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March 20, 2014 at 12:34 PM
MetLife unveiled MetLife Max, its long-awaited new suite of retirement products, available in Australia.
The suite combines two accumulation products, one of which is capital guaranteed; two transition-to-retirement products (TTRs), one of which is guaranteed; and a post-retirement “lifetime growth annuity.”
The first two products are available from age 45; the second two from age 55; and the lifetime annuity from age 60.
Between the ages of 60 and 65, the lifetime annuity guarantees returns of 4 percent plus 1 percent bonus for five years. Between 65 and 70 this rises to 4.5 percent plus a 1 percent bonus for five years, and from 70, it returns 5 percent plus a five-year bonus of 1 percent.
If the initial investment is $100,000, yearly payments will always be calculated from this amount, no matter how much remains of the initial investment. However, if the initial sum grows, at the end of the year that new figure will become the guaranteed figure.
Author’s note: This announcement was originally published without the specification of the product’s exclusivity to Australia. I regret any confusion this may have caused.
In other news:
OneAmerica is now offering its flagship individual whole life coverage to employees at the worksite issued by American United Life Insurance Company (AUL), a OneAmerica company.
With guaranteed issue underwriting and a competitive group rate, Legacy offers permanent life protection with features that employees would not be able to secure on their own.
“Legacy combines the life protection individuals and families need—but too often don’t secure on their own—with cash value that can grow and be there for them in the future,” said Jim McGovern, vice president, AUL Employee Benefits.
The Powered by BizEquity patented solution from BizEquity, a provider of business valuation system and service, can now be licensed and used under a private label by financial institutions in the insurance, wealth management and banking sectors.
By licensing BizEquity, financial institutions can now help their business-owning clients understand what their business is worth in order to better serve, protect and grow them as clients.
“Through making BizEquity’s cloud-based offering available as a private label offering to financial institutions, we are putting the power of knowledge in the hands of agents, advisors, and bankers to help their clients and prospects succeed,” said Michael M. Carter, president and CEO of BizEquity.
To date, BizEquity has valued more than 13 million businesses worldwide and has licensed its product to 20 financial institutions.
