Providing guaranteed lifetime income with flexibility
CHARLOTTE, NC, February 17, 2015 – MetLife today announced the launch of its new FlexChoice guaranteed lifetime withdrawal benefit (GLWB) rider, which is available with the company’s flagship variable annuities.
This new option is designed to provide clients guaranteed lifetime income with an opportunity to benefit from market growth, while offering flexibility should their financial needs change. “MetLife is committed to offering competitive solutions to clients seeking confidence and certainty in retirement,” said Elizabeth Forget, executive vice president of MetLife Retail Retirement & Wealth Solutions.
“FlexChoice is designed to provide clients with guaranteed lifetime income, while offering them significant flexibility should their needs or circumstances change. This pairing of guaranteed income and control through flexible features will serve as a powerful combination for retirement investors seeking investment options that are both reliable and adaptable.”
New and unique flexibility
Clients who elect the FlexChoice rider can benefit from market growth and are guaranteed to receive lifetime income, even if market declines or withdrawals reduce their account value to zero . FlexChoice is unique in the industry as a GLWB rider in that it does not require the client to elect coverage of one person or two spouses at issue. Additional features include the opportunity for clients to start and stop withdrawals at any time without losing their ability to receive lifetime income, and the ability to cancel the rider if their needs change and receive a return of their purchase payments, adjusted for any withdrawals.
An optional death benefit can also be elected for an additional charge for those who seek added protection for their heirs. MetLife offers a broad portfolio of retirement solutions designed to meet the diverse retirement planning needs of clients. The launch of FlexChoice underscores the company’s commitment to meeting the demand for guaranteed income in retirement. “With the addition of FlexChoice, our portfolio of retirement solutions is now the most robust it has ever been,” said Forget. “Whether clients are looking to grow their retirement assets, protect a portion of their savings from market loss, generate a pension-like stream of guaranteed income or find a combination that works for them, we have the products they need to retire with confidence.”
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.