What is MetLife Total Control Account?

The MetLife TCA is a product offered by MetLife on which the company may make a profit. The beneficiary pays no monthly maintenance fees on a MetLife TCA. The beneficiary has complete control of, and access to, the entire amount of the insurance proceeds.

How do I withdraw money from my total control account?

You may make withdrawals by written request, telephone (subject to MetLife’s current procedures), or by using the checks we supply to you. The checks are drawn on a bank account made available to you at a bank chosen by MetLife. Each withdrawal must be $250 or more.

What is a TCA account with MetLife?

Total Control Account® (TCA)3: Also known as a retained asset account, this life settlement option helps your beneficiaries manage life insurance proceeds and provides easy and immediate access to their funds.

How do I check my MetLife TCA balance?

By creating an online MetLife account, you can electronically access your MetLife TCA. Set up this account by visiting eService.MetLife.com and following the prompts. Once you’ve registered your free account, you can view your current balance, current interest rate, account statements and your transaction history.

How long does a beneficiary have to claim?

There is no time limit on life insurance death benefits, so you don’t have to worry about filling a claim too late. To file a claim, you can call the company or, in many cases, start the process online.

Can I cash out my MetLife insurance Policy?

Cash values can be accessed through loans and/or withdrawals, but these will reduce the death benefit and may have tax consequences. In addition, withdrawals from some policies may be subject to surrender charges and could have a permanent effect on the cash value and the death benefit.

Can I cash out my MetLife Insurance Policy?

Is MetLife the same as Metropolitan Life?

MetLife, Inc. MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.

What is the MetLife total control account (TCA)?

The Metropolitan Life Insurance Company (MetLife) has a benefits settlement option called the MetLife Total Control Account, also known as the MetLife TCA, which offers flexible spending options to meet different needs.

What happens to my MetLife settlement proceeds?

One exception is if the insured preselected a different settlement option for you. If you’re the beneficiary of less than $7,500 in settlement proceeds from a MetLife insurance or annuity contract (or if you’re a resident of a foreign country), MetLife typically pays your claim with a lump-sum check.

When can the beneficiary withdraw the full amount from the TCA?

The beneficiary can withdraw the full amount from the MetLife TCA at any time. The information packet the beneficiary receives will include a draft book (similar to a checkbook).