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Preferred Choice

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Learn how an annuity can provide guaranteed income for life.

The Preferred Choice annuity is a single premium deferred, multi-year guarantee, annuity. You have a choice of guarantee periods ranging from 3 to 7 years.
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. 
Tax Qualifier 
  • 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
Issue Ages
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 
Death Benefits
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. 

MYGA Interest Rates

Annual percentage yield (APY)
earned over the investment term
5 years 4.65%
7 years 4.75%

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