MetLife Guaranteed Income Program

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Lifetime Income

MetLife Guaranteed Income Program®

5 Minutes Dec 07, 2021

A Fixed Immediate Income Annuity for Financial Stability in Retirement

59% of employees are concerned about outliving their savings.1 With the continuing decline of defined benefit pension plans, employees must take on more responsibility to ensure their savings lasts throughout retirement. As a result, your employees may be delaying retirement or more retirees may be headed back to work.

You can empower your employees to retire by offering the MetLife Guaranteed Income Program® (MGIP). MGIP is a fixed immediate income annuity that provides employees with guaranteed lifetime income. Employees can complement other savings and investments, by adding a guaranteed and secure income stream at retirement.

Product Features

  • Minimum purchase amount: $5,000
  • Maximum issue age: 85
  • Income payment start date: within one year of purchase
  • Income payment frequency: monthly, quarterly, semiannually or annually
  • Income payment method: check or direct deposit

Key Benefits

For Employers

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For Employees

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Choice of Payment Options Available

Lifelong Income for You®: Guarantees that a participant will receive fixed payments for as long as they live.2

Lifelong Income for Two®: Guarantees that a participant and a spouse (or significant other), will receive fixed payments for as long as at least one of the them lives.2

Lifelong Income with Guarantee Period: Guarantees income for life with the assurance that should a participant (or, if “Lifelong Income for Two” is selected, the participant and a spouse or significant other) die during the selected period (between 5 and 30 years) payments will continue to a beneficiary for the time remaining.2

Income for a Guaranteed Period Only: Guarantees income for a specified period only (between 5 and 30 years) with payments continuing to a beneficiary should the participant die during the selected period.2

Additional Optional Features3

Return of Premium Guarantee: Also known as a cash refund, this ensures that, should a participant pass away after income payments begin, but before they live recouped the total dollar amount paid to purchase the annuity, the difference will be paid to the participant’s beneficiary.2

Inflation Protection: To protect a participant’s income payments from an increased cost of living, this feature increases the income payment amount each year by a choice of either 1%, 2% or 3% annually.2

Our Advantage

The MetLife enterprise ranks #1 in sales and assets of institutional income annuities.4 For over 45 years, the Institutional Income Annuities team has developed, evolved and refined a disciplined approach to creating guaranteed income solutions. We’ve done so by accumulating decades of knowledge, listening intently to our customers and putting our clients first. This combination of experience and empathy, paired with our financial strength, results in a committed partner with a proven ability to anticipate market shifts and successfully navigate them.

Please Contact a Member of our Team for More Information:

Patrick Goessling
Sales Director, Western Region
314-930-8564
patrick.goessling@metlife.com

David Nastasi
Sales Director, Eastern Region
610-684-5695
david.nastasi@metlife.com

1. MetLife’s 19th Annual U.S. Employee Benefit Trends Study, 2021.
2. All guarantees are based on the financial strength and claims-paying ability of the issuing MetLife company.
3. The cost to elect these features is generally higher and the initial payments lower than for payment options selected without these features. Electing these features may also affect the tax calculation in payments received. Please consult your tax advisor.
4. LIMRA U.S. Group Annuity Risk Transfer Survey (a survey of 19 participating companies), December 31, 2021.

Group annuity contracts are issued through Metropolitan Tower Life Insurance Company (MTL) or Metropolitan Life Insurance Company (MLIC). Like most group annuity contracts, MTL and MLIC group annuities contain certain limitations, exclusions and terms for keeping them in force. MTL and MLIC annuity products may not be available in all states. Contact your MetLife representative for more information.

Any discussion of taxes is for general informational purposes only and does not purport to be complete or cover every situation. MetLife, its agents and representatives may not give legal, tax or accounting advice and this document should not be construed as such. You should confer with your qualified legal, tax and accounting advisors as appropriate.

Metropolitan Tower Life Insurance Company | Lincoln, NE 68516

Metropolitan Life Insurance Company | New York, NY 10166