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MetLife unveils deferred income annuity with added flexibility

US insurer MetLife has rolled out its new deferred income annuity with added flexibility to offer a pension-like stream of future, guaranteed lifetime income payments together with an innovative level of flexibility.

Dubbed as the MetLife Guaranteed Income Builder, the product can be customized to meet the guaranteed income requirements of clients across all stages of retirement and can supplement other retirement income sources, claims the insurer.

Clients’ income payments are based mainly on the amount of their purchase payments and when they choose to begin receiving income payments, which enables them to know exactly how much income they will receive from each purchase payment.

MetLife retail annuity products senior vice president Elizabeth Forget said: "Through its many innovative features, the Guaranteed Income Builder provides clients both the certainty of a reliable stream of income as well as the adaptability to meet changing needs."

The Guaranteed Income Builder delivers a mixture of several features, including purchase of annuity for as little as $2,500, helping them fund the annuity gradually and build income over time.

It also enables them to choose to start a portion of their income sooner or later than originally planned, giving clients access to their money when they need it, and they can change their chosen income payment start date twice.

The life insurer said that the Guaranteed Income Builder can be an important part of a client’s overall retirement strategy, providing future, pension-like lifetime income payments that can be used to supplement other retirement income sources.