An insurer is trying to draw more consumer attention to the risk that some retirees may outlive their retirement income.
A unit of MetLife Inc., New York, has changed the name of a retail deferred income annuity product to the Longevity Income Guarantee annuity.
The product previously was known as the Personal Income Builder annuity.
MetLife has started selling the LIG contract through the MetLife Investors independent distribution arm.
MetLife began selling the annuity under the old name through career agents at MetLife and New England Financial in 2004.