As interest rates continue at low levels, insurers are cutting the benefits on new products. Instead of 5% withdrawals, annuity owners can only take 4%. The withdrawal and roll-up rates appear to have hit a floor for now, but don't expect features to rise even if interest rates increase. MetLife, along with Jackson National Life Insurance Co. and Prudential Financial Inc., have dominated the variable annuities market. You have alternatives to the 4% income that can last for 30 years or more at less cost. Plus annuities are not refundable. The cost of the GMIB annuity is high compared with alternatives: http://www.amazon.com/Not-Buy-That-Annuity-Guaranteed/dp/1466494573
If you die early, your family gets nothing
There are better alternatives
>>>>Do NOT buy a policy before you compare alternatives<<<<
Longevity policies are a great deal if you know you will outlive everyone else at your age. You pay $20,000 to an insurer at age 60 and you receive about $920 a month for the rest of your life, beginning at age 85. If you die before age 85, the insurer keeps your principal. Even if you don't use your entire premium, your family gets nothing. Dan Keppel is also the author of Long-term Care Insurance: Is it right for you?