MetLife adds cancellation feature to retirement income annuity
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MetLife Expands Guaranteed Retirement Income Offering with Innovative Flexible Annuity Option
May 28, 2026 9:00 AM EDTNEW YORK--(BUSINESS WIRE)-- As demand for guaranteed lifetime income grows, MetLife today introduced a new liquidity feature for its immediate income annuity, the MetLife Guaranteed Income Program (MGIP). This innovative design offers defined contribution plan participants a simple way to convert savings into reliable income while maintaining greater flexibility early in retirement.
The Annuity Cancellation Option gives participants the freedom to cancel their annuity within the first three years of receiving payments and receive a refund of premiums paid, minus benefits already received, with no cancellation or surrender fees, giving participants added confidence as they transition... More
