MetLife Creates Variable Annuities.for Intermediaries MetLife Investors Group, Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif., a subsidiary of MetLife Inc., has launched a suite of variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. products for sale through non-proprietary intermediaries, such as wirehouses, broker/dealers and banks. The suite includes three products, one with a purchase bonus, one with a short surrender To give up, return, or yield. The word surrender presupposes the possession or ownership of the thing that is to be returned or given up. It indicates a transfer of title as well as possession, but it does not express or in any way suggest the transaction of a sale period and one with a traditional seven-year surrender period. Each product offers a choice of death benefits, living benefits and an earnings-preservation benefit. Morningstar Associates, the Chicago-based provider of investment information about mutual funds and variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , helped MetLife design the suite's architecture, which seeks to help intermediaries find investment-management solutions for their clients. This month, MetLife Investors plans to launch a variable annuity with no surrender charges Surrender Charge A fee levied on a life insurance policyholder upon cancellation of his or her life insurance policy. The fee is used to cover the costs of keeping the insurance policy on the insurance provider's books. and low fees. In the third quarter, it will add variable life, mutual funds, retirement plans and other investment/insurance products. Finance professionals seeking information about MetLife Investors Group. |
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