A large insurer is giving purchasers of an income protection product more protection against inflation.
A unit of MetLife Inc., New York, is increasing the “compounding income base component” of its GMIB Plus and Predictor Plus guaranteed minimum income benefit riders to 6%, from 5%.
The riders guarantee purchasers access to a lifetime stream of retirement income.
The compounding income base, also known as the riders’ “annual increase amount,” now guarantees a 6% increase in base retirement income each year for purchasers who meet the rider requirements.