The freedom income plan (FIP) will allow annuitants to move to another product should they become ill.
Dominic Grinstead, managing director at MetLife UK, said: "The fixed term annuity market is a prime example of the innovation and flexibility that is needed in the UK retirement market.
"With the relaxation of the age 75 rule and continuing low annuity rates, consumers will be looking for more options at retirement."
The product is similar to the Next Generation annuity launched by rival provider Just Retirement in May.
With the vast bulk of client money now going on to platforms, who really benefits? The client, the adviser or just the platform provider?