Manhattan Life Insurance 2022

The benefits explained

• No-medical policies available: Manhattan Life offers whole life coverage up to $100,000 and term coverage up to $250,000 with no physical exam required for eligible applicants.
• Online complaint request platform: Manhattan Life allows its policyholders to submit a claim online or through an easy-to-download mobile app.

Disadvantages Explained

• Marginal financial strength: Manhattan Life has a B++ (good) financial strength rating from AM Best, indicating that its ability to meet its financial obligations is good but not excellent or superior to other blue chip competitors.
• High number of customer complaints: From 2019 to 2021, Manhattan Life received an average of 1.92 times the annual number of customer complaints expected for a company of its size for its individual life insurance policies. This is based on data from the National Association of Insurance Commissioners (NAIC) Complaints Index and is one of the highest incidents of complaints we have seen.
• No online quote: If you’re looking for life insurance quotes or looking for a price comparison tool to help inform your buying decision, the Manhattan Life website won’t do you any good.

Index of complaints

The National Association of Insurance Commissioners (NAIC) publishes an annual complaints index for life insurance companies. This index makes it possible to compare companies of different sizes in terms of customer satisfaction, measured by the number of complaints filed.

A complaints index is calculated for each company based on the number of registered complaints it receives in a given year. A business with the expected number of complaints for its size will be assigned a complaint index of 1. A number less than 1 means the business received fewer complaints than expected, while a number greater than 1 means that she received more. An index of 2.0, for example, would indicate twice the expected number of complaints.

Averaged over three years, from 2019 to 2021, Manhattan Life’s complaint index for its individual life insurance business is 1.92. This number indicates that customer satisfaction and complaint resolution are well below the industry average. For context, most of the 91 companies we looked at have a three-year average index below 2.0, and most of our best life insurance companies have a complaint index well below 1.0.

Third-party reviews

Insurance rating agency AM Best examines over 16,000 insurance companies worldwide to determine how likely they are to meet their current insurance obligations. AM Best uses a rating scale ranging from A++ (superior) to D (poor).

Manhattan Life has a B++ financial strength rating, indicating that its ability to pay claims and meet other financial obligations is good but not excellent or superior like the best insurers in the industry.

Policies available

Manhattan Life currently offers term and whole life insurance policies, with or without a medical exam. These are described below.

All the life

Whole life insurance pays a benefit to beneficiaries when the insured dies. It is guaranteed to remain in place for the life of the insured if the premiums are paid. Over time, the policy accumulates cash value, against which the insured can borrow if needed. Premium rates are locked in for the duration of the policy.

• Simplified Whole Life: Marketed under the name of Viva LifeTime, this policy does not require any medical examination. It offers coverage from $10,000 to $50,000 for minors (under 18) and from $20,000 to $100,000 for adults. It can be paid annually for 20 years or up to age 65.
• Prime Minister for Family Welfare: This policy is fully underwritten, which means that clients must undergo a medical examination in addition to answering health questions. Policies can be paid annually over three, five, 10 or 20 years and up to age 65. Coverage ranges from $10,000 to $150,000 for minors and $25,000 to $3 million for adults.

Term life

Term life insurance guarantees the payment of a stated death benefit to the beneficiaries of the insured if the insured dies during a specified period, such as 20 years. Unlike permanent life insurance policies, term policies generally have no savings component and no value other than the death benefit.

• Term life insurance: Manhattan Life offers three different options for term life insurance coverage, each designed for people at different stages of life. Term policies may not require a medical exam, but applicants must answer a few health questions to determine eligibility. Rates are locked in for the duration of the policy.

Runners available

Riders are provisions of an insurance policy that extend protection or provide additional coverage. Endorsements may require additional payment on top of any regular policy premium. However, they can also be purchased alone.

Family allowance addendum

This rider, available with Family Protection Premier, extends term life insurance to a policyholder’s current or future children.

Premium Rider Waiver

When a waiver of premium rider is added to a policy, it exempts payment of premiums in the event of total or partial disability of the insured.

Accelerated death benefit

Manhattan Life offers a accelerated death benefit rider. This allows policyholders to access a portion of the face value of their policy during their lifetime in the event of a qualifying health event. They are subject to administrative fees and partial reimbursement of any policy loan or interest.

Accidental Death Benefit

Manhattan Life offers an optional accidental death rider with several policies. Typically, this rider provides a larger payout to beneficiaries if the insured dies as a result of an accident.

Customer service

The Manhattan Life website can be accessed at any time at manhattanlife.com. Sales Support (800-669-9030) is available Monday through Friday, 8:00 a.m. to 5:00 p.m. CT. International service can be reached at 800-877-7705 during the same hours. The customer service email address is [email protected]. Customers can obtain quotes or file claims online, but must submit downloaded claim forms via US Mail.

Our Methodology: How We Life Insurance Companies

We have designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank over 90 insurers in five general categories: financial stability, customer satisfaction, variety of products and features, experience of overall purchase and cost.

To do this, we collected over 5,000 data points and scored each company based on 55 metrics. We’ve grouped the metrics by category to see insurers’ performance in each; we then weighted the category scores to determine overall company performance.

For more, read our full Life insurance methodology.