Preferred Choice
Preferred Choice annuity product guarantees a safe investment for all retirees. As an offering from the historic Manhattan Life Insurance Company, it rests on strong financial footing. There are no hidden charges or fees, ensuring all your money works for you. Also, you'll enjoy tax-free growth for your interest so you get the most out of your investment.
You have incredible flexibility choosing a guarantee period that suits your financial goals best. Regular distributions can be set up to match your lifestyle and spending habits. Importantly, the plan accommodates for unexpected events by waiving surrender charges if the annuitant passes before payments begin. The death benefit also helps in passing wealth to the next generation easily, so you can secure the financial future of your loved ones.
Preferred Choice
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 4.3% |
| 7 years | 4.4% |
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.
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 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++
