Manhattan Life Insurance Company has a rich history that dates back to the mid-19th century. It was originally established in 1850 as “The Manhattan Life Insurance Company of New York.” This longevity speaks to the company’s enduring presence in the insurance industry. Over the years, the company has weathered economic challenges, industry shifts, and changes in the regulatory landscape to evolve into the institution it is today.

Founded during a time when life insurance was gaining prominence as a means of providing financial security to families in the event of a breadwinner’s death, Manhattan Life aimed to be a trusted provider of this essential service. As the company expanded its operations, it diversified its portfolio to encompass a range of insurance products and financial services.

Products Offered by Manhattan Life:

Life Insurance: Manhattan Life’s life insurance products continue to be a cornerstone of its offerings. These products serve as financial safety nets for policyholders and their beneficiaries. Among its life insurance options are term life insurance and whole life insurance.

• Term Life Insurance: This product offers coverage for a specific period, typically ranging from 10 to 30 years. If the policyholder passes away during the term, a predetermined death benefit is paid out to the beneficiaries. Term life insurance is often chosen to provide financial protection during a person’s working years or to cover specific financial obligations, such as a mortgage.
• Whole Life Insurance: Whole life insurance provides permanent coverage that lasts for the insured’s entire lifetime. In addition to the death benefit, whole life policies build cash value over time. This cash value can be accessed through policy loans or withdrawals, providing policyholders with a potential source of funds for emergencies or planned expenses.

Annuities: Annuities are another category of financial products offered by Manhattan Life. Annuities are designed to provide a consistent income stream over a specified period or for the remainder of the annuitant’s life. Manhattan Life offers various types of annuities to meet different financial goals.

• Fixed Annuities: These annuities offer a fixed interest rate for a predetermined period. They provide a secure and predictable source of income, making them attractive to those seeking stability in their retirement planning.
• Immediate Annuities: Immediate annuities provide an immediate income stream in exchange for a lump-sum payment. They are often chosen by retirees looking to convert a lump sum of savings into regular income to cover living expenses.
• Deferred Annuities: Deferred annuities accumulate funds over time, allowing individuals to save for retirement. The funds grow on a tax-deferred basis until the annuitant decides to start receiving payments. This type of annuity is suitable for those who want to build up their retirement savings over an extended period.

Medicare Supplement (Medigap) Plans: As part of its commitment to providing comprehensive insurance solutions, Manhattan Life offers Medicare Supplement plans. These plans, also known as Medigap plans, help bridge the coverage gaps left by Original Medicare. Medicare Supplement plans are standardized and labeled with letter designations, each offering a specific set of benefits. These plans are designed to reduce the out-of-pocket costs associated with medical services covered by Medicare.

Dental and Vision Insurance: Manhattan Life recognizes the importance of oral and visual health in overall well-being. As such, the company offers dental and vision insurance to help individuals access essential services in these areas.

• Dental Insurance: Dental insurance policies typically cover preventive care, such as regular check-ups and cleanings, as well as restorative procedures like fillings and extractions. Some plans may also include coverage for more complex procedures like root canals and orthodontics.
• Vision Insurance: Vision insurance policies often cover eye exams, prescription eyeglasses, and contact lenses. Regular eye exams are crucial for detecting and addressing vision problems early on.

Pre-Need Funeral Insurance: Manhattan Life recognizes the importance of alleviating the financial burden on loved ones when planning for end-of-life expenses. Pre-Need Funeral Insurance is designed to provide funds that can be used to cover funeral and burial costs. By pre-planning and pre-funding these expenses, individuals can ensure that their final wishes are carried out without placing a financial strain on their family members.

Final Expense Insurance: Similar to Pre-Need Funeral Insurance, Final Expense Insurance is designed to cover the costs associated with one’s passing. It provides a lump-sum benefit to help beneficiaries manage expenses such as medical bills, funeral costs, and other end-of-life expenses.

Accidental Death Insurance: Accidental Death Insurance is tailored to provide financial protection in the event of accidental death. If the policyholder dies due to a covered accident, a predetermined benefit is paid out to the beneficiaries. This type of insurance can offer peace of mind to individuals concerned about unforeseen accidents impacting their family’s financial stability.