As reported in Banking Business Review, “MetLife Launches (a) Lower-cost Variable Annuity.” The product is called Simple Solutions and is geared towards retirees and those soon-to-be that are 60-80 years old. Simple Solutions was introduced to meet two retirement concerns: “retirement income and safety considerations.” MetLife meets these with a guaranteed lifetime income feature allowing up to a 6% (of the initial investment) withdrawal that will not lower no matter what happens in the markets. This percentage is based on the age of the investor.
In order to reach more clients that may not have been aware of the benefits of a variable annuity, Simple Solutions is being made available at banks. MetLife’s goal with this product is a straightforward variable annuity with uncomplicated terms that everyone can understand. One income protection benefit, an easy and short application, and only four choices for investments to choose from make this one of the simplest variable annuities out there. With great feedback from the banks so far, MetLife is confident that Simple Solutions will provide lifetime retirement income to many investors.
