Delaware Life Annuity Review (2026)

Delaware Life, reviewed

Delaware Life Insurance Company traces back to 2013, when Sun Life Financial decided to leave the U.S. individual life and annuity business and sold that block, along with the operating infrastructure behind it, to Delaware Life Holdings LLC. Rather than starting from nothing, the new company inherited an established book of business and built an entire strategy around fixed annuities from day one. It sells almost exclusively through independent agents rather than direct-to-consumer channels or a proprietary sales force.

Today the carrier is part of Group 1001, and it answers to two regulators: the Massachusetts Division of Insurance, where it is headquartered, and the Delaware Department of Insurance, where it is domiciled.

Delaware Life financial strength ratings

On July 31, 2026, AM Best reaffirmed Delaware Life's A- rating but swung the outlook from positive to negative. S&P (July 14, 2026) and Fitch (July 22, 2026) also currently rate the company A- (Strong), and both moved to a negative outlook or watch within weeks of AM Best's action, for the same reason. That reason was not weak performance; it was a reclassification of a portion of parent company Group 1001's private credit holdings into a category the rating agencies treat as an affiliated investment, which changes how they weigh risk concentration. Delaware Life still clears the A-range bar most advisors use as a floor for new business, but the direction of travel bears watching over the next rating cycle.

A rating measures the company, not the product. It tells you how likely the insurer is to pay claims, not whether a given contract is the right fit for your plan.

Your state's guaranty association layers on additional protection up to a set dollar limit if any insurer were to become insolvent; see our state guaranty association guide for the limit where you live.

What annuities does Delaware Life sell?

• MYGAs, Destination series: single-deposit contracts that lock a fixed rate for a chosen term, priced to compete inside the A-minus tier of the market.
• Fixed index annuities: index-linked growth with a floor against loss, offered through independent agents with a choice of crediting methods.

Rates on these products move often, so we keep this page free of numbers that go stale in a week. Use the quote box on this page for current terms in your state.

Who is Delaware Life best for?

• Buyers comparing carriers inside the A- tier who want to see whether Delaware Life's Destination rate beats similarly rated competitors.
• Buyers who like a specialist carrier, since annuities and life insurance are the entire business here, not a side line next to property and casualty coverage.
• Independent agent clients, since that is the only channel Delaware Life sells through; there is no direct-to-consumer purchase path.

How to shop Delaware Life against other carriers

Do not stop your research at one carrier's rate. Before you commit anywhere, put at least three or four competing quotes side by side and check:

• The AM Best rating and its current outlook, not just the headline letter grade
• The guaranteed rate and term length; even a small rate gap adds up over 5 to 10 years
• The surrender charge schedule, so you know the cost of touching the money early
• Free withdrawal allowances, most commonly 10% of value per year without penalty
• For index annuities, the cap and participation rates that set your upside

How to reach Delaware Life

We are independent, not affiliated with Delaware Life or Group 1001. We can put Delaware Life's current terms next to other A-range carriers so you can compare before you fund anything.

Other annuity companies to consider

• EquiTrust: another independent-agent MYGA carrier worth comparing
• American National: an A-rated carrier with a longer operating history
• Athene: the largest fixed annuity seller in the country