annuity Contract are Owner(s), Annuitant(s), and Beneficiary(ies).

• Owner(s) – The person(s) who designate the annuitant(s) and beneficiary(ies). • Annuitant(s) – The person(s) upon whose lifetime(s) the annuity payments may be based.• Beneficiary(ies) – The person(s) entitled to receive a Death Benefit payable under this Contract.

Is it important to choose carefully when selecting the parties in My Contract?

Yes. Carefully consider whom You select as the Owner(s), Annuitant(s), and Beneficiary(ies). These choices are critical in the operation of Your annuity and they affect when and to whom Death Benefits may be paid.


Disclosure StatementDelaware Life Insurance Company (Waltham, MA) (the “Company”)

Thank you for your interest in a Delaware Life Retirement Stages 7® Fixed Index Annuity. This Disclosure Statement provides an important summary of the features and benefits provided by the annuity contract (“Contract”); however, it is not part of the Contract. It is important that You understand the benefit, features, and limitations of this annuity before making your purchasing decision.

You can use an annuity to save money for retirement and to receive retirement income for life. It is not meant to be used to meet short-term goals. You should not buy this annuity if You are looking for a short-term investment or if You may need to withdraw money before the end of the 7-Year withdrawal and surrender charge period. Please refer to the Charges and Adjustments section below for more information.

If you decide to purchase this annuity, please read the following information carefully, sign, and return the Signature Page of this Disclosure Statement. If you have questions about this annuity, ask your financial advisor or contact Us at 877-253-2323.

Note: References to financial advisors, producers, representatives, and agents will all be noted as “financial advisor” in this Disclosure Statement.


How is the account value determined?

The account value is the sum of the Fixed Account Value and Index Account Value. Values are affected by these factors:

• Premiums paid• Interest earned during the Accumulation Phase of Your Contract• Withdrawals and/or amounts applied to a Settlement Option• Rider Fees – If You add an optional rider to Your annuity, We will deduct an annual rider charge from

Your account value on each Contract Anniversary.

How are my initial Premium and additional Premiums allocated?

When You buy this annuity, You choose how much of Your initial Premium to allocate to Your choice of Index Accounts and the Fixed Account. When We receive Your initial Premium, We allocate according to the elections on Your application. Unless You change Your selections before the end of a Term, they will automatically renew for a new Term.

Additional Premium payments are automatically allocated to the Fixed Account where they earn interest until the next Contract Anniversary, at which time you may reallocate all or a portion of the Fixed Account value to one or more Index Accounts.

How are my initial Premium and additional Premiums allocated?

You choose both an Index and an Index Strategy which in combination are known as an Index Account. You can allocate money to one or more Index Accounts as well as to the Fixed Account described in the following sections.

What are the main features of my Delaware Life Retirement Stages 7® fixed index deferred annuity?

• You may allocate money to different types of interest crediting strategies for specified periods of time (Term) or to a Fixed Account that earns interest at a fixed rate We declare for the Term.

• Because this is a flexible premium annuity, You purchase the annuity with an initial Premium (minimum $10,000) and may choose to pay additional premium into the annuity (minimum $500). The total amount of Premiums You may pay for Your Contract cannot exceed the Maximum Premium Amount shown in Your Contract of $1 million, unless You have received prior Company approval.

• This annuity is a deferred annuity, which means annuity benefit payments will begin on a future date. You don’t pay taxes on the interest Your annuity earns until and unless You make partial withdrawals or fully surrender.

• Tax statuses of Qualified (e.g. IRA) and Non-Qualified are available.

What is a Free Look?

If you are not satisfied with the Contract, You may return it within 30 days for a refund of all premiums paid and any contract fees or other charges.

Your Account Values

Premium Allocation Options

Index and Index Strategy Options


The Delaware Life Retirement Stages 7® Fixed Index Annuity currently offers the following Index Accounts, which may be subject to change at any time:

• S&P 500® 1-Year Point-To-Point with Cap• S&P 500® 1-Year Performance Trigger• S&P 500® 1-Year Point-To-Point with Participation Rate

The Standard & Poor’s 500® (S&P 500®) is an American stock market Index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.

• CROCI Sectors III USD 5.5% Volatility Control Index 1-Year Point-To-Point with Spread

The CROCI Sectors III USD 5.5% Volatility Control Index (CROCI Volatility Control Index), sponsored by Deutsche Bank AG, reflects a dynamic allocation strategy which includes an equity component that seeks growth, plus a cash component intended to reduce overall volatility.

• Morgan Stanley Global Opportunities Index 1-Year Point-To-Point with Participation Rate

The Morgan Stanley Global Opportunities Index (MSGO) is a rules-based multi-asset strategy which uses a trend-following methodology to determine allocations to global equities, interest rates, and commodities. The multi-asset approach provides risk diversification designed to balance exposures to various market risk factors and 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. Daily index values are available on the Delaware Life website (delawarelife.com).

What limits apply to Index Strategies?

We limit the portion of a positive Index change that can be credited to Your account value by applying either an index cap, participation rate, spread or performance trigger to each Index Strategy.

• Index Cap Rate – An upper limit to the percentage of gain in the value of the Index. Refer to Appendix B for Index Cap Rate calculation.

• Index Participation Rate – A percentage of gain in the value of the Index. Refer to Appendix B for Index Participation Rate calculation.

• Index Spread – A percentage calculated by subtracting a fixed annual percentage from the gain in the value of the Index. Refer to Appendix B for Index Spread calculation.

• PT Interest Rate – Credits funds at a fixed/declared rate based on a positive return of the index. That rate is fixed regardless of the level of the index’s positive return. An index return that is less than or equal to 0% results in a 0% index interest rate.

The Index Cap Rate, Index Participation Rate, Index Spread and PT Interest Rate are all subject to change. We will set the rates before the Term begins. These rates are expressed as percentages, but they are not guaranteed interest rates. For information about current and guaranteed minimum/maximum Index Cap Rates, Index Participation Rates, Index Spreads or PT Interest Rates, ask Your financial advisor or contact Us.

What guarantees apply to the Index Strategies?

We guarantee that, for each Index Strategy, the Index Interest Rate for a Term will never be lower than 0%. We do not guarantee that amounts allocated to an Index Account will earn interest. If the Index Interest Rate for an Index Strategy is 0%, the Index Account using that Index Strategy earns no interest for that Term.

Indexed Account Options

http://delawarelife.com


Amounts You allocate to the fixed rate account earn interest at the fixed rate, which is subject to change. We set the fixed rate for each Term before the Term begins. The fixed rate We declare will never be lower than the specified Guaranteed Minimum Fixed Interest Rate, which is currently 1.00%. Fixed rate interest is credited daily and compounded annually.

What charges and adjustments apply to my annuity?

The charges and adjustments described in this section apply to your annuity including:

• Early withdrawal and surrender charges• Market Value Adjustment (if applicable)• Optional Guaranteed Living Withdrawal Benefit (GLWB) Rider charge• Optional Guaranteed Return of Premium Benefit Rider Benefit Rider (ROPR) charge

There are no other explicit expense charges other than those listed above.

What are withdrawal and surrender charges?

We take withdrawal and surrender charges when You take withdrawals in excess of the free withdrawal amount during the first 7 Contract Years. The free withdrawal amount is described in the Benefits section below.

The withdrawal and surrender rate depends on how long You own Your annuity. The rate schedule is set out below. The withdrawal charge is equal to the applicable rate multiplied by the amount subject to the charge.

Contract Year 1 2 3 4 5 6 7 +

Charge rate 8.5% 8% 7% 6% 5% 4% 3% 0%

Example: If you withdraw $5,000 in excess of the free withdrawal amount from your annuity in the third contract year, your surrender charge is $5,000 x 0.07 = $350. If you take out any amount after the 7th contract year, there is no withdrawal and surrender charge.

How is the surrender value of my annuity calculated?

Here’s how We calculate the surrender value of your annuity:

account value +all market value

adjustments (MVA) that would apply

on surrender*

– withdrawal and surrender charges

Please refer to the Charges and Adjustments section below for more information about MVA and withdrawal and surrender charges.

* MVA only applies to Your annuity if issued in a state where MVA is allowed. MVA could result in a positive or negative adjustment to the account value.

Fixed Account Option

Surrender Value

Charges and Adjustments


What is a Market Value Adjustment (MVA)?

Depending on the state in which Your Contract was issued, We may also apply an MVA when You surrender Your annuity or take a withdrawal during the first 7 years that You own Your Contract.

MVA is an increase or decrease to the surrender value in Your annuity. This adjustment depends on changes in interest rates as reflected in the MVA Reference Index, which is described below, since the beginning of the initial Term and the amount of time remaining until the end of Contract Year 7.

• If the value of the reference index as of the Contract Date has gone up since Your Contract was issued, then any market value adjustment that may apply will decrease Your surrender value.

• If the value of the reference index as of the Contract Date has gone down since Your Contract was issued, then any market value adjustment that may apply will increase Your surrender value.

How will annuity benefit payments and withdrawals be taxed?

Your annuity is tax deferred, which means you don’t pay taxes on the interest it earns until the money is paid to You.

• You will pay ordinary income taxes on the earned interest when:– You receive annuity benefit payments;– You surrender Your annuity; or– You take a withdrawal.

• If your state imposes a premium tax, it may be deducted from the money you receive.• In addition, you may pay a 10% federal penalty tax on the taxable amount of any payment that You receive before

age 59½. Please consult a tax professional for further information regarding possible exceptions to this penalty.

You may be able to exchange, directly transfer or roll over one tax-qualified annuity to another annuity or tax-qualified account without paying taxes. Before You do, compare the benefits, features and costs of each option. You may pay an early withdrawal charge under the old annuity or account. There is also a sales charge for Your new annuity, as well as other charges described in the Charges and Adjustments section above.

Does buying an annuity that is a Qualified Contract provide extra tax benefits?

Buying an annuity within qualified plans such as Traditional IRA, Roth IRA and SEP IRA doesn’t give you extra tax benefits. Choose Your annuity based on its other features and benefits as well as its risks and costs, not its tax benefits. Please consult a tax professional for further information regarding this Contract.

Benefits of Your annuity include free withdrawal amounts, minimum guaranteed surrender value (MGSV), Enhanced Guaranteed Surrender Value (EGSV), Bailout Endorsement, Death Benefit, nursing home and terminal illness waivers, and guaranteed income. An optional Guaranteed Lifetime Withdrawal Benefit Rider and/or Guaranteed Return of Premium Benefit Rider (ROPR) may also be available for You to elect.

What is the free withdrawal amount?

During the first Contract Year, the Free Withdrawal Amount is the Required Minimum Distribution (RMD) as calculated by Delaware Life. In any subsequent Contract Year, the free withdrawal amount is an amount equal to 10% of Your account value as of the most recent Contract Anniversary or RMD amount (if higher) as calculated by Us. You may take only one tax year’s RMD amount during any one Contract Year.

What is the minimum guaranteed surrender value (MGSV)?

MGSV is the minimum amount We could credit to Your account for annuity benefit payments, payable as a Death Benefit, or available upon surrender. This is important because We guarantee that the surrender value will never be less than the MGSV.

Charges and Adjustments (continued)

Benefits


What is the Enhanced Guaranteed Surrender Value (EGSV)?

The EGSV applies only when We calculate the amount payable upon surrender, as annuity benefit payments, or as the Death Benefit. The Surrender Value of Your Contract will be the either the MGSV or the EGSV, whichever is greater.

The Enhanced Guaranteed Surrender Value on any date equals:

1. The sum of the Premiums You have paid multiplied by the EGSV Factor of 100%;2. Minus all withdrawals, including any applicable Withdrawal Assessments, but not including any withdrawals

to pay Rider Fees;3. Plus interest credited daily at the EGSV Rate 1%;4. Minus any Surrender Charges and MVA applicable upon surrender.

These rates are set when the Contract is issued and are guaranteed for the life of the Contract.

What is the Bailout Endorsement?

The Bailout Endorsement specifies conditions under which You may partially or fully surrender the Contract for the full Account Value and no Withdrawal Assessments (Surrender Charge/MVA).

A Bailout Cap Rate is set at issue and is the threshold for activating the Bailout option. The Bailout is activated if the index cap rate for the Bailout Index Account, currently the S&P 500® 1-Year Point-to-Point with Cap Index Account, at renewal is lower than the Bailout Cap Rate.

If the Bailout is triggered, all applicable withdrawal assessments would be waived if You request a partial or full surrender during the Bailout Window (45 days from the beginning of the term).

The Bailout will only apply the first time the renewal Index Cap Rate is lower than the Bailout Cap Rate. No allocation to the Bailout Index Account is necessary to qualify for the Bailout.

What is the Death Benefit?

The Death Benefit is an amount payable to the designated Beneficiary(ies) upon the death of the Owner or Annuitant, as set out in Your Contract. It is equal to the greater of the account value or surrender value. No Withdrawal Assessments apply to the Death Benefit.

You may make or change a designation of Beneficiary at any time, subject to the limitations set out in Your Contract. Generally, if You don’t designate a Beneficiary, the Beneficiary is Your estate.

What happens after I die?

If You die before the Annuity Date, We will pay the Death Benefit to Your Beneficiary(ies). If You die after the Annuity Date, We will continue payments if called for by the Settlement Option You chose.

What is Spousal Continuation?

If You die and Your spouse is the sole Beneficiary, Your surviving spouse may elect to become the successor Owner and Annuitant of the Contract.

This is called Spousal Continuation. Under Spousal Continuation, the Death Benefit provisions will not be applicable until the successor Owner’s death.

What are the Nursing Home and Terminal Illness Waivers?

If You are confined to a nursing home and/or diagnosed with a terminal illness and meet the conditions set out in Your Contract, We will waive Withdrawal Assessments for a withdrawal or surrender. To be eligible for the Nursing Home Waiver, you must purchase Your Contract prior to Your 76th birthday and it must have been in force for at least one year. All Owners are eligible for the Terminal Illness Waiver on or after the first contract year.

Benefits (continued)


How do I get income from my annuity?

You can get income from Your annuity through annuity benefit payments that begin on the Annuity Date. When You buy Your annuity, We set the Maturity Date, the latest possible Annuity Date when annuity payments must begin. On the Maturity Date, the account value is used to determine the annuity benefit payments. You may choose a different Annuity Date at any time, subject to the limitations set out in Your Contract.

You choose how the annuity benefit payments will be made – the Settlement Option. Your choices include:

• Option One – Life Annuity: Guarantees income for the life of the Annuitant.• Option Two – Life Annuity with Period Certain: Pays income to the Annuitant for the fixed period of time

You select. If the Annuitant dies before the end of that fixed period, the annuity pays income to the Beneficiary for the rest of that period.

• Option Three – Joint and Last Survivor Annuity: If the Joint Annuitant You designate survives the Annuitant, the annuity then guarantees income for as long as the Joint Annuitant lives.

Delaware Life reserves the right to offer other Settlement Options.

If the state in which Your Contract was issued charges a Premium Tax, this tax may be deducted when You apply an amount to a Settlement Option.

If You do not choose a Settlement Option before the Maturity Date, annuity payments will be made under Option Two, Life Annuity with 10 Year Period Certain.

What happens if I take money out of my annuity?

Before the Annuity Date, You can take out all of Your account value (surrender) or part of it (withdrawal). A withdrawal and surrender charge and an MVA may apply, as described above. After the Annuity Date, You can’t surrender Your annuity or withdraw money from Your annuity. To surrender Your annuity or take a withdrawal, You must complete a withdrawal/surrender form. Ask Your financial advisor for this form or contact Us.

• If You surrender Your annuity, Your Contract terminates.• If You take a withdrawal, Your account value goes down. You can take a withdrawal as long as the amount

You take is at least $250.• The amount withdrawn will be deducted proportionately from the Fixed Account and all Index Accounts.

Amounts withdrawn from the Index Accounts will receive no interest for the Term in which the withdrawal falls.

What is the optional Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider?

If You elect this rider at issue, the GLWB provides security through a guaranteed income payments every year for the lifetime of the person named as the Income Life if certain conditions are met—even if the account value of Your Contract decreases to zero. Additionally, the Rider may grow that future Guaranteed Annual Lifetime Income before the Income Start Date, which is the date when You elect the guaranteed stream of income payments begins.

A Rider Fee of .95% will be deducted from Your Account Value on each Contract Anniversary while the Account Value is greater than zero and the Rider is in force.

Income Options

Guaranteed Lifetime Withdrawal Benefit Rider


What are an Income Life and Joint Income Life?

The Income Life is the person upon whose life the Guaranteed Annual Lifetime Income amount and duration are based. After the Income Start Date, the Income Life cannot be changed. For the purposes of this Rider, prior to the Income Start Date, You may elect either a single life income based on one person’s life or a joint life income based on the lives of two people who are spouses. If joint life income is elected, a Joint Income Life will be introduced but the Guaranteed Annual Lifetime Income amount and duration will be based on the youngest spouse.

When electing joint life income, the Income Life and Joint Income Life must be qualified as spouses under federal tax law. The Contract’s registration and beneficiary must also be set up such that the Contract qualifies for spousal continuation under one of the arrangements shown in “What is Spousal Continuation?” above.

How and when can I elect my Income Start Date?

You elect Your Income Start Date when You provide Us with a Written Request to begin receiving Guaranteed Annual Lifetime Income. In this Request, You also specify Your choice of a single life income or joint life income.

You must wait until the later of the first Contract Anniversary or the Income Life attaining the age of 50 to choose an Income Start Date.

After the Income Start Date, can my Guaranteed Annual Lifetime Income decrease?

If You make an Excess Withdrawal in any Contract Year, Your Guaranteed Annual Lifetime Income for each subsequent Contract Year will be reduced in the same proportion that the Account Value was reduced by the Excess Withdrawal.

Excess Withdrawals could reduce future benefit payments by more than the dollar amount of the Excess Withdrawals.

The Free Withdrawal Amount in the Contract may exceed the Guaranteed Annual Lifetime Income and, if withdrawn following the Income Start Date, a portion of such withdrawal would be treated as an Excess Withdrawal resulting in a reduction to the Guaranteed Annual Lifetime Income.

Guaranteed Annual Lifetime Income amounts are not cumulative. If less than the Guaranteed Annual Lifetime Income amount is withdrawn in any one Contract Year, then the unused portion of the Guaranteed Annual Lifetime Income will not be added to the amount of Guaranteed Annual Lifetime Income available for withdrawals made in future Contract Years.

What is the Optional Guaranteed Return of Premium Benefit Rider?

The Guaranteed Return of Premium Benefit Rider is the Owner’s right to surrender the Contract at any time prior to the Annuity Date and receive as surrender proceeds a Return of Premium Value equal to 100% of the Premiums paid for the Contract minus the sum of all prior withdrawals from the Contract, including any applicable Withdrawal Assessments, but not including any withdrawals to pay Rider Fees.

A Rider Fee of .40% will be deducted from Your Account Value on each Contract Anniversary while the Rider is in effect and the Account Value is greater than zero; it is deducted until the earliest of the end of the Surrender Charge Period, the Annuity Date, or termination of Your Contract.

The rider cannot be terminated by You prior to the end of the Surrender Charge Period. As referenced above, the Rider Fee will be deducted until the earliest of the end of the Surrender Charge Period, the Annuity Date, or termination of Your Contract.

Guaranteed Lifetime Withdrawal Benefit Rider (continued)

Guaranteed Return of Premium Benefit Rider (ROPR)


What else do I need to know?

Replacements. The sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity, or other asset to fund the purchase of this product may have tax consequences, early withdrawal penalties, or other cost or penalties as a result of the sale or liquidation. You or Your financial advisor may wish to consult independent legal or financial advice before selling or liquidating any asset and prior to the purchase of any life insurance or annuity products being solicited, offered for sale, or sold.

Tax qualification. If Your annuity is a Qualified Contract, its particular status is determined by the tax qualification endorsement attached to it. Distributions from certain Qualified Contracts may be restricted as required by tax law.

Required minimum distributions (RMD). If Your annuity is a Qualified Contract, it must comply with the RMD rules set out in the tax qualification endorsement. Those rules generally require certain distributions to be made beginning at age 70½. This requirement may be satisfied by starting annuity benefit payments at that time; taking money out of Your annuity as a withdrawal; or in some cases, taking money out of another annuity or tax-qualified account. This requirement doesn’t apply during Your life if Your annuity is a Roth IRA.

Changes to Your Contract. We may change Your Annuity Contract from time to time to conform to federal or state laws and regulations. If we do, we’ll inform You about the changes in writing.

Compensation. We may pay the financial advisor or firm for selling the annuity to You.

Illustrations. Any illustrated values shown to You, other than guaranteed minimum values, are not guarantees, promises or warranties.

All contractual guarantees are backed by the claims-paying ability of Delaware Life Insurance Company, located at 1601 Trapelo Road, Suite 30, Waltham, MA 02451.

What should I know about the insurance company?

This annuity is issued by Delaware Life Insurance Company, a member of Group One Thousand One, LLC (“Group1001”).

You can contact Delaware Life by phone at 877-253-2323, by mail at Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581, or on the web at delawarelife.com.

The intent of this document is to summarize the features and benefits provided by the annuity contract (“Contract”); however, it is not part of the Contract. It has been written to support the sale of the annuity. Read the Contract for a complete understanding of the terms of the annuity. To the extent this document conflicts with any provision of the Contract, the Contract controls.

You may require advice specific to your particular circumstances. To obtain such advice, please consult with your investment, legal or tax professional.

Specific product, feature, and benefits state variations can be found in the Addendum on the last page of this document.

Other Information

Contact Information

Notices

http://delawarelife.com


Terms not defined here are defined elsewhere in the Disclosure Statement.

Annuity Date – The date on which annuity payments begin under a Settlement Option. The Annuity Date may never be earlier than one year after the Contract Date.

Contract Date – The date Your Contract becomes effective.

Guaranteed Minimum Fixed Interest Rate – The minimum annual interest rate that may be declared by Us for the Fixed Account. The Guaranteed Minimum Interest Rate is shown in the Specifications Pages of the Contract.

Index – An external Index used in the calculation of interest to be credited to an Index Account under the terms of an Index Strategy Endorsement attached to this Contract.

Index Account – An account for which interest is credited based on the combination of an Index, an Index Strategy, a Term, and a Term Start Date.

Maturity Date – The date shown in the Specifications Pages of Your Contract when annuity payments must begin.

Term – The Term is the length of time used in determining the Index Interest Credit.

We, Our, Us, Company – Delaware Life Insurance Company.

Withdrawal Assessments – The combined deductions for Withdrawal and Surrender Charges that may apply in the event You make a withdrawal from Your Contract, surrender Your Contract, or apply an amount to a Settlement Option during the Surrender Charge Period.

Written Request – A request in writing signed by You, in a form acceptable to Us. We may also require that Your Contract be sent in with Your Written Request. The filing or receipt of a Written Request, election or other instrument means filing or receipt in good order at Our office.

Index Interest Rate CalculationsTerm Point-To-Point with Cap

Lesser of:Growth rate Cap Rate

Note: We do not guarantee that amounts allocated to an Index Account will earn interest.

Appendix A – Annuity Contract Definitions

Appendix B – Annuity Calculations

Index Value on the Term End Date – Index Value on the

Term Start Date ÷ Index Value on the Term Start Date or Index Cap Rate*

*The minimum Index Cap Rate is disclosed in Your Contract.

Term Point-To-Point with Spread


Term Start Date ÷ Index Value on the Term Start Date – Index Spread Rate*

*The maximum Index Spread Rate is disclosed in Your Contract.

Index Value on the Term End Date > Index Value on the

Term Start Date = PT Interest RateIf

Term Performance Trigger


Term Start Date ÷ Index Value on the Term Start Date X Index Participation Rate*

*The minimum Index Participation Rate is disclosed in Your Contract.

Term Point-To-Point with Participation Rate


MVA Calculation

Here is the calculation for Market Value Adjustment: The Market Value Adjustment is equal to the amount withdrawn, surrendered, or applied to a Settlement Option, less any available Free Withdrawal Amount, times the Market Value Adjustment Factor. The Market Value Adjustment Factor is: (I – ( J+0.25% ) ) x N. Where: I = The value of the MVA Reference Index as of the Contract Date; J = The value of the MVA Reference Index as of the date of Your withdrawal, surrender, or application to a Settlement Option; and N = The number of complete months from the date of surrender or withdrawal or election of a Settlement Option to the end of the Surrender Charge Period divided by 12.

What is the MVA Reference Index?

The name of the Index used to calculate the MVA. The reference index is currently Moody’s Bond Indices – Corporate Average. Below are hypothetical examples that demonstrate how the MVA is calculated on a full surrender.

MVA Hypothetical Examples

The hypothetical examples below demonstrate how the MVA is calculated on a full surrender. These examples are not illustrations or predictions of how an actual Contract will perform. The MVA will be determined such that the Surrender Value cannot be decreased below the Minimum Guaranteed Surrender Value. If the MVA results in an increase, the increase cannot exceed the maximum MVA that could have been deducted if the MVA had resulted in a decrease.

Hypothetical Assumptions

Account Value: $120,000Free Withdrawal Amount: $12,000MVA Reference Rate on Issue Date: 3.00%N (Complete months until the end of the Surrender Charge Period): 38

Hypothetical Example 1: Surrender in an increasing MVA Reference Rate environment

Hypothetical Example 2: Surrender in a decreasing MVA Reference Rate environment

J = 4.00%MVA factor = (3%- (4%+.25%) )x (38/12) = -0.039583MVA Amount = $108,000 x -0.039583 = -$4,275$4,275 deducted from the Surrender Value

J = 2.00%MVA factor = (3%- (2%+.25%) )x (38/12) = 0.023750MVA Amount = $108,000 x 0.023750 = $2,565$2,565 added to the Surrender Value

Definitions

Market Value Adjustment Factor: (I – ( J+0.25% ) ) x NI = The value of the MVA Reference Index as of the Contract Date;J = The value of the MVA Reference Index as of the date of Your withdrawal, surrender, or application to a Settlement Option; andN = The number of complete months from the date of surrender or withdrawal or election of a Settlement Option to the end of the Surrender Charge Period divided by 12.MVA Reference Index: Moody’s Bond Indices – Corporate Average

Appendix B – Annuity Calculations (continued)


Delaware Life policies and contracts are issued by Delaware Life Insurance Company (Waltham, MA) in all states except New York. Certain product features may vary or not be available in all states. This summary is provided for clarification of the benefits which may be included in the contract when it is issued. It is for informational purposes only. In the event of any ambiguity or conflict of terms between this summary and the annuity contract, the terms of the annuity contract shall be controlling.Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company, a member of Group1001. For use with policy forms DLIC-FIA-17 and endorsement/rider forms ICC15-DLIC-ROPR-01, ICC15-DLIC- GLWB-01, ICC15-DLIC-TIW-01, ICC15-DLIC-NHW-01, ICC16-DLIC-TBOUT and ICC15-DLIC-EGSV. Policy and rider form numbers may vary by state. Products, riders and features may vary by state, and may not be available in all states. Ask your financial professional for more information.

Financial Advisor Signature Date

X

Note: If this form is not completed and signed, we cannot consider Your application.

Financial Advisor’s Certification: I certify that I have given the Proposed Owner(s) a signed copy of this Disclosure Statement. I have made no statements to the Proposed Owner(s) that differ in any significant manner from this Disclosure Statement, nor did I make any changes to the Disclosure Statement itself. I have not made any promises or guarantees about the future value of any nonguaranteed elements of the annuity contract.

I also certify that I have only used Company approved marketing materials, and that I have provided a Buyer’s Guide (if required by the state).

By signing below, I acknowledge that I have read, or have been read, this document and I understand that I am applying for a flexible-premium, fixed index deferred annuity. I also acknowledge that this annuity meets my financial objectives. I have received a copy of the entire Disclosure Statement, as well as any advertisement that was used in connection with the sale of this annuity. I understand that other than the Minimum Guaranteed Contract Values, there are no guarantees, promises or warranties.

Proposed Owner Name (please print) Signed at (City, State)

Proposed Owner Signature Date

XProposed Joint Owner Name (please print) Signed at (City, State)

Proposed Joint Owner Signature Date

X

Retirement Stages 7® Disclosure Statement Signatures


The Standard and 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 500® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Delaware Life. Delaware Life Insurance Company Retirement Stages 7® Fixed Index Annuity (“Retirement Stages 7®”) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices do not make any representation or warranty, express or implied, to the owners of Retirement Stages 7® or any member of the public regarding the advisability of investing in securities generally or in Retirement Stages 7® particularly or the ability of the S&P 500® to track general market performance. S&P Dow Jones Indices only relationship to Delaware Life with respect to the S&P 500® is the licensing of the S&P 500® and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500® is determined, composed and calculated by S&P Dow Jones Indices without regard to Delaware Life or Retirement Stages 7®. S&P Dow Jones Indices have no obligation to take the needs of Delaware Life or the owners of Retirement Stages 7® into consideration in determining, composing or calculating the S&P 500®. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Retirement Stages 7® or the timing of the issuance or sale of Retirement Stages 7® or in the determination or calculation of the equation by which Retirement Stages 7® is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Retirement Stages 7®. There is no assurance that investment products based on the S&P 500® will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500® OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY DELAWARE LIFE, OWNERS OF RETIREMENT STAGES 7®, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500® OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND DELAWARE LIFE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Morgan Stanley Global Opportunities (“MSGO”) Index: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 for certain purposes Delaware Life Insurance Company. 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 FactorsThere 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 US equities and bonds, commodities and precious metals, which may impact the Index value and the interest credited to the annuity contract.


• 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.


CROCI Volatility Index:

Risk FactorsBefore choosing an Index Option, potential purchasers should carefully consider the following selected risk factors regarding the CROCI Volatility Control Index as well as the matters set forth in the Disclosure Statement.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.

With regard to the CROCI Volatility Control Index:DEUTSCHE BANK AG, LONDON BRANCH, AS THE SPONSOR AND CALCULATION AGENT OF THE CROCI VOLATILITY CONTROL INDEX, THE CROCI UNDERLYING INDICES, MAY ADJUST SUCH INDICES IN A WAY THAT AFFECTS THEIR RESPECTIVE LEVELS AND MAY HAVE CONFLICTS OF INTEREST—Deutsche Bank AG, London Branch (“Deutsche Bank”) is the sponsor and the calculation agent of the CROCI Volatility Control Index and the CROCI Underlying Indices (together, the “CROCI Indices”) and will determine whether there has been a disruption event, a market disruption event and/or a force majeure event with respect to the CROCI Indices, as applicable. In the event of any such disruption event, market disruption event or force majeure event, Deutsche Bank may use an alternate method to calculate the closing levels of the CROCI Indices, as applicable. Deutsche Bank carries out calculations necessary to promulgate the CROCI Indices and maintains some discretion as to how such calculations are made. In particular, Deutsche Bank has discretion in selecting among methods of how to calculate the CROCI Indices in the event the regular means of determining the CROCI Indices are unavailable at the time a determination is scheduled to take place. There can be no assurance that any determinations made by Deutsche Bank in these various capacities will not affect the levels of the CROCI Indices. Any of these actions could adversely affect the value of financial products linked to the CROCI Volatility Control Index, as applicable. Deutsche Bank has no obligation to consider the interests of holders of financial products linked to the CROCI Volatility Control Index in calculating or revising the CROCI Indices.Furthermore, Deutsche Bank or one or more of its affiliates may have published, and may in the future publish, research reports on the CROCI Indices or investment strategies reflected by the CROCI Indices (or any transaction, product or security related to the CROCI Indices or any components thereof). This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding of financial products linked to the CROCI Volatility Control Index. Any of these activities may affect the CROCI Volatility Control Index or financial products linked to the CROCI Volatility Control Index. Purchasers should make their own independent investigation of the merits of purchasing financial products linked to the CROCI Volatility Control Index.

Important InformationThis Product (the “Product”) is not sponsored, endorsed, managed, sold or promoted by Deutsche Bank AG or any subsidiary or affiliate of Deutsche Bank AG. The Deutsche Bank Indices are the exclusive property of Deutsche Bank AG. “Deutsche Bank” and “CROCI” are proprietary marks of Deutsche Bank AG and its affiliates that have been licensed for certain uses and purposes to Delaware Life Insurance Company. Neither Deutsche Bank AG, any affiliate of Deutsche Bank AG nor any other party involved in, or related to, making or compiling the Deutsche Bank Indices:• Is acting in a fiduciary or product management capacity or providing any endorsement of the Product or investment advice

of any kind.• Makes any representation or warranty, express or implied, including any implied warranties of merchantability, fitness for

a particular purpose, title or non-infringement, concerning the Deutsche Bank Indices, the Product or the advisability of investing in securities generally.

• Has any obligation to take the needs of Delaware Life Insurance Company, the sponsor of the Product, or its clients into consideration in determining, composing or calculating the Deutsche Bank Indices.


• Is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Product.• Has any obligation or liability in connection with the administration, marketing or trading of the Product.• 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.• MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY DELAWARE LIFE INSURANCE

COMPANY FROM THE USE OF THE DEUTSCHE BANK INDICES OR ANY DATA INCLUDED THEREIN.• MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY,

TITLE, NONINFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DEUTSCHE BANK INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AG AND DELAWARE LIFE INSURANCE COMPANY.

Obligations to make payments under the Product are solely the obligation of Delaware Life Insurance Company and are not the responsibility of Deutsche Bank 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 Deutsche Bank AG to invest annuity payments in the components of any of the Deutsche Bank Indices.The CROCI Indices have been built on the premise that the CROCI Economic P/E ratio 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. The CROC Investment Strategy and Valuation Group is responsible for devising the CROCI strategy and calculating the CROCI Economic P/E ratios.The CROCI Investment Strategy and Valuation Group is not responsible for the management of the Product and does not act in a fiduciary capacity in relation to the Product or the investors in the Product.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.Additional information (including index description) about the Deutsche Bank Indices is available upon request.

Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group1001.This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.

Connecticut – Terminal Illness Waiver and Nursing Home Waiver are not available.

Addendum – Product & Benefit State Variations



GS0001IT [Rev 05/2019]Page 1 of 4

Owner(s) and Annuitants(s) must be exactly the same as the Owner(s) and Annuitant(s) on the existing contract with the Surrendering Company.

Owner Social Security Number

Co-Owner (if applicable) Social Security Number

Annuitant Social Security Number

Co-Annuitant (if applicable) Social Security Number

Existing Account Provider

Provider Street Address (required)

City State Zip Code

Existing Account Number Provider Phone Provider Fax (if available)

If no selection is made, the transfer will be initiated immediately.

Initiate transfer/rollover/exchange: Immediately upon receipt OR

After this date: ___________________________ (must be within 30 days)

Apply proceeds to: A new contract/certificate OR

An existing contract/certificate* (No. ___________________________) (write contract number here)

Send paperwork: By mail By fax Agent pursuing funds; do not mail form

Transfer In/1035 Exchange FormThroughout this form, “the Company” refers to Delaware Life Insurance Company.1

Registration Information

Registration Information

1

2

1 Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC (“Group1001”).


GS0001IT [Rev 05/2019]Page 2 of 4

Registration Information (continued)2

• Fixed Indexed contracts: Payments to an existing contract/certificate will be placed into the Fixed Account until the Contract Anniversary. At that point the funds will be exchanged into the Investment Strategy selected by the contract owner.

• Variable contracts: Payments to an existing contract will be invested according to the future allocation instructions we have on file unless otherwise specified. If you have an optional living benefit rider or optional death benefit rider the funds must be invested according to future allocations.

If you currently own a qualified contract and are aged 70½ this year, you may not transfer or rollover Required Minimum Distribution amounts.

No RMD is required for the current year.

I have already taken my full RMD for the current year.

I direct the provider of my existing account to distribute the RMD to me before the exchange/rollover/transfer.

Required Minimum Distribution (Qualified Contract Only)3

Type of transfer/exchange Initiate full transfer/exchange $_______________________________________ (estimated amount)

I have enclosed the contract. OR

I certify that the contract has been lost or destroyed.

Initiate partial transfer/exchange $_______________________________________ (exact amount)

Plan type FROM: TO:

Non-qualified Simple IRA Non-qualified

IRA 401(k) IRA

Roth IRA 403(b) to IRA Roth IRA

SEP IRA Other _________________________________ SEP IRA

Variable Annuity* Fixed Annuity* Fixed Index Annuity* Life Insurance*

Brokerage Account/Mutual Funds/Certificate of Deposit (CD) – I authorize the Surrendering Company listed above to liquidate my account and send the proceeds to the Company.

* Additional state-specific replacement form or NAIC Model Regulation (Form A) replacement form may be required.

Surrendered Account Type

Source of Transfer/Exchange

4

5

GS0001IT [Rev 05/2019]Page 3 of 4

If you are signing this form as a fiduciary (power of attorney, trustee, guardian, custodian, etc.) for the contract owner, please sign in your fiduciary capacity. We will need your authorizing documents to process this request. If we do not have them on file, please attach them to this form.

For transfers/rollovers of qualified funds: I intend that this transfer be accomplished as a trustee-to-trustee transfer in a nontaxable manner in accordance with IRS rulings and not constitute actual or constructive receipt by me for federal income tax purposes. I hereby request and direct the transfer of the net proceeds of the account listed on the previous page.

I understand that I am purchasing this annuity in an Individual Retirement Account or other tax-qualified plan as identified in Section 3 of this form. Since Individual Retirement Accounts and other tax-qualified plans are already afforded tax-deferred status, there is no additional tax deferral benefit in this annuity. I am purchasing this annuity because I value other features, such as lifetime income payments, principal protection, or death benefit protection, and I am willing to pay any additional cost associated with such features.

I understand that the proposed transfer may have important tax consequences and/or surrender or withdrawal penalties. I acknowledge that the Company assumes no responsibility or liability for any tax treatment on this transfer under the Internal Revenue Code or otherwise.

Transfers from 403(b) rollovers only: I acknowledge and agree that I have sole responsibility (1) for compliance with the Internal Revenue Service’s Section 403(b) Regulations and my employer’s or former employer’s 403(b) plan, if applicable, and (2) in determining and notifying the Company as to whether the requested distribution is an eligible rollover distribution.

For 1035 exchange of non-qualified funds: I hereby assign and transfer the specified portion of my right, title, and interest in the above Contract (“the Contract”) to the Company. I irrevocably waive all rights, claims, and demands under the Contract or specified portion thereof. The purpose of this transfer is to effect a direct nontaxable exchange of contracts pursuant to Section 1035 of the Internal Revenue Code. I understand and agree that the cost basis in the contract issued by the Company shall be determined based on the cost basis information provided by the above-referenced company (“Surrendering Company”). I further understand and agree that the Company assumes no responsibility in obtaining or verifying the cost basis of the new contract issued by it. I acknowledge and agree that if the Company does not receive cost basis information acceptable to it, the cost basis will be recorded by the Company as zero.

I hereby declare that the Contract is not subject to any assignment, pledge, collateral assignment, or other lien and that no proceedings in bankruptcy or insolvency, voluntary or involuntary, have been instituted by or against me and that I am not under guardianship or any legal disability.

I understand and agree that the Company will request that the Surrendering Company totally or partially surrender the original Contract and that the Company assumes no responsibility for any delay by the Surrendering Company in paying the surrender proceeds or for any changes in the amount. I understand that the proposed transaction may have important tax consequences and/or surrender or withdrawal penalties, and I represent and agree that the Company is furnishing this form and participating in this transaction at my request. I understand and agree that the Company makes no representations concerning my tax treatment under Section 1035 of the Internal Revenue Code or otherwise and that the Company has no responsibility or liability for the validity of this assignment.

Acceptance by Contract Owner/Participant6

Owner’s Signature Date (mm/dd/yyyy)

XPlease Print Name Below

Signature Guarantee (if required by Surrendering Company)

Co-Owner’s Signature (if applicable) Date (mm/dd/yyyyy)

XPlease Print Name Below

Signature Guarantee (if required by Surrendering Company)

GS0001IT [Rev 05/2019]Page 4 of 4

By mail Delaware Life P.O. Box 758580 Topeka, KS 66675-8580

By express mail Delaware Life Mail Zone 581 5801 SW 6th Avenue Topeka, KS 66636

By fax 785-286-6118

Online By phone delawarelife.com Customer Service 877-253-2323 M-F 7:30 a.m.-5:00 p.m., CT

Contact Us

SR0001MS [Rev 06/2019]Page 1 of 2

This document must be signed by the applicant and producer, if there is one, and a copy left with the applicant.You are contemplating the purchase of a life insurance policy or annuity contract. In some cases this purchase may involve discontinuing or changing an existing policy or contract. If so, a replacement is occurring. Financed purchases are also considered replacements.A replacement occurs when a new policy or contract is purchased and, in connection with the sale, you discontinue making premium payments on the existing policy or contract, or an existing policy or contract is surrendered, forfeited, assigned to the replacing insurer, or otherwise terminated or used in a financed purchase.A financed purchase occurs when the purchase of a new life insurance policy involves the use of funds obtained by the withdrawal or surrender of or by borrowing some or all of the policy values, including accumulated dividends, of an existing policy, to pay all or part of any premium or payment due on the new policy. A financed purchase is a replacement.You should carefully consider whether a replacement is in your best interest. You will pay acquisition costs and there may be surrender costs deducted from your policy or contract. You may be able to make changes to your existing policy or contract to meet your insurance needs at less cost. A financed purchase will reduce the value of your existing policy and may reduce the amount paid upon the death of the insured.We want you to understand the effects of replacements before you make your purchase decision and ask that you answer the following questions and consider the questions on the back of this form.1. Are you considering discontinuing making premium payments, surrendering, forfeiting,

assigning to the insurer, or otherwise terminating your existing policy or contract? . . . . . . . . . . . . . . . . . . . . Yes No2. Are you considering using funds from your existing policies or contracts to pay premiums

due on the new policy or contract? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes NoIf you answered “yes” to either of the above questions, list each existing policy or contract you are contemplating replacing (include the name of the insurer, the insured, and the contract number if available) and whether each policy will be replaced or used as a source of financing:

Insurer Name Contract or Policy # Insured Replaced (R) or

Financing (F)

Make sure you know the facts. Contact your existing company or its agent for information about the old policy or contract. [If you request one, an in-force illustration, policy summary or available disclosure documents must be sent to you by the existing insurer.] Ask for and retain all sales material used by the agent in the sales presentation. Be sure that you are making an informed decision.The existing policy or contract is being replaced because:

Important Notice: Replacement of Life Insurance or Annuities

Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands and is a member of Group One Thousand One, LLC (“Group1001”).© 2019 Delaware Life Insurance Company. All rights reserved.

SR0001MS [Rev 06/2019]Page 2 of 2

A replacement may not be in your best interest, or your decision could be a good one. You should make a careful comparison of the costs and benefits of your existing policy or contract and the proposed policy or contract. One way to do this is to ask the company or agent that sold you your existing policy or contract to provide you with information concerning your existing policy or contract. This may include an illustration of how your existing policy or contract is working now and how it would perform in the future based on certain assumptions. Illustrations should not, however, be used as a sole basis to compare policies or contracts. You should discuss the following with your agent to determine whether replacement or financing your purchase makes sense:

Premiums:• Are they affordable?• Could they change?• You’re older—are premiums higher for the proposed new policy?• How long will you have to pay premiums on the new policy? On the old policy?

Policy Values:• New policies usually take longer to build cash values and to pay dividends.• Acquisition costs for the old policy may have been paid; you will incur costs for the new one.• What surrender charges do the policies have?• What expense and sales charges will you pay on the new policy?• Does the new policy provide more insurance coverage?

Insurability:• If your health has changed since you bought your old policy, the new one could cost you more, or you could be

turned down.• You may need a medical exam for a new policy.• [Claims on most new policies for up to the first two years can be denied based on inaccurate statements. Suicide

limitations may begin anew on the new coverage.]

If You Are Keeping the Old Policy as well as the New Policy:• How are premiums for both policies being paid?• How will the premiums on your existing policy be affected?• Will a loan be deducted from death benefits?• What values from the old policy are being used to pay premiums?

If You Are Surrendering an Annuity or Interest Sensitive Life Product:• Will you pay surrender charges on your old contract?• What are the interest rate guarantees for the new contract?• Have you compared the contract charges or other policy expenses?

Other Issues to Consider for All Transactions:• What are the tax consequences of buying the new policy?• Is this a tax-free exchange? (See your tax advisor.)• Is there a benefit from favorable “grandfathered” treatment of the old policy under the federal tax code?• Will the existing insurer be willing to modify the old policy?• How does the quality and financial stability of the new company compare with your existing company?

By mail By phone OnlineDelaware Life, P.O. Box 758581, Topeka, KS 66675-0497 Service Center: 1-877-253-2323 delawarelife.com

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