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Annuities FAQs: MetLife Growth and IncomeSM

  • May I purchase the MetLife Growth and Income Annuity?

    MetLife Growth and Income Annuity is not available to new investors at this time.

  • What if I own the MetLife Growth and Income Annuity and have questions?

    You can contact your Fidelity representative or the Fidelity Annuity Service Center at 800‐634‐9361 for assistance with any questions specific to your contract.

  • How are my assets invested?

    Your assets are invested in the Fidelity® VIP FundsManager® 50% Portfolio1—a fund that invests in other Fidelity funds and is designed to provide diversified exposure across several major financial asset classes. This fund targets a strategic allocation of 35% domestic equity, 15% international equity, 40% fixed income, and 10% money market funds. Please note that, depending on the type of contract and state law, your assets may initially be invested in the Fidelity VIP Government Money Market Portfolio for a short period of time.

  • How can my guaranteed annual income increase?

    Your guaranteed2 annual income has the potential to increase until the oldest annuitant reaches age 85.3 On each contract anniversary4 (until the oldest annuitant reaches age 85), your contract value5 is compared with your benefit base. In the event the contract value exceeds the benefit base on that date, your benefit base is increased so it equals your contract value. As a result, your guaranteed annual income is recalculated by multiplying your new benefit base by the withdrawal percentage established at your first withdrawal. That increased benefit base is protected from future market declines.

  • Can I withdraw more than the guaranteed annual income payment?

    Yes, however, doing so may reduce any future guaranteed2 annual income and/or death benefit payments.6 Please note that an excess withdrawal that reduces the contract value to zero terminates the rider and the contract. Also, if you withdraw more than the guaranteed amount during the first five years of the contract, you may be subject to a 2% surrender fee.7

    If your contract was funded with pretax assets, such as those from a 401(k) rollover,8 you may have a minimum required distribution (MRD) requirement that exceeds your guaranteed annual income payment. If so, you may be able to withdraw your entire MRD amount without penalty. You must utilize the systematic withdrawal program, and any withdrawals outside the systematic withdrawal program may result in excess withdrawals. Other conditions apply. Please read the prospectus for important information and limitations.

  • How are my assets taxed on withdrawal?

    This depends on how you fund your annuity. If you fund your annuity with pretax assets, such as those from a 401(k) rollover,8 all your distributions will be taxed at your ordinary income rate since the assets used to purchase the annuity have never been taxed.9 If you fund your annuity with after-tax assets, such as those from a non-retirement brokerage account,10 you are only taxed on any gains at your ordinary income rate. In this situation, gains are paid out first before cost-basis. Keep in mind that taxable amounts withdrawn from a tax-deferred account prior to age 59½ may be subject to a 10% IRS penalty.

  • If I recently purchased a MetLife Growth and Income Annuity (MGI), is there a period of time when I can cancel my contract without penalty?

    Yes, the law of the state which governs your contract allows you to cancel your contract without penalty for a limited period of time, known as the Free Look Period. The length of the Free Look Period varies by state, but is never less than 10 days from the day your contract is issued.

  • What happens if I fully deplete the assets in my account in a given contract year?

    If your assets are fully depleted—either through the withdrawal of annual guaranteed income payments, poor market performance, or a combination of these factors—you will continue to receive your guaranteed2 annual income payment for the remainder of your life (or for the longer of your or your spouse's life, if you own a joint contract).

    Important note: If your final withdrawal exceeds your guaranteed annual income payment and reduces your contract value to zero, your contract will be terminated and you will not receive any additional annual income payments. It is your responsibility to manage withdrawals, and you will not be notified if you submit a withdrawal request that causes an excess withdrawal, including an excess withdrawal that terminates the contract.

  • Can I add to my annuity's account value once it has been issued?

    No, you cannot add to your MetLife Growth and IncomeSM annuity once it has been issued.

  • What happens if there is money left in my annuity when I die?

    If you listed your spouse as a joint annuitant of the annuity when you purchased it, he or she will continue the contract as the owner and have access to all benefits. If there is not a joint annuitant, your named beneficiaries have the opportunity to receive the contract value or return of the purchase payment,6 adjusted for any withdrawals. The latter is not available in a lump sum; please see the prospectus for details.

To buy or learn more

1. The Fidelity® VIP FundsManager® 50% Portfolio is subject to the volatility of the financial markets in the U.S. and abroad, and may be subject to the additional risks associated with investing in high-yield, small-cap, and foreign securities. Please note that the portfolio's performance depends on that of the underlying Fidelity and Fidelity VIP funds. The portfolio is managed by FMR Co., Inc., an affiliate of FMR. Please see the fund prospectus for more information.
2. Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions, and limitations and the insurer's claims-paying ability and financial strength. Income is provided through guaranteed withdrawals.
3. Benefit base will be compared to contract value annually and increased when the contract value exceeds the benefit base on anniversary dates prior to the oldest annuitant reaching age 85. After age 85, customers will no longer be eligible for potential benefit base increases. Withdrawals will reduce the account value and death benefit and may impact whether your income payments will increase even if your account value is increasing.
4. Contract anniversary: Your contract anniversary is the yearly anniversary of the date upon which your contract was issued.
5. Contract value: The conceptual equivalent to an account value, your contract value is initially the total lump sum you invest in your annuity. Subsequently, your contract value will change over time, depending on the performance of your investments, the fees assessed on your account, and any withdrawals you make.
6. Beneficiaries may elect to receive contract value or a return of purchase payment, adjusted for withdrawals, payable in periodic payments that annually do not exceed your guaranteed annual income. See the prospectus for details.
7. Excess withdrawals and any withdrawal prior to age 59½ may significantly reduce the guaranteed withdrawal benefit amount and if taken during the first 5 contract years, may be subject to a 2% surrender fee. Withdrawals of taxable amounts are subject to ordinary income tax and, if made before age 59½, may be subject to a 10% federal income tax penalty. Withdrawals of taxable amounts from a non-qualified annuity may also be subject to the 3.8% Unearned Income Medicare Contribution tax if your modified adjusted gross income exceeds the applicable threshold amount.
8. Before purchasing an annuity with 401(k) assets, you should evaluate how the annuity and 401(k) compare with respect to benefits, fees, and choice of investment options.
9. Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.
10. Transfers may trigger taxes on long- and short-term capital gains; you should consider the consequences of liquidity on assets in your brokerage accounts.
MetLife Growth and Income annuity (Policy Form Series No. 8800 (10/09)) is issued by MetLife Insurance Company USA, Charlotte, NC 28277 and, in New York (Policy Form Series No. 6800 (10/09)), only by Metropolitan Life Insurance Company, New York, NY 10166 (collectively and singly "MetLife"). MetLife Insurance Company USA and Metropolitan Life Insurance Company are affiliates. The contract's financial guarantees are solely the responsibility of the issuing insurance company. Fidelity Brokerage Services, Member NYSE, SIPC, and Fidelity Insurance Agency, Inc., are the distributors; they are not affiliated with any MetLife company.
The contract value is subject to market fluctuations and investment risk so that, when withdrawn, it may be worth more or less than its original value.
VIP refers to Variable Insurance Products.
Before investing, consider the investment objectives, risks, charges, and expenses of the annuity and its investment options. Contact Fidelity for a prospectus and, if available, summary prospectus containing this information. Please read the prospectus and consider this information carefully before investing. Product availability and features may vary by state. Please refer to the contract prospectus for more complete details regarding the living and death benefits.