New product includes immediate lifetime withdrawals, diversified and professionally managed investments
MetLife has launched Simple Solutions Variable Annuity (Simple Solutions), designed primarily for individuals who are nearing or in retirement. MetLife has said that Simple Solutions addresses both the retirement income and safety considerations that motivate many of today’s retirees and soon-to-be retirees, aged 60-80.
MetLife has added that the new product offers, guaranteed lifetime withdrawals of up to 6% of the initial investment, depending on the age of the client. These withdrawals will not decrease, regardless of market performance. The product addresses both the retirement income and safety considerations that motivate many of today’s retirees and soon-to-be retirees, aged 60-80. Simple Solutions will be offered through banks, providing a new vehicle for financial advisors at those banks, to help clients turn retirement assets into a stream of withdrawals they cannot outlive.
Kevin Crowe, managing director of Bank Channel at MetLife, said: “The goal in creating Simple Solutions was to give individuals and the banks which serve them an easy-to-understand, lower-cost variable annuity with solid basic benefits. Bank representatives may traditionally sell fixed annuities, but this variable product offers additional benefits their clients may need, all packaged in an easy-to-explain product with a simple application.”
“With only one income protection benefit, four investment options and a simple, three-page application, Simple Solutions is an easier variable annuity to explain. We designed this product to reach the bank clients who might not otherwise have a chance to look at what a variable annuity can do for them. So far, the response from financial institutions has been positive,” added Mr. Crowe.