Company Information
Company Name
Manhattan Life
Product Name
Manhattan Life Premium Preferred 5
Description
The Premium Preferred 5 (ROP) is a single premium, fixed annuity with a guaranteed five-year interest rate and a Return of Premium rider. Using the ROP rider, owners can surrender their annuity at any time and receive a full return of any premiums paid minus any partial surrenders taken.
After five years and at maturity, owners can withdraw, transfer, or maintain their account (penalty-free) with Manhattan Life. The policy does not automatically renew. If no action is taken, a new one-year rate is declared and the account remains 100% liquid.
This annuity contract also includes free 15% annual withdrawals in all years. The policy accepts IRA funds and allows for Required Minimum Distributions. There are no surrender charges at passing.
AM Best Rating
B++ Good (5th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
15% / 15%
Rate
4.10%
Term
5 Years
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
84
Surrender Schedule
8%, 7%, 6%, 5%, 4%, 0%
What We Like About This Annuity
Very small minimums to start. Return of Premium rider included at no cost. The account does not automatically renew at maturity. This policy includes 15% free annual withdrawals and is RMD friendly for IRA accounts.
Notable Features
There is no Market Value Adjustment rider on this policy and there are no surrender charges at passing. Policy is issued up to age 84 years old. ROP rider included.
Other Popular Products
Beyond fixed annuities, Manhattan Life offers several ancillary insurance plans including: Accident, Hospital Indemnity, Short Term Care, Medicare Supplements, Dental/Vision/Hearing and much more.
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About Manhattan Life Insurance Company
Founded in 1850, Manhattan Life is a well-established insurance company offering life, health, Medicare Supplements, and annuities. They were an early entrant into many insurance marketplaces.
Together with their subsidiary Western United Life, they offer a wide array of insurance products to meet the needs of consumers nationwide. Focusing in the individual, family, senior, and employer markets strengthens their overall financials.