Fidelity, MetLife Partner on Retirement Income Annuity

MetLife’s Growth and Guaranteed Income Annuity is now available exclusively through Fidelity and is now the only deferred variable annuity with a living benefit available at the firm. It provides growth potential when the market improves, downside income protection when stocks decline in value, a guaranteed withdrawal benefit for life and a death benefit.

In introducing the product, MetLife and Fidelity noted that a MetLife/Harris Interactive poll conducted in September found that 68% of Americans are placing a much greater importance on protecting their portfolios against losses than on achieving stock market gains. Sixteen percent said they are more concerned about having reliable monthly income than about the total size of their retirement savings.

“By collaborating with MetLife, Fidelity is able to make an annuity product available to investors that combines the strength of two industry leaders,” said Jon j. Skillman, president of Fidelity Investments Life Insurance Company. The annuity “features an insurance guarantee backed by MetLife and the proven money management expertise of Fidelity, which together form a comprehensive, yet simple solution for those seeking retirement income protection, as well as upside growth potential and flexibility.”