A new variable annuity from MetLife Inc. is designed with older bank customers in mind.
Called Simple Solutions VA, it includes immediate lifetime withdrawals as a built-in feature and automatic payment increases when market performance is positive.
The policy is targeted primarily at bank consumers who are near or in retirement (ages 60 to 80) and who otherwise might not look at VAs, says MetLife, New York. It is built to be simple to explain and understand and to have lower costs than many other VAs, the company says.
The VA has one income protection benefit, four investment options, and a three-page application, says MetLife.
- Guaranteed lifetime withdrawals of up to 6% of initial investment, depending on age of client. These withdrawals will not decrease, regardless of market performance.