497 1 d59181d497.htm DELAWARE LIFE VARIABLE ACCOUNT F - MASTERS PRIME Delaware Life Variable Account F - Masters Prime

DELAWARE LIFE MASTERS PRIME VARIABLE ANNUITYSM

Issued by

DELAWARE LIFE INSURANCE COMPANY

DELAWARE LIFE VARIABLE ACCOUNT F

Rate Sheet Prospectus Supplement dated June 16, 2021

to the Prospectus dated April 30, 2021

THIS RATE SHEET PROSPECTUS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE CURRENT PROSPECTUS FOR YOUR CONTRACT DATED APRIL 30, 2021

This Rate Sheet Prospectus Supplement (the “Supplement” or “Rate Sheet Supplement”) provides certain information contained in the Delaware Life Masters Prime Variable AnnuitySM Prospectus dated April 30, 2021 (the “Prospectus”) and replaces and supersedes the previous supplement dated April 30, 2021. Capitalized terms not defined in this Supplement have the same meaning as set forth in the Prospectus.

We are issuing this Supplement to provide the current Lifetime Withdrawal Percentages (the “LW%”), Bonus Rates (“BR%”) associated with the GLWB, and the GLWB Fee that we are offering. This supplement replaces and supersedes any previously issued Rate Sheet Supplement(s) and must be accompanied by, and used in conjunction with, the current variable annuity prospectus. It should be read and retained with the current variable annuity prospectus.

If you would like another copy of the current Prospectus, including any historical rates and fees, please call us at (877) 253-2323. The Prospectus and this Supplement can also be found on the U.S. Securities and Exchange Commission’s website (www.sec.gov) by searching File No. 333-225901.

If we file a new Rate Sheet Supplement, the terms of this Supplement will be superseded by the terms of the new Supplement. The terms of a Rate Sheet Supplement with no specified end date may not be amended unless we provide a minimum of 10 business days prior notice. We must also receive your completed application within 14 calendar days of signing and the Contract must be funded within 60 calendar days of signing. If these conditions are not met, your application will be considered not In Good Order. If you decide to proceed with the purchase of the Contract, additional paperwork may be required to issue the Contract with the applicable LW%, BR% rates and GLWB Fee in effect at that time.

LW%

For applications for a Contract received by us on and after July 6, 2021, the Lifetime Withdrawal Percentage is based on the age of the youngest GLWB Covered Person on the Income Start Date and on the date of any subsequent Step-Up, as shown in the table below. We must also receive your completed application within 14 calendar days of signing and the Contract must be funded within 60 calendar days of signing.

 

Age on

Your Income Start Date and

any Subsequent

Step-Up date *

     Lifetime Withdrawal Percentage
Single-Life Coverage
     Lifetime Withdrawal Percentage
Joint-Life Coverage
<55      0.00%      0.00%
55-59      3.50%      2.85%
60-64      3.75%      3.10%
65-69      5.00%      4.35%
70-74      5.00%      4.35%
75-79      5.25%      4.60%
80-84      5.50%      4.85%
85+      5.75%      5.10%


For applications for the Contract received by us on and before July 2, 2021, the Lifetime Withdrawal Percentage is based on the age of the youngest GLWB Covered Person on the Income Start Date and on the date of any subsequent Step-Up, as shown in the table below. We must also receive your completed application within 14 calendar days of signing and the Contract must be funded within 60 calendar days of signing.

 

Age on

Your Income Start Date and

any Subsequent

Step-Up date *

     Lifetime Withdrawal Percentage
Single-Life Coverage
     Lifetime Withdrawal Percentage
Joint-Life Coverage
<55      0.00%      0.00%
55-59      3.65%      3.05%
60-64      4.15%      3.55%
65-74      5.30%      4.70%
75-79      5.65%      5.05%
80-84      6.15%      5.55%
85+      6.65%      6.05%

 

*

If you elect joint-life coverage, the age ranges are based upon the age of the younger spouse as described under “Joint-Life Coverage.”

BR%

On each Contract Anniversary during a Bonus Period, we will calculate a Bonus Amount that may be added to the Withdrawal Benefit Base. The Bonus Amount will be equal to the current Bonus Base multiplied by the Bonus Rate. Currently, the Bonus Rate is 6.25%.

GLWB FEE

The GLWB Fee is deducted from the Contract Value on the last Valuation Period of each Contract Quarter. The GLWB Fee is calculated by multiplying the GLWB Fee Rate by the Withdrawal Benefit Base. The GLWB Fee Rate is currently 0.375% (1.50% annually) and will never exceed the Maximum GLWB Fee Rate, currently 0.4875% (1.95% annually).

If you have any questions regarding this Supplement, please call the Service Center toll-free at (877) 253-2323 or write to us by mail - Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581; by express mail - Delaware Life Insurance Company, Mail Zone 581, 5801 S.W. 6th Avenue, Topeka, KS 66636, and by facsimile at (785)286-6118.

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.