Preferred Choice (3-Year)
The Preferred Choice annuity is a safe long-term investment that promises stability and surety. With a flexible guarantee period of 3, 5, 6, or 7 years, it allows you to choose a plan that aligns with your retirement goals. It assures safety as both premium and interests are fully guaranteed by the reputable Manhattan Life Insurance Company.
One of its primary benefits is the penalty-free withdrawal starting from the first year. This impressive feature ensures flexibility by allowing you to withdraw accumulated interest or up to 15% of the annuity value annually without incurring any fees. Planning for your retirement doesn't get easier than this.
Preferred Choice (3-Year)
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.2% |
Manhattan Life Insurance Company (MLIC), as a legal reserve life insurance company, is legally required to maintain reserves equal to the surrender value of your Preferred Choice annuity at all times. Insurance laws require levels of capital and surplus that provide an even greater margin of safety. Both premium and interest are 100% guaranteed by Manhattan Life Insurance Company.
Penalty-Free Withdrawals
Beginning in the first year of your Preferred Choice annuity, you may withdraw (Partial Surrender) the accumulated interest or RMD on the 3 year plan, or up to 15% of the Annuity Value per calendar year on the 5, 6, or 7 year plans without fees or charges.
Distribution Options
Your Preferred Choice annuities can be set up to make regular periodic distributions, such as monthly interest. Partial Surrenders may be made on a monthly, quarterly, semiannual or annual basis and need to be set up as Electronic Fund Transfer (EFT).
Minimum Single Premium
- $10,000 for 3, 5, and 7 year plans
- $25,000 for 6 year plan
- Over $1,000,000 requires approval from the Annuity Operations Office before submitting an application.
- Non-qualified, or
- Qualified, including Traditional IRA, Roth IRA, SEP IRA and Simple IRA (Qualified funds are not accepted for Puerto Rico)
- TSP accepted as a rollover to IRA
- Inherited/Beneficiary IRA usually taken as a direct transfer
Annuitant’s actual age on the contract date, which is the date of issue, must be:
- 0 - 99 for 3 year plan
- 0 - 84 for 5, 6, and 7 year plans
If the Annuitant dies, surrender charges will be waived. The Annuity Value is payable as a single sum or under an available settlement option. If the Non-Annuitant Owner dies during the Surrender Charge Period, the Surrender Value shall be paid out.
Riders
No Riders for Preferred Choice (3-Year) annuity.
Waivers
Death
If the Annuitant dies before payments have begun under a Settlement Option, surrender charges are waived. If the Annuitant and Owner are not the same person, and the Owner dies while the Annuitant is still alive, surrender charges are not waived.
- A.M. Best B++
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