MetLife has launched its enhanced variable universal life policy, Equity Advantage Variable Universal Life, based on the 2001 Commissioners' Standard Ordinary Mortality Table.
The company said that in addition to providing affordable life insurance coverage, the new product offers the potential for long-term cash value accumulation and income distribution through improved features and also provides policyholders with guaranteed life insurance protection options.
The new Equity Advantage Variable Universal Life (VUL) is a permanent life insurance policy that offers individuals a vehicle to set aside additional money on a tax-deferred basis, as well as the opportunity to help manage the risks of volatile investment markets, with guaranteed insurance protection.
The base policy offers guaranteed minimum death benefit options that provide a guaranteed death benefit for five years, 20 years or until age 65 regardless of investment performance. With the policy’s new guaranteed minimum death benefit rider, which is available for an additional charge, clients can select additional guarantees until age 85 or for their lifetime.
Equity Advantage VUL is designed to build cash value that can be systematically withdrawn and borrowed from the policy to provide the policy owner with a tax advantaged supplemental income stream. Withdrawals and policy loans reduce the death benefit and accumulated cash value.
Equity Advantage VUL features MetLife’s guaranteed survivor income benefit (GSIB) rider, available for an additional charge, which provides beneficiaries the option to receive death proceeds in the form of an enhanced monthly income rather than a lump sum payment. The maximum death benefit which can be applied to the GSIB is $5 million.