METLIFE ANNOUNCES INCOME ANNUITY ENHANCEMENTS
- Increasing Income and Early Access Options Now Available on the MetLife Income AnnuitySM Product --
New York, NY – September 5, 2012 – MetLife announced that it has made enhancements to its income annuity product to help individuals build a strong financial foundation for their futures. The MetLife Income AnnuitySM – a single premium immediate annuity – now offers two new features: an Increasing Income Option and an Early Access Option. The Increasing Income Option will allow the owner to elect to increase their income payments, compounded by an amount they choose, each year. The Early Access Option will provide access to a portion of their income payments in the event that an unexpected need arises.
“Securing lifetime income is top of mind for retirees and those approaching retirement. By allocating a portion of their assets to an income annuity, individuals can cost-effectively generate guaranteed monthly income - without market risk - to help cover day-to-day expenses in retirement or supplement other income sources,” said Elizabeth Forget, senior vice president, MetLife Retail Annuity Products.
The Increasing Income Option allows the annuity owner to select that their income payments be increased each year by a percentage rate they choose, generally between 2 – 4%, to help preserve purchasing power and keep pace with rising costs. Under this optional feature, income payments will compound on each payment anniversary based on the pre-selected increase rate. This option is only available at issue to contracts issued to owners at least 59½ or older.
The Early Access Option provides clients the flexibility to take a portion of their future income if an unexpected need arises during their liquidity period. The liquidity period will vary based on the income type elected, giving clients added value in meeting their individual needs. Another innovative feature of the Early Access Option is that MetLife locks in the assumptions used to calculate the liquidity period value when the contract is issued. This allows clients to know with certainty, at purchase, how much they can withdraw at any time during the liquidity period should an unexpected need arise. This feature is only available at issue to contracts issued to owners at least 59½ or older.
“These new features provide clients with added flexibility and a stable foundation of guaranteed income backed by the strength of MetLife,” continued Forget.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, 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.MetLife fixed income annuities, like all annuities, are insurance products and are not insured by the FDIC, the NCUSIF or any other government agency, nor are they guaranteed by, or the obligation of, the financial institution that sells them. All product guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Like most annuity contracts, MetLife fixed income annuity contracts contain exclusions, limitations, and terms for keeping them in force. Please contact your financial professional for complete details.