Western United Life Assurance Company

Western United Life Assurance Company

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Why Western United Life Assurance Annuities?

ManhattanLife offer annuity contracts in all 50 states and Puerto Rico. Their contracts are offered, underwritten, and issued by either Manhattan Life Insurance Company or Western United Life Assurance Company. They are administered by their Annuity Operations Office in Spokane, Washington.

WULA offers 4 different annuities, including:

  • Discovery
  • Future Select
  • Immediate Annuity
  • WULA Max Choice

ManhattanLife has an AM Best Rating of B+ and BBB Rating of A+.

State Availability

WULA is available in all states.

Discovery

Discovery is an individual, deferred, single premium, multi-year guarantee annuity (MYGA). You have a choice of interest rate guarantee periods ranging from 3 to 7 years.

Minimum Single Premium

  • $10,000 for 3, 5, and 7 year plans
  • $25,000 for the 6 year plan
  • Over $1,000,000 requires approval from the Annuity Operations Office before submitting an application.

Issue Ages

Annuitant’s actual age on the contract date (date issued)

  • 0 – 99 for the 3 year plan
  • 0 – 84 for the 5 and 6 year plans
  • 0 – 80 for the 7 year plan

Death Benefits

If the annuitant dies before payments have begun under a Settlement Option, surrender charges are waived. If the Annuitant and Owner are not the same person, and the Owner dies while the Annuitant is still alive, surrender charges are not waived.

If the Annuitant/Owner dies, and the sole Beneficiary is the Annuitant/Owner’s surviving spouse (civil union or domestic partner if required by law), that person may continue the contract as if they were the original Owner.

If your annuity contract is paid out before the end of the surrender charge period, the payout may be less than the initial single premium paid due to the surrender charges.

Future Select

Future Select is an individual, deferred, single premium, multi-year guarantee annuity (MYGA). You have a choice of interest rate guarantee periods of 5 or 7 years.

Minimum Single Premium

  • $10,000
  • Over $1,000,000 requires approval from the Annuity Operations Office before submitting an application

Issue Ages

Annuitant’s actual age on the contract date (date issued)

  • 0 – 90 for the 5 year plan
  • 0 – 84 for the 7 year plan

Death Benefits

If the annuitant dies before payments have begun under a Settlement Option, surrender charges are waived. If the Annuitant and Owner are not the same person, and the Owner dies while the Annuitant is still alive, surrender charges are not waived.

If the Annuitant/Owner dies, and the sole Beneficiary is the Annuitant/Owner’s surviving spouse (civil union or domestic partner if required by law), that person may continue the contract as if they were the original Owner.

Immediate Annuity

Single Premium Immediate Annuity (SPIA) is a single premium annuity contract. There are no set-up charges or administrative expense charges. 100% of the premium paid accumulates interest from the contract date (date issued).

Payment Options

In exchange for a single premium, WULA will provide guaranteed modal (monthly, quarterly, semi-annual, or annual) payments to the Payee designated on the Application, in accordance with one of the following options. Payments begin one mode after receipt of the single premium paid. You can request that your modal income be sent directly to you or to a qualified, financial institution of your choice.

  • Period Certain: Provides guaranteed modal income payments for the number of years elected such as 10 or 15 years certain. If the Annuitant dies before the end of the elected period certain, payments will continue to the named Beneficiary for the remainder of the period certain. Note: The fixed period must be at least 10 years.
  • Fixed Payment: Provides guaranteed modal income payments for an elected dollar amount (not less than $100 per year for each $1,000 applied) payable until the single premium plus interest is exhausted. If the Annuitant dies before the single premium plus interest is gone, the remainder of the payments will continue to the named Beneficiary. Note: The fixed payment period must be at least 10 years.
  • Life and Period Certain: Provides guaranteed modal income payments for the greater of the Annuitant’s lifetime, or the number of years elected; 5, 10, 15, or 20 years certain. (Joint Life is also available.) If the Annuitant dies before the end of the period certain, payments will continue to the named Beneficiary for the remainder of the period certain.
  • Life Installment Refund: Provides guaranteed modal income payments for the greater of the Annuitant’s lifetime, or return of the single premium paid. (Joint Life is also available.) If the Annuitant dies before the single premium has been paid, payments will continue to the named Beneficiary until the remaining single premium paid is gone.

For Life Options only, upon death of the Annuitant(s), the Beneficiary may have the right to receive the commuted value of installments.

Tax Status

Because of the unique way in which Immediate Annuities are taxed they provide a way of increasing income over most other common investments. Each payment is part principal and part interest with only the interest portion being taxable. Usually this means larger payments and lower taxes. This applies to Non-Qualified funds only.

A portion of each annuity payment is considered a tax-free return of principal until the total principal has been distributed. Please consult with your accountant or tax advisor regarding any special limitations and/or restrictions.

Death Benefits

In the event of the Annuitant’s death, payments may continue or end, depending on the payment option elected.

WULA Max Choice

WULA Max Choice is an individual, deferred, single premium, multi-year guarantee annuity (MYGA) with a Market Value Adjustment (MVA). You have a choice of interest rate guarantee periods ranging from 3 to 10 years.

Minimum Single Premium

  • $10,000 for 3, 5, 7, and 10 year plans
  • $25,000 for the 6 year plan
  • Over $1,000,000 requires approval from the Annuity Operations Office before submitting an application

Issue Ages

Annuitant’s actual age on the contract date (date issued)

  • 0 – 97 for the 3 year plan
  • 0 – 85 for the 5, 6, and 7 year plans
  • 0 – 75 for the 10 year plan

Penalty-Free Partial Surrender Amount

Your WULA Max Choice annuity is designed to maximize the guaranteed interest rate that WULA can offer, so it isn’t suitable if you need liquidity.

Beginning in the second contract year, you may take one withdrawal of the accrued interest earned in that year, OR the Required Minimum Distribution (RMD) amount specific to the contract, without charges or MVA during the surrender charge period.

Distribution Options

Your WULA Max Choice annual annuity contract year withdrawal or RMD must be set up as an Electronic Fund Transfer (EFT).

Death Benefits

If the Annuitant dies, the greater of the cash surrender value or the full single premium paid minus any partial surrenders taken is payable as a single sum or under an available settlement option.

If the Annuitant and Owner are not the same person, and the Owner dies during the surrender charge period, the cash surrender value, including any applicable MVA, will be paid out. This may result in a partial loss of the initial single premium per the surrender value provision of the contract.

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This product may be available in other states not listed. Please contact us to inquire.