Target Income Choice
Delaware Life
4.5%
Best Cap
10%
Free W/D
50
States
A fixed index annuity that combines downside market protection with upside growth potential and guarantees lifetime income. Designed for pre-retirees and retirees who want predictable income while managing market and inflation risk.
Free Withdrawal
10%/yr
Available In
50 states
Min Premium
$25,000
Surrender
10 years
Current Rates & Strategies
| Index | Crediting | Cap | Participation | Fixed |
|---|---|---|---|---|
| First Trust Capital Strength Barclays 10% Index | Annual | -- | 52% | -- |
| Franklin SG Select Index | Annual | -- | 73% | -- |
| Invesco QQQ Trust Series 1 | Annual | 4.5% | 100% | -- |
| Janus Henderson Adaptive Market Leaders U.S. Index | Annual | -- | 77% | -- |
| S&P 500 Index | Annual | 4.5% | 100% | -- |
| Fixed Account | Daily | -- | -- | 2.5% |
Key Features
Guaranteed Lifetime Withdrawal Benefit (GLWB)
1.05% annual cost; withdrawal amounts based on age and withdrawal benefit baseTwo GLWB options let you choose when to start lifetime income. RetireReady offers a 20% upfront bonus plus 12% annual roll-up for those starting income sooner; RetireBuild offers 10% annual compound interest for up to 10 years for those with a longer timeline.
100% Downside Protection
Zero loss exposure to market downturnsYour principal and any credited interest are fully protected from market losses. No volatility risk means no emotional reaction triggers.
Upside Growth Opportunity
7 index strategies + 2 pre-set portfolios availableEarn interest based on the performance of market indexes (S&P 500, Invesco QQQ, etc.) measured year-to-year using point-to-point crediting. Growth is locked in and tax-deferred.
Free Annual Withdrawals
10% annually free of penalties during surrender periodYear 1: withdraw the greater of 10% of premium or RMD. After Year 1: withdraw 10% of last anniversary value or RMD without surrender charges or MVA.
Chronic Illness Income Multiplier
2x-1.5x income boost for qualifying illness (no cost)If diagnosed with a qualifying illness, annual withdrawals increase by 200% (single) or 150% (joint) for up to 5 years at no extra cost.
Nursing Home & Terminal Illness Waivers
Waives penalties for long-term care needsWithdraw funds without surrender charges or MVA to pay for eligible nursing home or hospice care.
Flexible Income Start
Single or joint life; pro-rated roll-up bonus at income startWait until you're ready to activate lifetime income and choose between single or joint payments. Joint income is available at no additional cost.
Highlights
Guaranteed lifetime income with two flexible GLWB options (RetireReady for sooner income, RetireBuild for later income)
Principal and credited interest are 100% protected from market losses while capturing upside growth tied to market indexes
Free withdrawals of 10% annually plus RMD without surrender charges, plus nursing home and terminal illness waivers
Built-in Chronic Illness Income Multiplier increases annual withdrawals by 200% (single) or 150% (joint) for up to 5 years at no extra cost
Choice of 7 index strategies or 2 pre-set diversified Precision Portfolios with tax-deferred growth
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
Best For
Pre-retirees and retirees ages 50-85 who want guaranteed lifetime income, downside market protection, and inflation-fighting growth potential, especially those concerned about longevity risk and market volatility.
Consider Alternatives If
Investors who need immediate access to funds without surrender charges, those seeking direct stock market exposure, or anyone uncomfortable with a 10+ year commitment.
Carrier Ratings
Free Comparison Report
Get a personalized Target Income Choice illustration
See year-by-year projections for your specific age, premium, and income goals.
Delaware Life Discussions
DIAs vs SPIAs: Why Waiting 2 Years Could Boost Your Payout by 1.5-2%
Athene Aviator FIA: Does 'Simplified' Mean Lower Returns?
Ohio National's New Rider vs Market Leaders: Cap Rate Reality Check
Value Protection vs. Higher Payouts: The Trade-Off Most Retirees Miss
From the AdvisorWorld.com Community