Delaware Life just released a new variable annuity contract that has about everything on the market in one contract. The Accelerator Prime variable annuity from Delaware Life has eight benefit options for you to choose from or combine. Rather than getting into the fine details, we will take a 30,000-foot view just so you know what all is available.
The GMAB is back! If you are not familiar with the GMAB (Guaranteed Minimum Accumulation Benefit), it is one that guarantees you the higher of your contract value or a certain percentage of premiums put into the contract in the first 90 days, after being in the contract for a certain amount of time. In this case, that minimum value is 95% on the 7-year option or 105% on the 10-year option right now.
They also have a GMPB. The Guaranteed Minimum Protection Benefit (GMPB) is a new one to me and is basically the protection component of a RILA-type contract. You can get 10% protection on the 7-year option or 20% protection on the 10-year option. The main difference here from a true RILA product is that you can invest in actual sub-accounts rather than in an index.
Income Boost and Income Control are two different living benefit options that are available. Income Boost gives you the opportunity for growth and higher income with bonuses and investment freedom, and Income Control gives you higher guaranteed income rates.
Last, we have two death benefit options. A return of premium (the greater of premiums less distributions or contract value) option, or a highest quarterly value lock-in (the greater of the highest quarter that has been locked-in or contract value) option. Both are reduced on a pro-rata basis for distributions coming out of the account.
As you can see, there are a lot of options here and some can be combined, so to learn more detailed information, please contact the Delaware Life sales desk at 844.335.7253 and/or view the marketing links below.