by John Darer CLU ChFC CSSC RSP
As the news of Executive Life of New York benefit reductions hits the street, some have asked whether or not there will be any effect on MetLife? In short, no. The question was retrieved from a Bing Search on December 10, 2011. Where does this apparent non sequitur come from?
As announced in the New York Times January 22, 1992, the original Executive Life Insurance company of New York "rescue plan called for the Metropolitan Life Insurance Company of New York (sic) to only provide bookkeeping services for Executive Life annuities that were currently making payments and to take over the rest of Executive Life's businesses.
The businesses to be taken over are deferred annuities, whole-life policies, term-life policies and so-called interest-sensitive policies — known as universal-life policies. Executive Life's contracts for deferred annuities and these three types of policies would be canceled, and the holders would be issued new contracts by Metropolitan Life".
Read the full New York Time article from January 22, 1992
If you are a former Executive Life Insurance Company of New York policyholder or annuity holder and issued a brand new contract by Metropolitan Life Insurance Company, you should not have any concerns.
If you are a Metropolitan Life Insurance Company policyholder or structured settlement annuitant you should not have any concerns.
With more than $450 billion of assets under management, MetLife is the largest insurance group in the United States and one of the largest in the world.
A.M.Best A+
Standard & Poors AA-
Moodys Aa3
Download MetLife_Investments_FactSheet_3Q2011
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