Metlife Annuity Contracts: Insurance For Life?

MetLife is a well-known provider of annuities, which are financial contracts between an individual and an insurance company. Under the terms of an annuity, the individual pays the company a sum of money, and the company, in turn, makes periodic payments to the individual over their lifetime. While MetLife no longer sells new life insurance policies or annuities to individuals through agents, it does continue to offer employer-sponsored retirement plans. MetLife's annuities are issued by the Metropolitan Life Insurance Company, and distributed by MetLife Investors Distribution Company, both subsidiaries of MetLife, Inc. MetLife's annuities come in two types: fixed and variable. While fixed annuities offer a guaranteed rate of return over a specified period, variable annuities offer the potential for higher returns, but with higher risk. MetLife's annuities also offer tax benefits, with taxes on gains typically deferred until withdrawals are made.

MetLife annuity contract holders can manage their policies online

Additionally, beneficiaries of a MetLife annuity contract can visit metlife.com/annuityclaims to submit a death notification, learn about the claims process, and get answers to frequently asked questions.

It is important to note that MetLife no longer sells new life insurance policies, long-term care insurance, disability insurance policies, or annuities to individuals through agents. However, they continue to enrol eligible employees in existing employer-sponsored retirement plans. Certain policies remain with MetLife, while others have transitioned to Brighthouse Financial, a separate company focused on retail products for consumers. This transition does not impact the terms and conditions or premium payments of the policies and contracts.

MetLife annuity contract holders can submit a death notification

MetLife separated a portion of its individual life insurance business (life insurance you buy in-person through an agent) and annuity business, establishing a company called Brighthouse Financial, Inc. Certain contracts remain with MetLife and others have transitioned to Brighthouse Financial, based on the issuing company for your contract.

If you have an annuity contract that was issued by one of the following companies, your annuity has been transitioned to Brighthouse Financial:

• First MetLife Investors Insurance Company (now named Brighthouse Life Insurance Company of NY)
• MetLife Insurance Company USA (now named Brighthouse Life Insurance Company)
• New England Life Insurance Company

If you have an annuity contract that was issued by one of the following companies, your annuity remains with MetLife:

• Metropolitan Life Insurance Company
• Metropolitan Tower Life Insurance Company

To notify MetLife of a death, please complete the death notification form. Once your notification has been processed, MetLife will send the necessary information to the beneficiary(ies) that they have on file.

MetLife no longer sells individual life insurance policies or annuities through in-person agents

This means that certain policies are still with MetLife, while others have moved to Brighthouse Financial. However, these changes have no impact on existing life insurance policies or annuity contracts. The same terms and conditions apply, and the same premiums need to be paid.

Owners of active individual life insurance policies and annuity contracts that moved to Brighthouse Financial were sent a notice informing them of the change. If you have an annuity contract that was issued by one of the following companies, your annuity remains with MetLife:

• Metropolitan Life Insurance Company
• Metropolitan Tower Life Insurance Company

If your annuity contract was issued by one of the companies listed below, it has been transitioned to Brighthouse Financial:

• First MetLife Investors Insurance Company (now Brighthouse Life Insurance Company of NY)
• MetLife Insurance Company USA (now Brighthouse Life Insurance Company)
• New England Life Insurance Company

If you have any questions, you can contact your financial professional or log in to your account online.

MetLife annuity withdrawals are taxed as ordinary income in the year of withdrawal

The taxation of MetLife annuity withdrawals is similar to that of other types of retirement accounts, such as IRAs and 401(k)s, where you are taxed on the gains when you withdraw the money. This is known as tax-deferral, and it allows you to postpone paying taxes on your earnings until you actually receive the money. In general, tax-deferral can be beneficial if you expect to be in a lower income tax bracket during retirement, as you will pay taxes at a lower rate.

It's worth noting that there are different types of annuities, such as fixed and variable annuities, and the tax treatment may vary slightly between them. With a fixed annuity, you receive a guaranteed rate of return over a specified time period. On the other hand, variable annuities offer the potential for higher returns by investing in stocks and bonds, but they also come with a higher risk of loss. The type of annuity you choose will depend on your financial goals and risk tolerance.

When considering a MetLife annuity, it's important to carefully review the contract and understand all the associated fees and charges. For example, there may be surrender fees if you withdraw money early, and these fees can be quite high. Additionally, it's recommended to consult with a financial or tax professional to ensure you understand the tax implications of your specific situation.

By understanding how MetLife annuity withdrawals are taxed as ordinary income in the year of withdrawal, you can make informed decisions about your retirement planning and maximize the benefits of your annuity contract.

MetLife annuity contract holders can contact the company for more information

Annuities are financial contracts between an individual and an insurance company, where the individual pays the company money and the company, in turn, pays out periodic payments at a later date. MetLife offers two types of annuities: fixed and variable. Fixed annuities offer a guaranteed rate of return over a specified period, while variable annuities offer the potential for higher returns by investing in stocks and bonds, but with a higher risk of loss.

MetLife annuity contract holders can manage their policies and find answers to their questions online. They can also update their contact information, such as their mailing address or phone number, through the MetOnline servicing site. Additionally, contract holders can reach out to their financial professional or contact MetLife directly with any queries. The company provides different contact numbers for group and individual annuities.

For Group Annuities purchased through an employer, the number is 1-800-560-5001. For Individual Annuities purchased independently or through a broker, the number is 1-800-638-7732. This number can also be used for questions regarding contract payments and income benefits.

MetLife also provides a range of forms on its website, which can be downloaded and mailed or faxed to the relevant address. These include forms for updating beneficiary selections and bank account information for direct deposits.

Frequently asked questions