Manhattan Life Insurance Company Review
An In-depth review of Manhattan Life Insurance Company
If you envision a strong financial future for your family — one where they aren’t facing financial problems after your passing away, you need to get a life insurance policy. There are a lot of great companies offering life insurance policies and products that guarantee that financial freedom. However, with so many options out there, it becomes confusing and difficult to find the right company to work with. That is where we come in, as we review all major life insurance companies to help people make informed decisions about their finances.
Our review today will be on Manhattan Life Group, which is regarded as a pioneer in life insurance, and was one of the first ever companies in the industry. They have been in operation for over 150 years, and have been offering supplemental and life insurance coverage to Americans at affordable rates. The company also offers affordable Medigap plans, along with great vision, dental, and hearing plans for senior citizens. So, without further ado, let’s dive into this review on Manhattan Life Insurance.
Our Rating – 4/5 Stars
Established in 1850, the Manhattan Life Insurance Company is among the first ever companies in the United States that were selling life insurance plans and policies. The company was also the first one to ever offer incontestable clauses for life insurance contracts, the first to ever offer life insurance policies to women, and the first company to offer a group life contract.
After the Civil War ended, the company paid all the widows of the slain soldiers from the Confederacy, which gave it the nickname of ‘Old Reliable’.
Manhattan Life was headquartered in the tallest building in the world in 1894, and the company continued expanding and adapting to all changes in the insurance industry. It introduced a new health and life policies and had over 700,000 policyholders by the middle of the 1980s. The company also created affiliates with other insurance companies and therefore continued expanding rapidly.
The Manhattan Life Insurance Company is associated with high-quality service, reliability, and innovation. The company has also started offering insurance policies for employees all over the country and has also worked to increase its online presence by adding new features to its product line.
The Manhattan Life Group is recognized as a financially strong insurance company. It features prominently among the list of largest insurance companies in the United States, and has affiliates that include names like:
- Central United Life
- Family Life Insurance Company
- Western United Life Assurance Company
Manhattan Life Insurance has always been at the forefront of introducing new technology into its operations, and the company has worked tirelessly to introduce new online tools on its website. This is done to facilitate people, by providing them with an extensive range of different enrollment and communication services.
They also allow clients to create custom benefit plans for their employees or themselves. The convenient online format offered by the company has helped numerous policyholders and customers access their policy service and claim forms. They can also make extensive changes to their account or their policies. Policyholders of the Medicare Supplement insurance plan of the company can download a form for policy change from the website, and then revise their details.
Manhattan Life and all affiliates of the company have licenses to provide insurance products in all 50 states, and the company also offers products in Puerto Rico. Manhattan Life has acquired many accolades and awards throughout the years and was also named by the National Underwriter among the Top 10 Life and Health Insurance companies in the United States.
Company Products and Features
Financial Stability and Customer Service Ratings
Manhattan Life has strong financial foundations and its status as one of the biggest insurance company in the United States has always remained strong. The company has been given a rating of (B+) from A.M. Best Company and is affiliated with the BBB from May 22, 2013. The Better Business Bureau has given the company a rating of A+, which is the highest rating that it gives.
The company has been rated as financially strong by all major independent rating agencies, and their customer service is regarded as among the best in the industry. Manhattan Life focuses on providing strong customer service, and the company has operated on that basis for several years. The company has a phenomenal reputation in the industry when it comes to providing customer service, as it stays in contact with customers even after they have bought their policies.
The company also focuses on improving experiences for their customers, and keeps on introducing new technological advances on their website to help them make changes to policies, and make payments. Manhattan Life has very strong ratings on customer service, and it is among a select group of companies that don’t have many complaints from customers related to their life insurance policies. The company also has an outstanding record in paying its policyholders, which makes it easily one of the best insurance companies that we have reviewed.
Manhattan Life Insurance Coverage
Manhattan Life Insurance offers the standard life insurance policies to all customers. The company offers the following life insurance coverage to everyone:
Ø Term Life
The simplified issue level term life insurance is offered as a 20-year term for customers with ages ranging from 18 to 55. There is also a 15-year term for ages ranging from 56 to 60, and there is a $250,000 coverage amount offered on simplified issue products.
Ø Whole Life
The Whole Life Insurance policy offered by Manhattan Life goes up to $100,000, and is fully underwriting, with cash value, and goes up to $3 million. The whole life policy comes with guaranteed permanent life insurance protection, guaranteed cash value growth, and guaranteed premiums. There are different terms offered in the whole life policy, which include:
- LifeTime Pay
- 3, 5, 10, or 20
- Paid up to age 65
Manhattan Medicare Supplement Plans
Apart from their life insurance policies, Manhattan Life Insurance Company is renowned for their Medicare Supplement Plans, which are offered in states all over the United States. The most widely loved Medigap plans that are provided by the company are the Plan F, Plan G, and Plan N. These plans have standard terms, which means that the benefits will be identical between all carriers. The only difference between the plans is going to be the price.
The Medicare Supplement Plans offered by Manhattan Life come with the following benefits for policyholders:
- Portable Coverage
- Household discount when applicable
- A 30-day period for checking
- 12-month lock-in rates
Ø Manhattan Life Plan F
This plan is simple, and is the most comprehensive one, as it covers everything that the Medicare doesn’t cover. It offers monthly premiums, but you don’t have to pay anything as a medical bill. However, Plan F isn’t as popular as it used to be, as more people are finding out that Plan G offers more benefits to people.
Ø Manhattan Life Plan G
Manhattan Life Plan G is the most popular plan nowadays, with the only difference from Plan F being the annual deductible, which is $183 now. This deductible is for doctor visits and outpatient services, and when you meet the deductible, you don’t have to pay anything throughout the year. The premium difference between the two plans covers the deductibles.
Ø Manhattan Life Plan N
The Manhattan Life Plan N isn’t chosen as commonly as the other two plans, but this is still a great plan for anyone that is looking for a cost-effective solution and doesn’t mind paying costs out-of-pocket. These costs can include the following:
- Part B Excess charges not covered
- Part B deductible of $183 for the year (same as Plan G)
- $50 copay at the Emergency Room (waived if admitted)
- $0-$20 co-pay for an office visit (doctor or specialist)
Most people get confused about the Part B excess charges, which are applied when the provider doesn’t accept the ‘Medicare Assignment’, and overcharges the Medicare approved number.
The best way to ensure this doesn’t happen to you is by ensuring that your provider will accept ‘Medicare Assignment’. The Part B excess charge doesn’t apply to people living in Vermont, Rhode Island, Pennsylvania, Ohio, New York, Minnesota, Massachusetts, and Connecticut.
Other Products Offered
Manhattan Life primarily offers Life Insurance as its main product, but over the years the company has expanded its product range. The company is now recognized as one of the best in the United States, and the products that it offers besides life insurance include the following:
Ø Accident Insurance
This plan provides off-the-job, 24/7 care plans for families and individuals injured in an accident.
Ø Cancer Insurance:
It comes with 4 benefit packages that offer indirect and direct coverage for medical expenses.
Ø Critical Care Insurance:
There are three plans in the critical care insurance that are designed to cover paralysis, stroke and heart attack.
Ø Dental & Vision Insurance:
These are inexpensive plans that provide group coverage for all employees.
Ø Disability Insurance:
This insurance plan offers monthly benefits for disability, which are meant to cover lost wages.
Ø Fixed Deferred Annuity:
There are different options offered for separate annuity products.
Ø Hospital Confinement Indemnity Insurance:
The coverage in this insurance plan covers your hospital stay and pays out cash benefits to policyholders.
Ø Medicare Supplement:
This offers Medigap and supplemental policies that cover expenses.
Apart from these products, Manhattan Life Insurance Company also offers life insurance plans for groups, families, and individuals. Manhattan Life offers a comprehensive range of insurance plans that cover the health and life needs of everyone. They also offer fixed deferred annuity, which is designed to help anyone that is looking to make good investments.
When it comes to reviewing life insurance companies in the market, there is no doubt in our mind that Manhattan Life offers one of the best life and health insurance policies on the market. Their website is very informative and helps you locate agents in your area, while you can also easily compare all their policies. The one thing you must remember is that Manhattan Life doesn’t offer the lowest premiums, but what they do offer are outstanding policies and great customer support.
The Bottom Line
If you are looking for life insurance policies for organizations, businesses, groups, families, and individuals, then Manhattan Life Insurance Company is a solid choice. The company has been around for a long time and is financially strong and stable. Their supplemental health policies and single fixed deferred annuity are also reasons to work with the company.
Manhattan Life Group is very forward thinking and is continuously looking to expand its product range and introduce new features on its website. It focuses highly on customer service, and that has allowed it to maintain its stellar reputation of being one of the best insurance companies in the United States. However, before you decide to acquire any life insurance policy, it is best to review other insurance policies and plans from other companies before making your decision. So, make sure that you do your research before choosing to get a life insurance policy.
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