Manhattan Life At a Glance: Rates, Products and Reviews

Established in 1850, ManhattanLife is one of the country’s oldest health and life insurance companies. It remains highly successful, writing $1 million in daily annuities. With nationwide offices, it earns approximately $133 million in annual premiums. It offers annuities as well as a range of financial products, including life insurance, health insurance, Medicare supplement insurance, voluntary benefits and employer stop-loss coverage.

ManhattanLife products are sold by Manhattan Life Group Inc. affiliates and subsidiaries and underwritten by one of several ManhattanLife Entities, which include The Manhattan Life Insurance Company, ManhattanLife Insurance and Annuity Company and ManhattanLife of America Insurance Company. Together, the companies are highlighted by the signature Lady Liberty logo, serving as a constant reminder of ManhattanLife’s strong commitment to customer service and company reliability.

ManhattanLife offers numerous types of annuities including fixed index, single premium immediate and multi-year guaranteed annuities.

Fixed index annuities (FIAs) products are linked to market indexes like the S&P 500 index with principal protection to safeguard against market downturns.

Both FIAs are issued by Western United Life Assurance Company and offer 7- or 10-year surrender charge periods. Annuity holders can choose to allocate funds using a fixed interest strategy, capped index strategy or index strategy with no participation rate. Additionally, both products offer a waiver of surrender charges if the annuity dies, is diagnosed with a terminal illness or is confined to a nursing home.

A multi-year guaranteed annuity (MYGA) from ManhattanLife includes tax-deferred growth and guaranteed interest rates that can yield immediate earnings while providing protection from market downturns. Guarantee periods range from three to seven years, and you can withdraw up to 15% of your annuity without penalty.

ManhattanLife MYGAs offer a terminal illness waiver of surrender charges rider, which allows the annuitant to surrender the annuity’s value without surrender charges if diagnosed with a terminal illness.

A licensed financial advisor can provide details on the ManhattanLife MYGAs available and work alongside you to determine which may be right for you.

Single premium immediate annuities (SPIAs) provide a regular, guaranteed income stream in exchange for one lump sum premium payment.

Information about ManhattanLife SPIAs is available via a licensed financial advisor.

With flexible terms and market protection, ManhattanLife offers well-rounded annuities that provide strong financial security when needed. ManhattanLife annuities contracts also include special features that offer extra protection. For instance, both FIAs and MYGAs offer:

ManhattanLife proudly offers no setup or administrative fees for its annuities; however, other fees and charges may apply. For a list of other fees, contact a ManhattanLife financial advisor.

ManhattanLife has Better Business Bureau (BBB accreditation dating back to 2013 and earns an A+ rating. The provider has a slightly above-average customer score of 3.3 out of 5.0 possible points based on a total of 93 reviews. Customer sentiments indicate the insurer is often credited with having a responsive customer service team, though complaints specify issues with claims processing and policy management.

According to data from the National Association of Insurance Commissioners (NAIC), ManhattanLife has a below-average number of annuity-specific complaints; it should be noted that the group services a fraction of the annuity market. However, ManhattanLife Insurance and Annuity Company has an extremely high rate of complaints, receiving a 6.91, while the average nationwide score is 1.0.

Financial strength ratings can indicate how likely a provider is to maintain payment obligations. There are four major rating agencies in the United States: AM Best, Fitch Ratings, Moody’s and S&P Global.

At this time, ManhattanLife is only rated by AM Best. It receives a B+++ (Good) rating with a stable outlook. The highest AM Best rating is A++ (Superior).

As one of the oldest insurance companies in the nation, ManhattanLife is an experienced and stable annuity provider. Its annuity portfolio is limited to FIAs, MYGAs and SPIAs.

If you want more information on these products, consider contacting ManhattanLife directly, as limited details are available online, specifically for SPIAs. Working directly with ManhattanLife’s financial advisors will make it easier to determine which annuity products may be right for you.

ManhattanLife has a slightly above-average, customer-driven BBB score, and it is only rated by AM Best, one of the four major rating entities in the U.S. Though it receives a B++ (Good) rating, there is room for improvement, as other top providers often have an A or higher score.

Editor Norah Layne contributed to this article.