METLIFE INTRODUCES A DEFERRED INCOME ANNUITY WITH A NEW LEVEL OF FLEXIBILITY
New York, May 09, 2014
MetLife, Inc. (NYSE: MET) today announced the launch of the MetLife Guaranteed Income BuilderSM, a deferred income annuity that provides a pension-like stream of future, guaranteed lifetime income payments coupled with an innovative level of flexibility.
The product can be tailored to meet the guaranteed income needs of clients across all stages of retirement and can supplement other retirement income sources. In addition, because clients’ income payments are based primarily on the amount of their purchase payments and when they choose to begin receiving income payments, they will always know exactly how much income they will receive from each purchase payment—allowing them to spend and invest other assets more effectively.
“Through its many innovative features, the Guaranteed Income Builder provides clients both the certainty of a reliable stream of income as well as the adaptability to meet changing needs,” said Elizabeth Forget, Senior Vice President, MetLife Retail Annuity Products.
The Guaranteed Income Builder offers a combination of several features designed to provide clients with a new level of flexibility.[1] Unlike other deferred income annuity products, the Guaranteed Income Builder allows clients to:
- Purchase the annuity for as little as $2,500, helping them fund the annuity gradually and build income over time
- Always know what their income payments will be, even when they make a change
- Choose to start a portion of their income sooner or later than originally planned, giving clients access to their money when they need it[2]
- Change their chosen income payment start date twice
- Choose, at contract issue, to defer income payments to age 75 if they have invested in the product through an IRA
- “Cash out” and receive all or most of their purchase payment(s) back if their needs change[3]
Who might benefit from the Guaranteed Income Builder?
The Guaranteed Income Builder can be an important part of a client’s overall retirement strategy, providing future, pension-like lifetime income payments that can be used to supplement other retirement income sources.
MetLife has found that those who are most likely to be interested in and benefit from the Guaranteed Income Builder include individuals who:
- Are ages 45-65
- 45-54 for those who want to fund their retirement income over time
- 55-65 for those who are planning to retire within the next 5-10 years
- Are in need of reliable, pension-like income payments
- Are concerned about outliving their assets in retirement
- Have retirement assets that they would like to convert to guaranteed lifetime income
For current rates and more information on the MetLife Guaranteed Income Builder, please visit www.metlife.com/income.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
This product is a long-term investment designed for retirement purposes. Product availability and features may vary by state. Like most annuity contracts, MetLife’s contracts contain charges, limitations, exclusions, holding periods, termination provisions and terms for keeping them in force. Contact your financial professional for costs and complete details.
The MetLife Guaranteed Income BuilderSM deferred income annuity, like all annuities, is an insurance product and not insured by the FDIC, the NCUSIF or any other government agency, nor is it guaranteed by, or the obligation of, the financial institution that sells it. All contract guarantees and annuity payout rates are subject to the claims-paying ability and financial strength of the issuing insurance company.
Distributions of taxable amounts are subject to ordinary income tax and, if made before age 59½, may be subject to a 10% Federal income tax penalty. Distributions of taxable amounts from a nonqualified annuity may also be subject to the 3.8% Unearned Income Medicare Contribution tax if your modified adjusted gross income exceeds the applicable threshold amount.
The MetLife Guaranteed Income Builder is issued by MetLife Insurance Company of Connecticut on Policy Form 6-1001-1 (05/14); 1300 Hall Boulevard, Bloomfield, CT 06002 and in New York, only by Metropolitan Life Insurance Company on Policy Form 1-1001-1 (05/14); 200 Park Avenue, New York, NY 10166. Both are MetLife companies.
1 Not all features are available with all income types or in all states.
2 Both start dates need to be within the 10-year window (five years prior and five years after the client’s original income start date). This feature is only available with income options that include either a cash refund or a guarantee period.
3 The Cash Out Option must be elected at contract issue and may only be exercised within 30 days after a contract anniversary. If exercised, clients can cancel their annuity before income payments begin and receive between 92-100% of their total purchase payments depending on the period of time that has elapsed since each purchase payment was received by MetLife. For contracts issued with a Cash Out Option, lifetime income payments will be lower than if the option had not been elected.