To help clients turn retirement assets into a stream of withdrawals they cannot outlive
US-based insurer, MetLife has launched its Simple SolutionsSM Variable Annuity (Simple Solutions), which is designed mainly for individuals who are nearing or in retirement.
The product would be offered through banks, providing a new vehicle for financial advisors at those banks to help clients turn retirement assets into a stream of withdrawals they cannot outlive.
Kevin Crowe, MD of Bank Channel with MetLife, said: “The goal in creating Simple Solutions was to give individuals and the banks which serve them an easy-to-understand, lower-cost variable annuity with solid basic benefits. Bank representatives may traditionally sell fixed annuities, but this variable product offers additional benefits their clients may need, all packaged in an easy-to-explain product with a simple application.”
MetLife offers life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals. The company also provides group insurance and retirement & savings products and services to corporations and other institutions.