The range has attracted £5bn of assets under management serving around 50,000 customers since launch in 2007.
In a statement, the firm said illustrations for new wealth management business will cease at 5pm today (Friday 7 July) and applications will only be accepted until 5pm on Friday 28 July.
The firm says it will maintain high levels of service for its existing customers and their financial advisers.
Dominic Grinstead, managing director at MetLife UK, said: “Whilst our wealth management products deliver good outcomes for our customers, the ongoing challenge of long-term low interest rates has made it difficult to deliver value for MetLife. After thorough analysis, we have decided to focus on our employee benefits and individual protection business.
“We will work with our colleagues to support them as we go through this important transition. We are committed to providing the highest level of service to our customers and financial advisers.”
Billy Burrows, director at Retirement IQ says: “These unit-linked guarantees are a strong customer proposition but the devil is in the details, and the details have got them.
“They have been too complex, too expensive and the guarantees have not been particularly high. The problem is the level of interest rates.
“History is going to be unkind to third way products. A lot of companies such as Lincoln and the Hartford have tried to fill the gap in between annuities and drawdown.
“Yet if we want better outcomes, we don’t need hybrid products. We need better advice. What can they do that you can’t do with traditional annuities combined with drawdown?”
