Delaware Life Insurance Company: Review

The good news is that finding a life insurance company will be a piece of cake for you, it’s finding the BEST life insurance company where things start to get a little tricky. If you are inquiring about Delaware Life Insurance Company then you have come to the right place because this article, in particular, is a review of Delaware Life Insurance Company. You don’t have to worry about reading another company review that is completely biased because we only write reviews in which are not biased at all but more informative than anything else. We believe everyone has the right to make their own educated decision without being swayed left or right because let’s face it, swaying people won’t help them find their BEST life insurance company. If we tell you if Delaware Life is the BEST life insurance company in the market then we would be lying because everyone is different and while one life insurance company is the best for one person may not be the best for someone else. This is because we all have specific needs, different health, and very different lifestyles. In this article, we will be discussing Deleware Life Insurance Company, our review of them with an accurate rating, and of course their product offerings with highlights. The following are some key points from this article;

1. Delaware Life Insurance Company is a stock life insurance company incorporated under the laws of Delaware on January 12, 1970, and are licensed to do business in 49 states. 
2. Last year alone the company made approximately $38.3 billion of assets under management and $13.3 billion of invested assets.
3. Delaware Life manages approximately 342,000 in-force annuity and life insurance policies. It is important to know the company’s assets and cash flow because you always want to make sure that the company will be able to pay out your policy when you need them to.
4. They are known for their financial strength, according to A.M Best, they rated Delaware Life an “A-” or excellent and according to Standard & Poor’s they rated DLIC a “BBB+” or stable. 
5. It is important to look at a company’s rating because it shows how financially stable or unstable a company is.
6. Delaware Life Insurance does offer life insurance but they are mainly known for their annuity plans. As far as life insurance is concerned they only offer two policy types but one product, variable universal life.
7. A con of theirs is that they only offer one type of life insurance, Variable Universal. This is fantastic for those trying to make an investment but not ideal for those who purely want to buy life insurance for the sake of just protecting their loved ones. They also don’t offer a term life product nor do they offer a whole life product which minimizes the amount of traffic coming to them. 

Delaware Life Insurance Company Product Offering

Like we mentioned earlier, Delaware Life Insurance does offer life insurance but they are mainly known for their annuity plans. As far as life insurance is concerned they only offer two policy types but one product, variable universal life.

Before we get started with the policies highlights, we would like to make sure everyone is on the same page here. Variable universal life insurance is a form of permanent life insurance in which provides coverage for your entire life. The difference between universal life and variable universal life is that its variable is a form of cash-value life insurance and offers both a death benefit and an investment feature. For more information feel free to read our article on personal life insurance featuring Variable Life insurance.

Executive Variable Universal Life

• With this policy, you may return the policy within 10 days and you will be able to receive a refund.
• For the first three months of the policy’s life you must make a minimum initial premium payment but after that time frame, you can choose the amount and timing of subsequent premium payments.
• To buy this policy you must be less than 71 years old.
• With this policy, you must undergo a medical examination.
• The maximum face amount of this policy is $100,000 and the minimum face amount is $10,000.
• Cash value of this policy is accumulated.
• With this cash value being accumulated you may borrow against the policy but taking policy loans may increase the risk of your policy to lapse.
• You have three death benefit choices, 1) the Specified Face Amount, 2) the Specified Face Amount plus your Gross Cash Surrender Value, or 3) the Specified Face Amount plus cumulative premiums paid.
• At any time of the policy, you may be able to change your death benefit option without having to undergo underwriting.
• With this policy, you may allocate your net premium payments among the Sub-Accounts and the Fixed Account.
• You may even transfer amounts from one Sub-Account to another or to the Fixed Account, subject to any limits.
• You may also transfer amounts from the Fixed Account.
• You may supplement the policy with the following riders; Waiver of Monthly Deductions, Payment of Stipulated Amount, Loan Lapse Protection, Charitable Giving Benefit, and Travel Assistance.
• The company has established a separate account, the “variable account”, to fund the variable insurance benefits under your policy.
• The variable account is divided into Sub-Accounts and each Sub-Account invests exclusively in shares of a corresponding mutual fund.

Prime Variable Universal Life Insurance

• With this policy, you may return the policy within 10 days and you will be able to receive a refund.
• For the first three months of the policy’s life you must make a minimum initial premium payment but after that time frame, you can choose the amount and timing of subsequent premium payments.
• You are subject to a medical examination with this policy.
• The minimum face amount of this policy is $10,000 and the maximum face amount of this policy is $100,000.
• Cash value of this policy is accumulated.
• With this cash value being accumulated you may borrow against the policy but taking policy loans may increase the risk of your policy to lapse.
• Just like their other Variable policy, you have three death benefit choices, 1) the Specified Face Amount, 2) the Specified Face Amount plus your Gross Cash Surrender Value, or 3) the Specified Face Amount plus cumulative premiums paid.
• With this policy, you may allocate your net premium payments among the Variable Sub-Accounts and the Fixed Account.
• You may transfer amounts from one Variable Sub-Account to another.
• You may even transfer to and from the Fixed Account.
• You may supplement the policy with the following riders; Accelerated Benefits, Waiver of Monthly Deductions, Payment of Stipulated Amount, Supplemental Term Insurance, Enhanced Cash Surrender Value, Loan Lapse Protection, Long Term Accumulation (“LTA”),  Charitable Giving Benefit, and Travel Assistance.
• This policy will not terminate during the No-Lapse Guarantee Period if the premiums paid less partial withdrawals less Policy Debt exceed the sum of Minimum Monthly Premiums from the Policy Date to the Valuation Date.

Delaware Life Insurance Company’s Pros or Advantages

Delaware Life is well known for their top of the line annuity products and their financial strength. If you are looking for an amazing annuity plan then Deleware Life is the place you should be looking at. They even offer two policies for Variable Universal life insurance which is great for those who want to make a quick buck and have exhausted other investment options. Another pro is that they offer services to 49 states which is pretty great because you would be surprised how many companies don’t operate in even 40 states!

Delaware Life Insurance Company’s Cons or Disadvantages

With everything good, the bad will always follow. Delaware Life may have great ratings from A.M Best but they are still just one company in a market of hundreds. A con of theirs is that they only offer one type of life insurance, Variable Universal. This is fantastic for those trying to make an investment but not ideal for those who purely want to buy life insurance for the sake of just protecting their loved ones. They also don’t offer a term life product nor do they offer a whole life product which minimizes the amount of traffic coming to them.

You still have options!

The good news is that if you didn’t see Delaware fit your needs then don’t worry because there are plenty other life insurance companies out there. Even if you decide Delaware Life is the way to go for you, we still recommend for everyone to do their homework. Shop around for quotes until you see one fit because different life insurance companies will offer you different quotes and you always want to exhaust your options before making a final decision. We are an independent life insurance agency who work with 60 top rated companies so we have a pretty big selection of companies to work with. We offer a FREE service to our clients and we basically do all the shopping around for quotes. We don’t rest until we find our clients the best life insurance company for them and we even do the whole application for you! Let us do all the work for you so that you can spend more time with the ones who truely matter the most, your family.