A unit of MetLife Inc. has changed its variable annuity lineup, adding a death benefit option and updating 2 living-benefit riders.
The optional death benefit rider provides a guaranteed death benefit at least equal to purchase payments accumulated at 6% through age 90, or the highest anniversary value though age 80, if greater.
Annual step-ups are available through age 80.
MetLife also updated 2 rider options, the Guaranteed Minimum Income Benefit Plus option and the Lifetime Withdrawal Guarantee option.
If a GMIB rider is elected, the income base now will compound at 6% through age 90, up from age 85.
The LWG rider changes now allow for more asset accumulation and potentially larger withdrawals, as well as more portfolio flexibility, MetLife says.
The MetLife unit that issues the contracts and riders is responsible for backing the rider guarantees.
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