Steve's Story

Steve’s DPL journey started with a life-changing wake-up call. Retirement for the 65-year-old triathlon enthusiast came abruptly when his employer of 32 years initiated a downsizing event. Suddenly, Steve and his wife, whom he describes as knowledgeable investors, faced the challenge of transitioning from a regular paycheck to drawing down their retirement savings.

To replace the security of steady income, Steve was seeking a financial equivalent to a pension to cover their basic living expenses beyond Social Security. He wanted a guaranteed income stream that would rise year-over-year.  

With essential retirement expenses covered, this strategy would allow Steve and his wife to be slightly more aggressive on investments using the discretionary portion of their portfolio. Most importantly, this option offered reassurance that the death of one spouse wouldn’t financially jeopardize the other.

Steve was introduced to DPL by a friend, a retired financial advisor who had recommended DPL's commission-free annuities to many clients and used them to support his own retirement.

Although his wife had previously purchased two annuities from a broker, Steve admits his experience with annuities was limited. He leveraged DPL’s extensive resources, including the tools, videos, and guides available on the company’s website, to become better informed.  

This approach allowed him to learn the specifics of the product that provided the personal pension he wanted: a commission-free fixed index annuity with a future conversion date to a lifetime income stream. This product also included a joint life benefit and an income riser.  

DPL presented several options of fixed index annuities in its analysis, including a product from the same carrier his wife had purchased her annuities from 10 years earlier.  

As part of his research, Steve reached out to the broker who had sold the annuities to his wife and asked for a quote on the same product DPL had presented with identical features: joint life and income benefit, income riser, same initial premium, and same estimated year for activating the fixed income.

Steve compared the benefits of the same fixed index annuity product through the two channels: one sold by a commissioned broker, and the other a commission-free product through DPL’s platform. It was immediately obvious to Steve that the commission-free product would provide a higher income payout to him and his wife.    

Steve ultimately chose a different fixed index annuity offered by another carrier DPL had presented in its analysis. However, he said he never felt pressure from DPL throughout the process regarding the product he purchased or the ones he opted against.    

Having successfully navigated an abrupt career change, Steve and his wife now split their time between Oregon and Hawaii. Ultimately, their journey demonstrates how commission-free annuities, supported by robust education and choice, serve as an effective tool for financially savvy retirees to support a flexible and active retirement.

"I felt like I was able to make a good decision because DPL offers a variety of annuities from different insurance companies. Their tools and educational materials provided the support I needed to wisely choose the product I did. Plus, the products available through the DPL platform aren't loaded with upfront commissions, so more lifetime income goes into my pocket."