Fixed Indexed Annuity

Target Income Choice

Delaware Life

4.5%

Best Cap

10%

Free W/D

Jurisdictions

Product data status: May 29, 2026

Rates, state availability, rider terms, and contract language must be confirmed with a licensed financial advisor or insurance professional before purchase. Guarantees are backed by the issuing insurer.

Live product data

Rates as of May 28, 2026, based on the latest AdvisorWorld scan of CANNEX data.

Guaranteed lifetime withdrawal rate (RetireReady GLWB, 10-year deferral, single life)

3.75% lifetime payout

A ten-year-surrender, income-rider-led fixed indexed annuity from A-rated Delaware Life, built to deliver a Guaranteed Lifetime Withdrawal Benefit payout with the buyer choosing between RetireReady (top headline rate) and RetireBuild (lower base, alternative chassis) rider designs at two fee tiers each.

1.15% annual rider feeRMD-friendly income ridersAdvisorWorld + CANNEX data

Best fit

Buyers who want a contractually guaranteed lifetime income stream, are willing to wait the full ten-year deferral to realize the headline rider rate, and value the ability to pick between two named rider chassis (RetireReady vs RetireBuild) and two fee tiers rather than being locked into a single design.

AM Best

A- Excellent

Surrender period

10 years

Free withdrawal

10%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Caps, participation rates, and declared rates are shown separately.

Index / strategyRate mechanicsTermPremium

S&P 500

S&P 500 Index

4.5% cap rate

Rate varies by premium band.

1-year term

$100,000+

S&P 500

S&P 500 Index

100% participation rate + 4.15% declared rate

Rate varies by premium band.

1-year term

$100,000+

S&P 500

S&P 500 Index

29% participation rate

Rate varies by premium band.

1-year term

$100,000+

Fixed Account

2.75% declared rate

Rate varies by premium band.

1-year term

$100,000+

+ 4 volatility-controlled index options (Invesco QQQ, First Trust, Janus Henderson...)

Lifetime Income Riders

Income rider

RetireReady GLWB

RMD friendly

Lifetime payout rate3.75% lifetime payout

Annual rider fee1.15% annual rider fee

Income rider

RetireBuild GLWB

RMD friendly

Lifetime payout rate2.75% lifetime payout

Annual rider fee1.15% annual rider fee

Product analyst notes

How to think about this contract

Why it can stand out

Buyer chooses between two named GLWB rider chassis — RetireReady (higher headline rate, lower fee) and RetireBuild (designed around a rising-income or step-up mechanism with a lower base rate) — so the income design fits buyer preference for top-line withdrawal rate vs a more conservative chassis with different growth characteristics.
Two fee tiers on each rider chassis (a standard tier and a premium tier) let buyers choose between a leaner-fee rider and a richer-fee rider — the two fee tiers post the same headline withdrawal rate on the live feed, so buyers should consider whether the higher-fee tier's projected payout is worth the extra rider cost given their deferral horizon, and verify the specific mechanics in the brochure rather than assume.
RMD-friendly rider design — both RetireReady and RetireBuild support IRS Required Minimum Distribution withdrawals without forfeiting the lifetime payout guarantee, which matters for qualified-account funding.
Carrier financial strength is rated by two independent agencies (A.M. Best and S&P), so the strength view is not a single-source read.

What to confirm

The GLWB rider carries an explicit annual fee deducted from the contract value whether the index returns are positive or negative. The standard and premium fee tiers post the same headline withdrawal rate on the live feed, so buyers should weigh whether the higher-fee tier's projected payout is worth the extra cost given their deferral horizon, and confirm the specific mechanic differences in the brochure rather than assume.
The underlying S&P 500 annual point-to-point cap on this filing is in the low-single-digit range — the index growth is not the value proposition. The rider payout is. Do not evaluate this product as an accumulation FIA.
The headline rate is the top-of-shelf RetireReady single-life tier at the full 10-year deferral. A buyer who turns the rider on earlier, picks RetireBuild, or elects joint-life coverage will see a materially lower rate. The full rider menu spans a wide range of tier-specific rates on this filing — read the tier match on the page's rider table before treating the headline as universal.
The ten-year surrender term sits at the long end of the FIA market. The income-rider value proposition assumes the buyer holds through the surrender ladder; an early exit forfeits the rider entirely. Buyers should run a side-by-side income projection between the RetireReady and RetireBuild chassis to confirm which design pays back in their realistic deferral window.

Not ideal for

Buyers who want index-linked accumulation rather than a rider payout (the underlying S&P 500 cap is low single digits), buyers who need to start lifetime income immediately rather than after a 10-year deferral, or buyers who can't commit to the full ten-year surrender to realize the rider's headline.

All crediting strategies

View rate listings (16 rows)

These are the current crediting strategy listings returned for this product. Use the filters to narrow by index, term, premium band, or rate type.

Par: 100% + Fixed: 4.15% · 1-yr

S&P 500 Index

trigger

10-yr surrender$100,000+

Par: 86% · 1-yr

Janus Henderson Adaptive Market Leaders U.S. Index

participation

10-yr surrender$100,000+

Par: 73% · 1-yr

Franklin SG Select Index

participation

10-yr surrender$100,000+

Par: 52% · 1-yr

First Trust Capital Strength Barclays 10% Index

participation

10-yr surrender$100,000+

Par: 29% · 1-yr

S&P 500 Index

participation

10-yr surrender$100,000+

Cap: 4.5% · 1-yr

S&P 500 Index

cap

10-yr surrender$100,000+

Cap: 4.5% · 1-yr

Invesco QQQ Trust Series 1

cap

10-yr surrender$100,000+

Fixed: 2.75% · 1-yr

Fixed Account

fixed

10-yr surrender$100,000+

Par: 100% + Fixed: 4.15% · 1-yr

S&P 500 Index

$100,000+

Par: 86% · 1-yr

Janus Henderson Adaptive Market Leaders U.S. Index

$100,000+

Par: 73% · 1-yr

Franklin SG Select Index

$100,000+

Par: 52% · 1-yr

First Trust Capital Strength Barclays 10% Index

$100,000+

Par: 29% · 1-yr

S&P 500 Index

$100,000+

Cap: 4.5% · 1-yr

S&P 500 Index

$100,000+

In-depth 2025 review of the Delaware Life Target Income Choice FIA, covering features, riders, pros, cons, and income options.

4.5/5Read review

Nikhil Bhauwala

Key Features

Free withdrawal

10%/yr

Annual amount that may be available without surrender charges, subject to contract terms.

Surrender waivers

Nursing home waiver, RMD waiver, Terminal illness waiver

Death benefit

Standard Death Benefit

Beneficiary value depends on contract terms, withdrawals, and rider elections.

Strategy guarantee

Minimum guaranteed cap: 0.25%

Strategy guarantee

Minimum guaranteed declared rate: 1.00%

Strategy guarantee

Guaranteed minimum interest rate (fixed): 1.00%

Annuitization options

Single and joint

Contract conversion options should be confirmed before purchase.

Fund types

Non-qualified, Qualified

Availability can vary by state and product terms.

Surrender schedule

Yr 1

10%

Yr 2

Yr 3

Yr 4

Yr 5

Yr 6

Yr 7

Yr 8

Yr 9

Yr 10

After

Nursing home waiver, RMD waiver, Terminal illness waiver, Surrender waivers

Documents

product guide

Brochure_-_Target_Income_Choice_FIA.pdf

Confidence: highReviewed Apr 7, 2026

Direct link not published — request the document from the carrier.

Carrier Ratings

AM BestA-

S&PA-

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Target Income Choice currently shows 8 distinct indexed or fixed crediting choices across 16 current rate listings, including S&P 500 Index and Fixed Account, with 4 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, and renewal terms are different mechanics and should not be ranked as one simple rate list.

S&P 500 Index: 4.5% cap
S&P 500 Index: 100% participation
S&P 500 Index: 29% participation

Income rider language

What to look for before treating the rider as income

RetireReady GLWB is the main income-rider entry returned for this product. Rider terms can affect the tradeoff between future lifetime withdrawals, contract value, beneficiary value, and cost, so the exact state version and rider election should be confirmed before comparing it to annuitization or income-only contracts.

3.75% withdrawal rate
1.15% rider fee
RMD friendly

Liquidity terms

Why access rules deserve as much attention as rates

A fixed indexed annuity can preserve more control than an income-only contract, but access is still governed by the surrender schedule, free-withdrawal terms, and waiver language. Those details are where many product comparisons become more meaningful than a simple rate list.

10%/yr free withdrawal
10 surrender years
Nursing home waiver
RMD waiver
Terminal illness waiver

Verification note

Use carrier materials as term evidence, then confirm the current version

Carrier materials such as Brochure_-_Target_Income_Choice_FIA.pdf help explain the contract language behind the data on this page; the latest document activity we see is Apr 8, 2026. For the current brochure, rate sheet, or specimen contract, confirm the state-specific version with the carrier or a licensed financial professional.

Rates and rider terms can vary by state and issue age
Carrier guarantees depend on claims-paying ability
Current contract forms should be confirmed before purchase

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Related Resources

Target Income Choice

3.75% lifetime payout

Featured crediting strategies

Lifetime Income Riders

RetireReady GLWB

RetireBuild GLWB

How to think about this contract

Why it can stand out

What to confirm

All crediting strategies

Income riders

RetireReady GLWB

RetireReady GLWB

RetireReady GLWB

RetireReady GLWB

RetireBuild GLWB

RetireBuild GLWB

RetireBuild GLWB

RetireBuild GLWB