Delaware Life Variable Account L

05/01/2026 | Press release | Distributed by Public on 05/01/2026 14:50

Notice Document by Insurance Company (Form N-VP)

NOTICE DOCUMENT
COMPASS 3 VARIABLE ANNUITY
ISSUED BY
DELAWARE LIFE INSURANCE COMPANY
DELAWARE LIFE VARIABLE ACCOUNT L
May 1, 2026
The Compass 3 Variable Annuity (the "Contract") is a flexible payment deferred variable annuity contract issued by Delaware Life Insurance Company (the "Company"). The Contract is no longer offered for sale.
This Notice Document provides certain updated information about your Contract.
Updated financial statements for Delaware Life Variable Account L (the "Variable Account") can be found online at https://dfinview.com/DelawareLife/TAHD/866793300?site=Annuity.
The Contract prospectus dated May 2, 2016, as supplemented, contains more information about the Contract including its features, benefits, and risks. You can obtain the prospectus and financial statements at no cost by calling (800) 477-6545 or by sending an email request to [email protected].
NOTE REGARDING THE AVAILABILITY OF THE COMPANY'S AUDITED FINANCIAL STATEMENTS
The financial guarantees we provide under your Contract are supported by the Company's general account and are subject to the Company's financial strength and claims-paying ability. Audited financial statements for the Company for the year-ended December 31, 2025 are not yet available, pending completion of the audit by the Company's independent certified public accountant. The Company's audited financial statements are delayed due to an ongoing review of the Company's affiliate and related-party transactions. As of the date of this Notice Document, it is uncertain when the Company's 2025 audited financial statements will become available.
The variable investment options offered under the Contract are supported by the Variable Account, not the Company's general account. Financial statements of the Variable Account for the year-ended December 31, 2025 are available and may be obtained as instructed above.
During the delay in finalizing the Company's 2025 audited financial statements, you may continue to make transactions under the terms of your Contract, including:
●
Making additional purchase payments into your Contract (if otherwise permitted);
●
Transferring or reallocating your Contract Value among investment options; and
●
Any other transactions permitted under your Contract.
Notice will be provided once the Company's 2025 audited financial statements are available. Please contact us at (800) 477-6545 with any questions regarding the Company's financial statements or your Contract.
The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. If you take a withdrawal or surrender, you may be subject to a withdrawal charge and income taxes, including a 10% additional federal tax if you are younger than age 59 1∕2. Any obligations (including under any Fixed Account investment options) or guarantees under the Contract are subject to the Company's financial strength and claims-paying ability.
Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or determined if this Notice Document is accurate or complete. Any representation to the contrary is a criminal offense.
Table of Contents 
SPECIAL TERMS
4
UPDATED INFORMATION ABOUT THE CONTRACT
5
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
6
APPENDIX - FUNDS AVAILABLE UNDER THE CONTRACT
9
APPENDIX - FIXED OPTIONS AVAILABLE UNDER THE CONTRACT
10
3
SPECIAL TERMS
The following terms as used in this Notice Document have the indicated meanings:
COMPANY ("WE", "US" "DELAWARE LIFE"): Delaware Life Insurance Company.
CONRACT YEAR and CONTRACT ANNIVERSARY: The first Contract Year is the period of 12 months plus a part of a month as measured from the date on which we issue your Contract to the first day of the calendar month that follows the calendar month of issue. All Contract Years and Contract Anniversaries thereafter are 12 month periods based upon the first day of the calendar month that follows the calendar month of issue.
FIXED ACCOUNT: The Fixed Account consists of all assets of the Company other than those allocated to a separate account of the Company.
FUND: One of the investment portfolios of the MFS® Variable Insurance Trust and the MFS® Variable Insurance Trust II.
OWNER: The person, persons or entity entitled to the ownership rights stated in the Contract and in whose name or names the Contract is issued.
SERVICE ADDRESS: P.O. Box 758581, Topeka, KS 66675-8581 or such other address as we may hereafter specify to you by written notice.
VARIABLE ACCOUNT: Delaware Life Variable Account L, which is a separate account of the Company consisting of assets set aside by the Company, the investment performance of which is kept separate from that of the general assets of the Company.
YOU and YOUR: The terms "you" and "your" refer to the Owner of the Contract.
4
UPDATED INFORMATION ABOUT THE CONTRACT
The information in this section of the Notice Document is a summary of the Contract features that have changed since the Notice Document dated May 1, 2025. This may not reflect all the changes that have occurred since you entered into your Contract.
Audited financial statements for the Company for the year ended December 31, 2025 are not yet available. Please refer to the Cover Page for more information.
Changes Affecting the Funds
Please see Fees and Expenses and the Appendix to this Notice Document for updated Fund expenses and performance information.
5
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT 
FEES AND EXPENSES
Location In The
Prospectus
Are There
Charges for
Early
Withdrawals?
Yes. If you withdraw money from your Contract within 7 years following
your last Purchase Payment, you will be assessed a withdrawal charge of up
to 6.0% (as a percentage of Purchase Payments withdrawn), declining to 0%
over that time period. For example, if you make a withdrawal, you could pay
a withdrawal charge of up to $6,000 on a $100,000 investment. This loss
will be greater is there are taxes or tax penalties.
Expense
Summary
Cash Withdrawals
Withdrawal
Charges 
Are There
Transaction
Charges?
Yes. In addition to charges for withdrawals, you may also be charged for
other transactions. There may be taxes on Purchase Payments and charges
for transfers between investment options. Currently, we do not charge for
transfers. However, we reserve the right to charge $15 per transfer. There
may be fees for wire transfers or other expedited forms of payment of
Contract proceeds.
Expense
Summary
Transfers
Short-Term
Trading
 
Premium Taxes
Are There
Ongoing Fees
and Expenses?
Yes. The table below describes the fees and expenses that you may pay each
year, depending on the investment options and optional benefits you
choose. Please refer to your Contract specifications page for information
about the specific fees you will pay each year based on the options you have
elected.
Expense
Summary
Contract Charges
Appendix - Funds
Available Under
the Contract
(located in this
Notice Document)
Annual Fee
Minimum
Maximum
Base contract:
1.25%1
1.40%1
Investment Options
(Fund fees and expenses)
0.46%2
0.97%2
1
As a percentage of average daily net Variable Account assets.
2
As a percentage of Fund net assets.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal
charges that substantially increase costs.
Lowest Annual Cost:
$1,560
Highest Annual Cost:
$2,088
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive Fund fees and
expenses
●No optional benefits
●No sales charges
●No additional Purchase Payments,
transfers or withdrawals
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits and Fund fees
and expenses
●No sales charges
●No additional Purchase
Payments, transfers or
withdrawals
6
RISKS
Location In The
Prospectus
Is There a Risk
of Loss from
Poor
Performance?
Yes. You can lose money by investing in the Contract.
Selection of
Funds
Transfers
Short-Term
Trading
Is This a
Short-Term
Investment?
No.
●The Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
●The benefits of tax deferral, long-term income and living benefit
guarantees mean the Contract is generally more beneficial to investors
with a long-term horizon. You should not use the Contract as a short-term
investment.
●Withdrawal charges may apply to withdrawals taken within 7 years after a
Purchase Payment. If you take a withdrawal, a withdrawal charge may
reduce the withdrawal amount that you actually receive and the value of
your investment. Withdrawals may also reduce or terminate Contract
guarantees.
●Withdrawals may be subject to taxes, including a 10% additional tax if
you take a withdrawal before age 59 1∕2.
Short-Term
Trading
Cash Withdrawals
Withdrawal
Charges
Tax
Considerations
What Are The
Risks Associated
with Investment
Options?
●An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract (e.g., the Funds).
●Each investment option (including any Fixed Account investment option)
will have its own unique risks.
●You should review the investment options before making an investment
decision.
Selection of
Funds
Appendix A - The
Fixed Account
What Are the
Risks Related to
the Insurance
Company?
An investment in the Contract is subject to the risks related to the Company.
Any obligations (including under any Fixed Account investment options),
guarantees, or benefits are subject to the claims-paying ability of the
Company. Additional information about the Company, including its
financial strength ratings, is available upon request by calling
(877) 253-2323 or visiting https://www.delawarelife.com/contact-us/
contact-page.
Audited Financial Statements for the Company for the year ended
December 31, 2025 are not yet available. Please see the Cover Page for
more information.
The Variable
Account
Appendix A - The
Fixed Account
RESTRICTIONS
Location In The
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes.
●The availability of certain investment options may vary depending on the
broker-dealar or other financial intermediary through which the Contract
is sold.
●Certain investment options may not be available under the Contract
●You are allowed to make 12 transfers between investment options per
Account Year. We reserve the right to charge $15 per transfer. You may
make transfers involving the Fixed Account only within 45 days before or
after each Contract Anniversary. Your transfers between Fund options are
subject to policies designed to deter frequent transfers.
●We reserve the right to remove or substitute Funds as investment options.
Selection of
Funds
Transfers
Short-Term
Trading
7
RESTRICTIONS
Location In The
Prospectus
Are There Any
Restrictions on
Contract
Benefits?
No.
This Contract does not offer any optional benefits.
TAXES
Location In The
Prospectus
What Are the
Contract's Tax
Implications?
●You should consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Contract.
●There is no additional tax benefit if you purchase the Contract through a
tax-qualified plan or an individual retirement account (IRA).
●Distributions from your Contract that are includible in income are taxed at
ordinary income rates. You may be subject to a 10% additional tax if you
take a withdrawal before age 59 1∕2.
Tax
Considerations
CONFLICTS OF INTEREST
Location In The
Prospectus
How Are the
Investment
Professional
Compensated?
Your investment professional may receive compensation for selling the
Contract to you, including commissions, other cash compensation, and
non-cash compensation. We may share the revenue we earn on this Contract
with your investment professional's firm. As a result of these compensation
arrangements, your investment professional may have a financial incentive
to offer or recommend this Contract to you over another investment for
which the investment professional is not compensated or is compensated
less.
Distribution of
the Contract
Should I
Exchange my
Contract?
Some investment professionals may have a financial incentive to offer you a
new contract in place of the one you already own. You should only exchange
a contract you already own if you determine, after comparing the features,
fees, and risks of both contracts, and any fees or penalties to terminate the
existing contract, that it is better for you to purchase the new contract rather
than continue to own your existing contract.
8
APPENDIX - FUNDS AVAILABLE UNDER THE CONTRACT
The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://dfinview.com/DelawareLife/TAHD/866793300?site=Annuity. You can also request this information at no cost at https://dfinreports.com/DelawareLife, by calling (800) 477-6545 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. A Fund's past performance is not necessarily an indication of future performance. 
Type
Fund
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/25)
1 Year
5 Year
10 Year
Fixed Income - Global
MFS® Variable Insurance Trust II
MFS® Global Governments Portfolio
Initial Class
Massachusetts Financial
Services Company
0.70%1
6.54%
-4.43%
-0.07%
Fixed Income - US
MFS® Variable Insurance Trust II
MFS® Government Securities Portfolio
Initial Class
Massachusetts Financial
Services Company
0.56%1
6.99%
-0.68%
1.29%
Fixed Income - US
MFS® Variable Insurance Trust II
MFS® High Yield Portfolio
Initial Class
Massachusetts Financial
Services Company
0.72%1
8.65%
3.87%
5.56%
Equity - US Large Cap
Growth
MFS® Variable Insurance Trust II
MFS® Massachusetts Investors Growth
Stock Portfolio
Initial Class
Massachusetts Financial
Services Company
0.72%1
9.90%
10.02%
14.27%
Allocation - Moderate
MFS® Variable Insurance Trust
MFS® Total Return Series
Initial Class
Massachusetts Financial
Services Company
0.61%1
11.16%
6.42%
7.63%
US Money Market
MFS® Variable Insurance Trust II
MFS® U.S. Government Money Market
Portfolio
Initial Class2
Massachusetts Financial
Services Company
0.45%1
3.85%
2.87%
1.77%
1
The Fund's current expenses are subject to a temporary expense reimbursement and/or fee waiver. Please refer to the Fund's prospectus for more information.
2
There is no assurance that this Fund will be able to maintain a stable net asset value per share. In addition, during periods of low interest rates, and partly as a result of asset based separate account charges, the yield on this Fund may become low and possibly negative.
9
APPENDIX - FIXED OPTIONS AVAILABLE UNDER THE CONTRACT
The following is the list of the Fixed Account options currently available under the Contract. We may change the features of the Fixed Account options listed below, offer new Fixed Account options, and cease offering an existing Fixed Account option. We will provide you with written notice before doing so. See "APPENDIX A - THE FIXED ACCOUNT" in the Contract prospectus. 
Name
Term
Minimum Guaranteed Interest Rate
Guarantee Period
One (1) Year
4%
Dollar-Cost Averaging
6 Months and 12 Months
4%
10
The prospectus and statement of additional information (SAI) dated May 2, 2016, as supplemented, include additional information. The prospectus and SAI are available, without charge, upon request at https://dfinreports.com/DelawareLife. You can request the prospectus and SAI, or other information at no cost by calling (800) 477-6545, or by sending an email request to [email protected]. You can also access other information about the Contract online at https://dfinview.com/DelawareLife/TAHD/866793300?site=Annuity.
Reports and other information about the Variable Account are available on the SEC's website at https://www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
EDGAR Contract Identifier No.: C000007205 and C000007206
Delaware Life Variable Account L published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 01, 2026 at 20:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]