Preferred Choice (3-Year)
The Manhattan Life Insurance Company is a leading provider of both life insurance and annuity products, with a long history of loyal financial service dating back to 1850. Operating from New York City ever since its initiation, the company proposes a vast array of retirement investment solutions, including whole and term life insurance on top of fixed and variable annuities. Manhattan Life strives to help retiring individuals achieve their financial objectives by supplying tailored products and services, consistently fulfilling their obligations to clients for over 170 years.
Preferred Choice (3-Year)
Ratings:
- A.M. Best B++
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.15% |
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.
Other Manhattan Life Products
You might also be interested in
