MetLife (NYSE: MET) introduced a new feature for its immediate income annuity that allows participants to cancel their annuity within the first three years of receiving payments. The Annuity Cancellation Option provides a refund of premiums paid, minus benefits already received, without cancellation or surrender fees.

The feature applies to MetLife's Guaranteed Income Program, which helps defined contribution plan participants convert retirement savings into guaranteed lifetime income. The program offers various payment options, including lifetime income or income for a specified period, along with additional protection features.

"Participants want dependable income they can count on, along with the flexibility to adapt as their needs evolve," said Roberta Rafaloff, head of Institutional Income Annuities at MetLife. "The Annuity Cancellation Option helps address both by giving participants added options and control early in retirement."

Research from the Employee Benefit Research Institute shows more than four in five workers express interest in guaranteed income solutions. Goldman Sachs Asset Management research indicates consumers value solutions that combine reliable income with flexibility.

The information is based on a MetLife press release.