MetLife Inc. has introduced a living benefit rider for its variable annuities that guarantees the contract will be valued at 110% to 130% of the customer's initial purchase payments, less withdrawals, by the annuity's 10th anniversary.
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The rider is available with most MetLife deferred variable annuities offered through the company's agency and independent distribution channels, the New York insurer said last Monday.
The amount of guaranteed value depends on which of three underlying preallocated investment options is chosen. After 10 years, if the contract's value is higher than the guaranteed amount, the customer gets the higher amount.
