With projected sales of more than $1 billion, MetLife’s Growth and Guaranteed Income (MGGI) variable annuities package is tops in its field. According to Zachary Dristol’s Annuity News Journal article “Top Two Annuity Providers See Over $1 Billion in Variable Annuity Sales,” the companies selling the MGGI are pleased. MetLife, Inc., one of the world’s top annuities, insurance, and benefits providers, sells the product along with Fidelity Investments, Inc. Fidelity is a leading provider of retirement and financial products around the world as well. MGGI’s variable annuities package guarantees lifetime withdrawals between 4 and 6% of your first premium investment. The range depends on the investor’s age and their life expectancy. This guaranteed lifetime benefit is locked-in at the individual rate established for each investor.
There are many factors contributing to the tremendous sales during a time when investors are being cautious. Investors are searching for products that will guarantee them income during retirement, and annuities fit the bill. The MGGI variable annuity not only offers this guaranteed lifetime income, but it also offers the potential for growth since the annuity rates are variable. Americans are looking for investments that will protect them financially, because statistics have shown that more than 2/3 of them don’t believe they have adequate financial security. Fidelity and MetLife are working together with this annuity product because they have found that Americans find some annuity products complicated to understand. Together the companies are able to offer a simple product, which is being managed by Fidelity. The costs are listed up front and are easy to understand. The $1 billion in sales shows that modern investors are clearly interested in the MGGI.
