Company Information
Company Name
Manhattan Life
Product Name
Manhattan Life Preferred Choice 3
Description
The Preferred Choice 3 is a single premium, fixed annuity with a guaranteed three-year interest rate. After three years, 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 includes free interest withdrawals in all years and distributions can begin after 30 days. This 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+
Interest / Interest
Rate
4.30%
Term
3 Years
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
99
Surrender Schedule
6%, 5%, 4%, 0%
What We Like About This Annuity
Small minimums to start. Account does not automatically renew for a new term. Policy includes free interest withdrawals and is RMD friendly for IRA accounts.
Notable Features
This policy has no Market Value Adjustment. There are no surrender charges at passing. Policy is issued up to age 99 years old.
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.