NU Online News Service, Jan. 26, 2005, 5:32 p.m. EST

A large life insurer has come up with a new choice for life insurance beneficiaries.[@@]

The company, MetLife Inc., New York, has introduced the Guarantee Advantage Universal Life policy.

The policy comes with a guaranteed survivor income benefit option. The option gives beneficiaries a chance to receive all or a portion of the death benefit in the form of guaranteed monthly income. The option guarantees higher monthly lifetime income than beneficiaries would be eligible for otherwise, MetLife says.