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The Manhattan Life Insurance Company Review
Published Aug 27, 2017
Categories: Life Insurance Reviews
The Manhattan Life Insurance Company is one of the more celebrated insurance companies in the U.S. For over 165 years, The Manhattan Life Insurance Company has served the needs of its customers by providing an array of life insurance policies. Today, the company has expanded to include affiliates:
- Family Life Insurance Company
- Provides mortgage protection life insurance
- Central United Life Insurance Company
- Western United Life Assurance Company
About The Manhattan Life Insurance Company
The Manhattan Life Insurance Company was originally formed in 1850, one of the first companies in the U.S. to sell life insurance policies. There are several firsts associated with Manhattan Life, including being the first to offer life insurance policies to women, the first group life contract, and providing incontestable clauses for life insurance contracts. Upon completion of the Civil War, the company was nicknamed "Old Reliable" thanks in large part to paying the widows of slain soldiers from the Confederacy.
By 1894, the Manhattan Life building was the tallest in all the world. The company itself expanded considerably and responded to changes in the insurance business. New life and health policies were being written to reflect the challenges of the day. By the mid-1980s, over 700,000 policy holders were being served by Manhattan Life. It was during this time that the company expanded further and created affiliates with other popular life insurance companies.
Innovation, reliability, and high quality service are the trademarks of The Manhattan Life Insurance Company. One new area that Manhattan Life has entered since the turn of the 21st century is the Worksite arena where over 30,000 new polices are being created each year for employees around the country. This is just one of several areas that the company has expanded over time, including increasing their online presence with new features to help their customers.
Pros
There are several benefits that Manhattan Life offers are considerable for those who are looking for life insurance policies. The first advantage is the longevity of the company itself. Being in business for over 165 years lends itself to the notion that they will still be operating when a claim is made for the benefits of the life insurance policy you take out today. It also helps that the company is financially sound and still expanding thanks to its affiliates and new programs designed to reach more people.
In addition, Manhattan Life has expanded the number of policies that it offers from life insurance to include those that cover gaps in Medicare, accident, disability, fixed deferred annuity, and more. The variety of coverage plans means that you can stay with one company that provides for multiple needs.
A.M. Best Rating:
As of today, Manhattan Life has a "B+" rating from A.M. Best. A "B+" rating is considered secure and while not outstanding, it does reflect a company that offers a solid, secure foundations for the services that it provides. Considering that there are many similar companies that also have a "B+", it should not be seen as anything less than a solid rating from A.M. Best.
Customer Service:
The emphasis on customer service is one of the pillars in the Manhattan Life company. Since its foundation, the company has built a stellar reputation on providing the best in customer service ranging from the policies it provides to staying in contact with its customers. Currently, the company uses the traditional means of agents as representative, but customers can access their polices from the website itself to make payments, changes, and the like.
Because Manhattan Life is one of the leaders in its focus on providing for the best in customer service, it has maintained a high level of customer satisfaction over the years. Therefore, for individuals, families, groups, and companies that are seeking out life insurance and related policies, Manhattan Life has proven to be one of the best for their needs.
Reviews from BBB:
Currently, the Better Business Bureau (BBB) gives The Manhattan Life Insurance Company a rating of "A+" for the services they provide to their customers. An "A+" is the highest rating that the BBB provides to businesses which means that The Manhattan Life Insurance Company stands as one of the best in its industry according to the Better Business Bureau.
Product Offering:
The primary product from Manhattan Life is life insurance. Life insurance is what built the company up from its humble beginnings to today being one of the most well known in all the U.S. However, there are other products that the company offers which compliments its life insurance policies.
- Accident: Off-the-job, 24/7 care plans designed for individuals and families injured in an accident.
- Cancer: Four benefit packages that provide direct and indirect coverage for medical expenses.
- Critical Care: Three plans that cover heart attack, stroke, or paralysis.
- Dental & Vision: Inexpensive plans that offer group coverage for employees.
- Disability: Provides monthly benefits for disability, includes covering lost wages.
- Fixed Deferred Annuity: You can choose from different options for the best plan.
- Hospital Confinement Indemnity Insurance: Covers hospital stay and pays cash benefits to you.
- Medicare Supplement: Provide supplemental and Medigap policies to cover expenses.
Life Insurance
Choose between term life vs whole life insurance for your planning needs.
Term Life
Simplified issue level term life insurance available as a 20 year term for ages 18-55 and 15 year term for ages 56-60. $250,000 coverage amount on the simplified issue products, with fully underwritten term life also available.
Whole Life
Simplified issue whole life insurance available up to $100,000.
Fully underwritten cash value whole life insurance is also available with face amounts up to $3,000,000.
Whole life offers guaranteed premiums, guaranteed cash value growth and guaranteed permanent life insurance protection.
You can choose from several different whole life options:
- LifeTime Pay
- 3, 5, 10, or 20 pay
- Paid up to age 65
Annuities
Manhattan Life offers both deferred and immediate annuities, including
- Multi Year Guarantee Annuities (MYGA) offering single premium deferred multi year guarantees.
- Single Premium Immediate Annuities (SPIA) offering payment options of 10 years to life.
It's clear from the stark advantages that Manhattan Life offers that it's the perfect starting point for individuals and families to seek life insurance coverage. Plus, they offer several subsidiary health insurance plans that can augment current policies. For businesses looking to cover its employees with group insurance, Manhattan Life is an excellent choice.
You can start by looking at the policies that are offered and talking to an agent who will inform you about the coverage and cost. You can also look at their website which provides excellent information as to the parameters of service Manhattan Life offers.
Potential Drawbacks
There are very few, if any real drawbacks to the plans offered by Manhattan Life that fall within the design of the company itself. For example, they do not offer auto insurance, but not offering that service should not be seen as detrimental to the company itself. Manhattan Life has expanded its services over the years, but has been careful to stick to policies that fall within the parameter of its life insurance. Health and a single financial annuity are as far as Manhattan Life seems willing to go for the time being.
As with any insurance company, your experience with them will depend in large part on the agent and the customer service. While even the best companies will have issues from time to time, Manhattan Life enjoys a good reputation when it comes to meeting the needs of their customers today and for tomorrow.
Advice
Manhattan Life is primarily a life insurance company, but you can also check out its other policies that may augment the health coverage that you currently receive. You should check with the website and locate an agent in your area if you are searching for the best policies that meet your needs. Keep in mind that Manhattan Life may not offer the lowest premiums, but they do offer stellar service which has only enhanced their reputation over the years.
Manhattan Life Review Conclusion
For individuals, families, groups, businesses, and organizations that are in need of life insurance policies, Manhattan Life should be one of your first choices when it comes to finding what you want. In addition, the company itself offers the advantages of longevity, superb customer service, and a good variety of term and whole life policies to cover your life insurance needs.
In addition, they offer a series of supplemental health policies and a single fixed deferred annuity which also may fit your needs. The company itself is very forward thinking as well as being expansive in its efforts to serve its customers. Along with its affiliates, Manhattan life is one of the best insurance companies in the U.S. For anyone wanting to purchase a new policy, it pays to check out what Manhattan Life offers to see if they fit what you want. The excellent customer service, helpful agents, and good supplemental policies on health make The Manhattan Life Insurance Company stand out among its competitors.
