MetLife Expands Guaranteed Retirement Income Offering with Innovative Flexible Annuity Option
MetLife introduced a new liquidity feature for its MetLife Guaranteed Income Program (MGIP), allowing participants to cancel their annuity within the first three years of receiving payments. The Annuity Cancellation Option refunds premiums paid minus benefits already received, with no cancellation or surrender fees, addressing consumer demand for flexibility alongside guaranteed income.
Key figures
- Cancellation window
- 3 years
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