MetLife recently announced the launch of a simple, low cost variable annuity called Simple Solutions.
The Simple Solutions variable annuity will be sold through banks and is intended to address retirees and near-retirees in the range of 60-80 years of age.
Features and highlights include:
- A guaranteed lifetime withdrawal benefit of up to 6% of the initial investment if withdrawals begin after age 76, 5% between 65 and 75, and 4% if before age 65.
- Automatic annual increases of the GLWB if the market performs well and the ability to lock-in these increases if the market later declines.
- Low cost: no front-end sales charge; annual $30 account fee waived for account values of $50,000 or more; 1.00% mortality and expense charge; lifetime withdrawal guarantee rider charge of 1.00% for single life version (maximum charge on step-up is 1.60%) or 1.20% for joint life version (maximum charge on step-up is 1.80%); and investment management fees ranging from .59%-1.12%.
- 3 asset allocation portfolio options and 1 money market option.
Source: MetLife
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