Independent Review of the Delaware Life Pinnacle MYG Annuity 3-Year (MYGA)
What’s Covered in this Delaware Life Pinnacle MYG Annuity Review?
In today’s review, I’ll be covering the following information on the Delaware Life Pinnacle MYG 3-Year MYGA (Multi-Year Guaranteed) Annuity:
- Product Type
- Current Rates
- Realistic long term return expectations
- How this annuity is best used
- How it is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.
If you’ve been in the process of researching annuities so that you can grow your savings and have a steady, guaranteed income in retirement, then having a product like the Delaware Life Pinnacle MYG annuity could be a good option for you. That’s because this particular annuity can offer you a simple, yet guaranteed way of building your retirement assets without risk to your principal.
But, before you commit to purchasing this annuity, it is important that you have a good understanding of just exactly how it works, and how it may – or may not – work with your specific short- and long-term financial goals.
Over the past few years, due in part to the continuous ups and downs of the market, annuities have become much more popular – especially as investors strive to find ways of ensuring an income in retirement that will last as long as they need it to.
But, due to the increased demand for these products, insurance companies have been coming up with “new and improved” annuities, many of which include a lot of bells and whistles. This, however, is not necessarily a good thing. One reason for this is because it makes an already confusing product even more confusing – which can be somewhat of a detriment when you’re considering plunking down a sizeable chunk of your retirement savings into it.
So, unless the insurance or financial advisor that you work with has a focus on offering annuities, then you should really do some additional research on annuities so that you know exactly what it is that you’re getting into.
Annuity and Retirement Income Planning Information You Can Trust
If this is your first visit to our website, then please allow us to officially welcome you here to AnnuityGator.com. We are a team of annuity pros who focus on offering very comprehensive – and unbiased – annuity reviews. We have been at this for quite a few years now – longer than our competitors. And, because of the in-depth reviews that we provide, we have become a highly trusted source of annuity information online.
Over the past decade or so, however, there have been a number of “copycat” websites that have popped up on the Internet. While some of these can give you information about annuities, what you are likely to find is that they are oftentimes just simply reiterating what our information already shows.
If you have been spending any amount of time looking for annuity information online, then it is likely that you may also have run across some conflicting details about these financial vehicles. This isn’t really all that surprising, though, as there are a lot of annuities out there today, and everybody seems to have a differing opinion about them.
You may also have recently attended a seminar about annuities, where the presenter – in return for a free dinner or lunch – had you sit through their talk about the in’s and out’s of the Delaware Life Pinnacle MYG Annuity or some other similar annuity.
It may even have been your attendance at that seminar that has ultimately brought you here to our website, searching for additional information. You may also, in your quest for more details, have come across some of the other sites that discuss annuities online. While these may initially seem informative, many of these websites are actually just trying to lure people in – in order to collect your contact information – by making some pretty bold claims, such as:
- High Annuity Income Payouts
- Guaranteed Income for Life
- Top-Rated Annuity Carriers
- Low Fees
Does this look at all familiar?
Unfortunately, as nice as these claims may sound, it is absolutely essential that you first verify their validity before you move forward with a long-term financial commitment, just like you would likely do before purchasing any other type of “high ticket” item.
If you are looking for more details on the Pinnacle MYG annuity from Delaware Life, then you are in the right place. In fact, we dare say that our website is the only place online where you will truly be able to get all of the key information that you require for making a well-informed decision.
We do want to warn you, though, that in addition to the nice, rosy details about the advantages this annuity offers, we will also be giving you information on what could be considered drawbacks. That’s because we feel that the only true way to weigh the pros and cons is to have the good, the bad, and yes, even the ugly details.
In order to be perfectly clear up-front here, though, we also want to say that we believe that annuities can provide people with some really great benefits – provided that they fit in with your overall financial plans and goals.
With that being said, this review of the Delaware Life Pinnacle MYG Annuity is here to offer you what you need to know. So, if you’re ready to get started, let’s go ahead and dive in!
Delaware Life Pinnacle MYG Annuity 3 Year (MYGA) at a Glance
|Product Name||Pinnacle MYG Annuity 3 Year (MYGA)|
|Issuer||Delaware Life Insurance Company|
|Type of Product||Multi-Year Guaranteed Annuity|
|A.M. Best Rating||A- (Excellent)|
|Phone Number||(877) 253-2323|
Opening Thoughts on the Delaware Life Pinnacle MYG Annuity 3 Year (MYGA)
As of March 2017, Delaware Life Insurance Company managed more than 340,000 in-force annuity and life insurance policies. This represents nearly $38 billion in assets under management for the company, as well as more than $13 billion of invested assets.
Delaware Life has more than 40 years of experience in the insurance and annuity arena, and it offers a long list of products that can help its customers to grow and protect wealth. Considered financially stable, the company has an A- (Excellent) rating from A.M. Best Company and a rating of BBB+ (Stable) from Standard & Poor’s.
Over the past several years, annuities have become a very popular financial product – particularly for retirees and those who are approaching retirement. One of the biggest reasons for this is because an annuity will allow your money to grow tax-deferred, and it can also provide you with a lifetime stream of income that you literally cannot outlive.
Yet, even though this might sound like a win-win situation, the reality is that if something sounds like it may be too good to be true, then it typically is – so you should ideally get as much in-depth detail as possible if you are considering committing to it for the long term.
Before we get into the gritty details, here are some necessary legal disclosures…
This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Delaware Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see out perspective when breaking down the positives and the negatives of this particular annuity. Before purchasing any type of insurance and/or investment product, it is important that you do your own due diligence, and that you consult a properly licensed professional if you should have any specific questions that relate to your individual situation. All of the names, marks, and materials that were used for this annuity review are the property of their respective owners.
For more information on how to compare annuities in order to determine which one may be the best for you and your financial circumstances, click here to obtain our free annuity report.
How Delaware Life Describes the Pinnacle MYG Annuity
Delaware Life describes the Pinnacle Multi-Year Guaranteed Annuity as a vehicle for building up your retirement assets – without the principal risk that is typically associated with stocks, bonds, or mutual funds.
This annuity, which is a single-premium product – will earn a fixed-rate of interest for a set guaranteed period of time. And, as long as you hold on to the annuity for the length of the guaranteed period, then your principal and the interest that you earn are guaranteed by Delaware Life.
At the end of the guaranteed period, you have the option of renewing the annuity for another guaranteed period – and you generally continue to renew the annuity in any new guarantee period that ends prior to your 95th birthday.
There are a couple of other features on this annuity, too, including a death benefit – which allows a named beneficiary (or multiple beneficiaries) to receive a death benefit upon your passing. This benefit would be equal to the account value at the time that the benefit is paid out. (If the only named beneficiary is your spouse, then he or she may continue the annuity under its then-current terms, or alternatively, they can receive the death benefit payout.)
How an Insurance or Financial Advisor Might Pitch this Annuity
Given that many investors today are shying away from the volatile stock market, it is likely that if you’ve been presented this particular annuity by a financial or insurance advisor, he or she keyed in on the guaranteed features.
Many investors today – especially those who are approaching retirement – want to be sure that their money is safe. And, while your funds in the Delaware Life Pinnacle MYG annuity can be protected from the ups and downs of the stock market, they can be hindered in other ways.
As an example, due to the low-interest rate environment that we have been in for roughly a decade now, it is likely that the rate of guaranteed interest you receive may not be enough to beat – or even to meet – future inflation. This being the case, you could end up losing purchasing power in the future, when you need to rely on your investment income the most.
Also, the renewal rates for any subsequent guarantee periods will be based on current interest rates and financial circumstances that are in effect at the time of your renewal – so they could differ from your original rate. Given that, if rates fall further, you may end up with an extremely low rate of return on your money here.
It is important to be careful, especially if you are being presented this – or any – annuity by an advisor who will earn a commission on the sale. That’s because they may lean much more towards presenting you with all of the rosy, positive features, yet leave out the features that may be considered as drawbacks.
With that in mind, if you are not 100% positive that the Delaware Life Pinnacle MYG Annuity 3 Year is right for you, or if you still want to get answers to more of your questions, then please feel free to reach out to us directly here via our secure online contact form.
We agree that annuities can be somewhat confusing – even for well-educated consumers. This doesn’t mean that they are bad products. But it does mean that you want to ensure that much more than the one you choose will be right for you.
So, if you would like to have any additional information, along with the assurance that you know what it really is that you are purchasing, Click Here Now to download our free report on what you need to know prior to purchasing an annuity.
Fees Associated with the Delaware Life Pinnacle MYG Annuity 3-Year
Delaware Life pays commissions to the agents who sell their annuities. However, this commission – as well as other sales expenses – are paid out from the insurance company’s general assets and revenues, and therefore are not deducted from the premium that you pay in. But, this doesn’t mean that you still won’t be hit with some charges and fees.
For instance, while you are allowed to withdraw, penalty-free, up to 10% of your contract value during the first few years that you own the annuity, if you opt to take out more than that amount within the first three years, you will incur a surrender penalty. The amount that you would be charged is as follows:
|Surrender Charge %||7||6||5|
The Annuity Gator’s End Take on the Delaware Life Insurance Company’s Pinnacle MYG Annuity 3-Year MYGA Annuity
Where it works best:
This particular annuity will usually work the best for those who are looking for:
- Principal protection
- A guaranteed rate of interest (at least for a set period of time)
- Guaranteed lifetime income in the future
Where it works worst:
Alternatively, the Pinnacle MYG Annuity 3-Year MYGA from Delaware Life may not fare so well for those who:
- Want the opportunity for a higher rate of return on their money
- Want to access more than just 10% of the contract value within the first few years
- Do not plan on using the lifetime income feature
There are many factors that should ideally be taken into consideration if you are thinking about purchasing an annuity. These should include – but they are not limited to – how the annuity can produce a return, how safe your money will be, how the income will pay out, and whether or not there are any other optional features that may be added to the annuity (as well as any added costs).
If you are considering the purchase of a Multi-Year Guarantee Annuity like the Pinnacle MYG from Delaware Life Insurance Company, then you can be assured that your principal will be safe – no matter what happens in the stock market. You can also count on a guaranteed lifetime income, regardless of how long you may live (provided that you choose the annuity’s lifetime income payout option).
Yet, even with all of the seemingly nice features that are included with the Delaware Life Pinnacle MYG Annuity 3-Year MYGA annuity, there could still be a better alternative out there for you – particularly if you are seeking the opportunity for a higher return.
But the only way to really know how this product could perform based on your specific situation and needs is to have it tested. We can do that for you by running the numbers through our annuity calculator, and can then provide you with a spreadsheet showing the results. In order to receive this information, just simply contact us via our secure online contact form here.
Have Any Additional Questions? Did You Happen to See Any Mistakes in this Review?
We certainly realize that this annuity review was a bit on the long side. So for that, we thank you for staying with us. Our feeling is, though, that we would much rather provide you with “too much” detail than not nearly enough.
Therefore, if you found that this annuity review was helpful for you, then please feel free to forward it on to anyone else that you think may benefit from it. Alternatively, if this review led you to have even more questions, then please let us know that, too.
Are there any other annuities that you would like to see reviewed?
There are lots and lots of annuities available in the market place today. So, if you would like to see a particular annuity reviewed, then just let us know the name of the annuity (or annuities), and our team of annuity “geeks” will get on the case. So, be sure to check back soon for the new reviews.
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