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Fixed Indexed Annuity

Target Income Choice

Delaware Life

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4.5%

Best S&P 500 Annual Cap

10%

Free W/D

50

Jurisdictions

Product data status: July 13, 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.

Model this product

See what Target Income Choice would do for you

Set your numbers and switch between growth, income, and liquidity. Index losses credit 0% — the floor — so a down market never reduces your value.

Product analyzer
Illustrative — live CANNEX rates as of July 13, 2026; not a projection or guarantee.
Crediting strategy
Compare against
$150,842
Est. value at age 80 (Target Income Choice)
4.5%
Best S&P 500 1-yr point-to-point cap
Invesco QQQ Trust Series 1 — 4.5% Cap (Annual)
✦
How crediting works: the cap limits positive index returns; a down year credits 0%, never a loss. A cap strategy tracks the index within its terms. What is a cap vs participation? →
Assumptions: illustrative — applies Target Income Choice's published cap rate (4.5% on Invesco QQQ Trust Series 1) to a calibrated proprietary/volatility-controlled hypothetical index path (~1.9%/yr average, including down years) with a 0% floor over 20 years. Not a projection, quote, or guarantee. Live CANNEX rates as of July 13, 2026.

Free Comparison Report

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See how Target Income Choice compares for your age, state, premium, and income goals alongside other Delaware Life fixed indexed annuity options.

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Live rate data

Run live numbers for Target Income Choice

Current rates, riders, crediting strategies, state availability, and contract facts stay scoped to this Delaware Life product.

Live product data

Rates as of July 13, 2026, based on the latest AdvisorWorld scan of CANNEX data.

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

4.35% lifetime payout + 10% roll-up

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 feeAdvisorWorld + 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

Index / strategyRate mechanics

S&P 500

S&P 500 Index

4.5% cap rate

Annual cap

1-year term · 10-year surrender · $100,000+

Rate varies by premium band.

S&P 500

S&P 500 Index

4.15% trigger rate

Performance trigger

1-year term · 10-year surrender · $100,000+

Rate varies by premium band.

S&P 500

S&P 500 Index

29% participation rate

Participation

1-year term · 10-year surrender · $100,000+

Rate varies by premium band.

Fixed Account

Fixed Account

2.75% declared rate

Fixed account

1-year term · 10-year surrender · $100,000+

Rate varies by premium band.

+ 8 additional crediting options (Invesco QQQ, First Trust, Janus Henderson...)

Lifetime Income Riders

Income rider

RetireBuild GLWB

Lifetime payout rate4.35% lifetime payout
Annual rider fee1.15% annual rider fee
Guaranteed roll-up10%/yr
Interest multiplier2x interest multiplier

Income rider

RetireReady GLWB

Lifetime payout rate4.35% lifetime payout
Annual rider fee1.15% annual rider fee
Guaranteed roll-up12%/yr
Interest multiplier2x interest multiplier

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.

Free Comparison Report

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See how Target Income Choice compares for your age, state, premium, and income goals alongside other Delaware Life fixed indexed annuity options.

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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: 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+

Trigger: 4.15% · 1-yr

S&P 500 Index

trigger

10-yr surrender$100,000+

Fixed: 2.75% · 1-yr

Fixed Account

fixed

10-yr surrender$100,000+

Par: 77% · 1-yr

Janus Henderson Adaptive Market Leaders U.S. Index

participation

10-yr surrenderUp to $99,999.99

Par: 64% · 1-yr

Franklin SG Select Index

participation

10-yr surrenderUp to $99,999.99

Par: 46% · 1-yr

First Trust Capital Strength Barclays 10% Index

participation

10-yr surrenderUp to $99,999.99

Par: 27% · 1-yr

S&P 500 Index

participation

10-yr surrenderUp to $99,999.99

Cap: 4% · 1-yr

S&P 500 Index

cap

10-yr surrenderUp to $99,999.99

Cap: 4% · 1-yr

Invesco QQQ Trust Series 1

cap

10-yr surrenderUp to $99,999.99

Trigger: 3.75% · 1-yr

S&P 500 Index

trigger

10-yr surrenderUp to $99,999.99

Fixed: 2.5% · 1-yr

Fixed Account

fixed

10-yr surrenderUp to $99,999.99

Income riders

Income rider

RetireBuild GLWB

Lifetime withdrawal rate4.35%
Annual rider fee1.15%
Guaranteed roll-up10%/yr
Income multiplier2× multiplier
Deferral assumed10 years

GLWB

Income rider

RetireReady GLWB

Lifetime withdrawal rate4.35%
Annual rider fee1.15%
Guaranteed roll-up12%/yr
Income multiplier2× multiplier
Deferral assumed10 years

GLWB

Linked review

Target Income Choice review notes

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

Common questions about Target Income Choice

● Can I lose money in Target Income Choice?

A negative index return by itself does not reduce the contract's account value: Target Income Choice credits 0% — the floor — for that indexed period. The account value can still decrease from applicable rider fees, Performance Rate Rider or other strategy charges, administrative charges, withdrawals, surrender charges, or other contract-specific deductions. In years with no credited interest, those deductions can reduce the account value. Up to 10% of your value can be withdrawn each year without a charge; withdrawals above the penalty-free amount during the surrender period can incur a surrender charge.

● Is the RetireBuild GLWB income rider worth the 1.15% fee?

It depends on whether you will use the guaranteed income. If you are accumulating only, you can skip it. If you want guaranteed lifetime income later, the 10% roll-up and 4.35% withdrawal rate can make it worthwhile — model it in the Income tab of the analyzer above.

● When can I access my money without a surrender charge?

Up to 10% of your account value each year is penalty-free. The surrender period runs 10 years; after that you reach full liquidity. The Liquidity tab of the analyzer shows the year-by-year surrender charge.

● How do Target Income Choice's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another current Target Income Choice strategy on the same premium, age, years, and hypothetical index path. The control labels the strategy type, rate, index, and context so caps, participation rates, triggers, spreads, and fixed-account choices are not treated as interchangeable.

Key Features

Free withdrawal

10%/yr

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

Surrender waivers

3

Nursing home waiver, RMD waiver, Terminal illness waiver

Death benefit

Standard Death Benefit

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

Cap-rate floor

0.25%

Minimum guaranteed cap for cap-based indexed strategies.

Declared-rate floor

1.00%

Minimum guaranteed declared rate for declared-rate or performance-trigger strategies.

Fixed account guarantee

1.00%

Guaranteed minimum interest rate for the fixed account.

Participation-rate floor

10.00%

Minimum guaranteed participation rate for participation-rate indexed strategies.

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

9%

Yr 3

8%

Yr 4

7%

Yr 5

6%

Yr 6

5%

Yr 7

4%

Yr 8

3%

Yr 9

2%

Yr 10

1%

After

0%

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 15 distinct indexed or fixed crediting choices across 16 current rate listings, including S&P 500 Index, with 8 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, renewal terms, and fee-bearing rider variants are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 4.5% annual cap
  • S&P 500 Index: 4% annual cap
  • S&P 500 Index: 100% annual participation rate
  • S&P 500 Index: 29% annual participation rate

Income rider language

What to look for before treating the rider as income

RetireBuild 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.

  • 4.35% withdrawal rate
  • 1.15% rider fee
  • 10 deferral years

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

Free Comparison Report

Get a Target Income Choice rate report

See how Target Income Choice compares for your age, state, premium, and income goals alongside other Delaware Life fixed indexed annuity options.

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