MetLife Inc. will offer at guaranteed survivor income benefit as a rider to Guarantee Advantage Universal Life, its new universal life policy.
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The rider will give beneficiaries the option of receiving all or part of a death benefit in the form of guaranteed monthly income.
"Most beneficiaries tend to be conservative and are looking for a safe, convenient source of income with an attractive guaranteed return," said Robert E. Dehais, a vice president, in a press release issued Wednesday about the rider. "The guaranteed survivor income benefit can guarantee the beneficiary a competitive monthly income that can't be outlived."
A number of insurers have recently started to offer monthly payments as an alternative to lump-sum death benefits.
