At ManhattanLife we offer annuity contracts in all 50 states and Puerto Rico.
Our contracts are offered, underwritten, and issued by either Manhattan Life Insurance Company or Western United Life Assurance Company. They are administered by our Annuity Operations Office in Spokane, Washington.
TYPES OF ANNUITIES WE OFFER
An annuity that begins paying you an income at a future date of your choosing is referred to as a deferred annuity. Deferred annuities begin earning tax-deferred interest on your premium payment immediately. This means you don't pay taxes on the interest your annuity earns until the money is paid to you.
There are two phases to a deferred annuity. The Accumulation Period is when the money you put into your annuity earns interest. The Payout Phase allows you to structure your payments either as a single sum, or as a series of payments over a period of years—depending on your financial needs and goals. The advantage of deferred annuities is that you determine how long these two phases last.
The deferred annuities we offer are Multi-Year Guarantee Annuities (MYGA).
- Single Premium – you purchase your annuity with a single premium payment.
- Multi-year Guarantee – the initial interest rate guarantee period is the same length as the surrender charge period.
- Deferred – your annuity will earn interest during an accumulation phase and payments are deferred until you choose a settlement option or the contract maturity date.
Single Premium Immediate Annuity (SPIA)
Annuities that begin paying income to you soon after purchase and/or annuitized deferred annuities are called immediate annuities. If you are looking to provide yourself with a reliable source of income, where you can structure your payments to last anywhere from ten years to life, a SPIA might be what you're looking for.
Western United Life Assurance Company offers a single premium immediate annuity contract in a limited number of states.
- Single Premium - you purchase your annuity with a single premium payment.
- Immediate Annuity - you are guaranteed a set modal (monthly, quarterly, semi-annual, or annual) payment, determined when the contract is issued, that starts at least one mode from issue.
Because each payment consists of both interest and the return of principal, non-qualified SPIAs have tax advantages over many other common investments.
In the event of the Annuitant and/or surviving joint Annuitant's death, payments may continue or end, depending on the payment option elected. If you select Period Certain payout options, any remaining period certain payments due will be paid to your beneficiaries.
No matter which type of annuity you choose, be sure to carefully read and understand your annuity contract as soon as you get it. Ask questions of your insurance producer and consult your tax advisor for information about possible tax consequences. Neither Manhattan Life Insurance Company nor Western United Life Assurance Company, nor any of their insurance producers, provide legal or tax advice. Annuities are not insured by FDIC. They are not the product of, nor guaranteed by, any bank. Product availability may vary by the Owner's resident state, Annuitant's issue age, and/or initial single premium amount. Other restrictions may apply.