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                                                                    EXHIBIT 4.15
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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                            METLIFE CAPITAL TRUST III

                           DATED AS OF _________, 2001


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                                           TABLE OF CONTENTS

                                                                            Page
                                                                            ----
ARTICLE I
         DEFINITIONS AND INTERPRETATIONS.......................................2
         SECTION 1.1    Definitions and Interpretation.........................2

ARTICLE II
         TRUST INDENTURE ACT...................................................6
         SECTION 2.1    Trust Indenture Act: Application.......................6
         SECTION 2.2    List of Holders of Securities..........................6
         SECTION 2.3    Reports by the Preferred Securities
                        Guarantee Trustee......................................6
         SECTION 2.4    Periodic Reports to Preferred Securities
                        Guarantee Trustee......................................7
         SECTION 2.5    Evidence of Compliance with Conditions Precedent.......7
         SECTION 2.6    Events of Default; Waiver..............................7
         SECTION 2.7    Event of Default; Notice...............................7
         SECTION 2.8    Conflicting Interests..................................8

ARTICLE III
         POWERS, DUTIES AND RIGHTS OF
         PREFERRED SECURITIES GUARANTEE TRUSTEE................................8
         SECTION 3.1    Powers and Duties of the Preferred Securities
                        Guarantee Trustee......................................8
         SECTION 3.2    Certain Rights of Preferred Securities
                        Guarantee Trustee.....................................10
         SECTION 3.3    Not Responsible for Recitals or Issuance of
                        Guarantee.............................................13

ARTICLE IV
         PREFERRED SECURITIES GUARANTEE TRUSTEE...............................13
         SECTION 4.1    Preferred Securities Guarantee Trustee;
                        Eligibility...........................................13
         SECTION 4.2    Appointment, Removal and Resignation of Preferred
                        Securities Guarantee Trustees.........................14

ARTICLE V
         GUARANTEE............................................................15
         SECTION 5.1    Guarantee.............................................15
         SECTION 5.2    Waiver of Notice and Demand...........................15
         SECTION 5.3    Obligations Not Affected..............................15
         SECTION 5.4    Rights of Holders.....................................16
         SECTION 5.5    Guarantee of Payment..................................17
         SECTION 5.6    Subrogation...........................................17


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         SECTION 5.7    Independent Obligations...............................17

 ARTICLE VI
         SUBORDINATION........................................................18

ARTICLE VII
         TERMINATION..........................................................18

ARTICLE VIII
         INDEMNIFICATION......................................................18
         SECTION 8.1    Exculpation...........................................18
         SECTION 8.2    Indemnification.......................................19

ARTICLE IX
         MISCELLANEOUS........................................................19
         SECTION 9.1    Successors and Assigns................................19
         SECTION 9.2    Amendments............................................20
         SECTION 9.3    Notices...............................................20
         SECTION 9.4    Benefit...............................................21
         SECTION 9.5    Governing Law.........................................21


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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                  This GUARANTEE AGREEMENT (the "Preferred Securities
Guarantee"), dated as of ________, 200_ is executed and delivered by MetLife,
Inc., a Delaware corporation (the "Guarantor"), and Bank One Trust Company,
N.A., as trustee (the "Preferred Securities Guarantee Trustee"), for the benefit
of the Holders (as defined herein) from time to time of the Preferred Securities
(as defined herein) of MetLife Capital Trust III, a Delaware statutory business
trust (the "Issuer").

                  WHEREAS, pursuant to an Amended and Restated Declaration of
Trust (the "Declaration"), dated as of ________, 2001 among the trustees of the
Issuer named therein, the Guarantor, as sponsor, and the holders from time to
time of undivided beneficial interests in the assets of the Issuer, the Issuer
is issuing on the date hereof ________ preferred securities, liquidation amount
$______ per preferred security, having an aggregate liquidation amount of
$________, designated the ___% Preferred Securities (the "Preferred
Securities");

                  WHEREAS, as incentive for the Holders to purchase the
Preferred Securities, the Guarantor desires irrevocably and unconditionally to
agree, to the extent set forth in this Preferred Securities Guarantee, to pay to
the Holders the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein; and

                  WHEREAS, the Guarantor is also executing and delivering a
guarantee agreement (the "Common Securities Guarantee") in substantially
identical terms to this Preferred Securities Guarantee for the benefit of the
holders of the Common Securities (as defined herein), except that if an event of
default under the Indenture (as defined herein), has occurred and is continuing,
the rights of holders of the Common Securities to receive Guarantee Payments
under the Common Securities Guarantee are subordinated to the rights of Holders
to receive Guarantee Payments under this Preferred Securities Guarantee.

                  NOW, THEREFORE, in consideration of the purchase by each
Holder, which purchase the Guarantor hereby agrees shall benefit the Guarantor,
the Guarantor executes and delivers this Preferred Securities Guarantee for the
benefit of the Holders.
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                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATIONS


                  In this Preferred Securities Guarantee, unless the context
otherwise requires:

                  (a) capitalized terms used in this Preferred Securities
Guarantee but not defined in the preamble above have the respective meanings
assigned to them in this Section 1.1;

                  (b) a term defined anywhere in this Preferred Securities
Guarantee has the same meaning throughout;

                  (c) all references to "the Preferred Securities Guarantee" or
"this Preferred Securities Guarantee" are to this Preferred Securities Guarantee
as modified, supplemented or amended from time to time;

                  (d) all references in this Preferred Securities Guarantee to
Articles and Sections are to Articles and Sections of this Preferred Securities
Guarantee, unless otherwise specified;

                  (e) a term defined in the Trust Indenture Act has the same
meaning when used in this Preferred Securities Guarantee, unless otherwise
defined in this Preferred Securities Guarantee or unless the context otherwise
requires; and

                  (f) a reference to the singular includes the plural and vice
versa.

                  "Affiliate" has the same meaning as given in the Indenture.

                  "Authorized Officer" of a Person means any Person that is
authorized to bind such Person.

                  "Business Day" means any day that is not a Saturday, Sunday or
day on which banking institutions and trust companies in The City of New York
are authorized or required by law, regulation or executive order to close.

                  "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Issuer.



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                  "Corporate Trust Office" means the office of the Preferred
Securities Guarantee Trustee at which the corporate trust business of the
Preferred Securities Guarantee Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this
Agreement is located at Bank One Trust Company, N.A., 1 Bank One Plaza, Chicago,
Illinois 60670, Attention: Corporate Trust Administration.

                  "Covered Person" means any Holder or beneficial owner of
Preferred Securities.

                  "Debenture Issuer" means the Guarantor in its capacity as the
issuer of the Debentures.

                  "Debentures" means the series of debentures of the Guarantor
designated [        ] held by the Property Trustee (as defined in the
Declaration) of the Issuer.

                  "Direction" by a person means a written direction signed: (a)
if the Person is a natural person, by that Person; or (b) in any other case in
the name of such Person by one or more Authorized Officers of that Person.

                  "Distribution" has the same meaning as given in the
Declaration.

                  "Event of Default" means a default by the Guarantor on any of
its payment or other obligations under this Preferred Securities Guarantee.

                  "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by the Issuer:

                           (i) any accrued and unpaid Distributions (as defined
         in the Declaration) that are required to be paid on such Preferred
         Securities to the extent the Issuer shall have funds available
         therefor;

                           (ii) upon a voluntary or involuntary dissolution,
         winding-up or termination of the Issuer (other than in connection with
         the distribution of Debentures to the Holders in exchange for Preferred
         Securities as provided in the Declaration), the lesser of (a) the
         aggregate of the liquidation amount of such Preferred Securities plus
         all accrued and unpaid Distributions on such Preferred Securities to
         and including the date of payment, to the extent the Issuer shall have
         funds available therefor, and (b) the amount of assets of the


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         Issuer remaining available for distribution to Holders in liquidation
         of the Issuer (amounts in clause (a) or (b), the "Liquidation
         Distribution"); and

                           (iii) the redemption price, including all accrued and
         unpaid Distributions to the date of redemption (the "Redemption Price")
         to the extent the Issuer has funds available therefor, with respect to
         any Preferred Securities called for redemption by the Issuer.

                           If an event of default under the Indenture has
         occurred and is continuing, the rights of holders of the Common
         Securities to receive payments under the Common Securities Guarantee
         Agreement are subordinated to the rights of Holders to receive
         Guarantee Payments.

                  "Holder" shall mean any holder, as registered on the books and
records of the Issuer, of any Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

                  "Indemnified Person" means the Preferred Securities Guarantee
Trustee including in its individual capacity, any Affiliate of the Preferred
Securities Guarantee Trustee, or any officers, directors, shareholders, members,
partners, employees, representatives, nominees, custodians or agents of the
Preferred Securities Guarantee Trustee.

                  "Indenture" has the same meaning as given in the Declaration.

                  "Majority in liquidation amount of the Preferred Securities"
means, except as provided by the Trust Indenture Act, a vote by Holders of
Preferred Securities, voting separately as a class, of more than 50% of the
aggregate liquidation amount (including the stated amount that would be paid on
liquidation or otherwise) of all Preferred Securities.

                  "Officer's Certificate" means, with respect to any Person, a
certificate signed by one Authorized Officer of such Person. Any Officer's
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Preferred Securities Guarantee shall include:

                           (a) a statement that the officer signing the
                  Officer's Certificate has read the covenant or condition and
                  the definition relating thereto;


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                           (b) a brief statement of the nature and scope of the
                  examination or investigation undertaken by such officer in
                  rendering the Officer's Certificate;

                           (c) a statement that such officer has made such
                  examination or investigation as, in such officer's opinion, is
                  necessary to enable such officer to express an informed
                  opinion as to whether or not such covenant or condition has
                  been complied with; and

                           (d) a statement as to whether or not, in the opinion
                  of such officer, such condition or covenant has been complied
                  with.

                  "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

                  "Preferred Securities Guarantee Trustee" means Bank One Trust
Company, N.A., until a Successor Preferred Securities Guarantee Trustee has been
appointed and has accepted such appointment pursuant to the terms of this
Preferred Securities Guarantee, and thereafter means each such Successor
Preferred Securities Guarantee Trustee.

                  "Responsible Officer" means, when used with respect to the
Preferred Securities Guarantee Trustee, any officer within the corporate trust
department of the Preferred Securities Guarantee Trustee (or any successor of
the Preferred Securities Guarantee Trustee), including any vice president, any
assistant vice president, any assistant secretary, any assistant treasurer, any
trust officer or any other officer of the Preferred Securities Guarantee Trustee
who customarily performs functions similar to those performed by the Persons who
at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such person's knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the
administration of this Preferred Securities Guarantee.

                  "Successor Preferred Securities Guarantee Trustee" means a
successor Preferred Securities Guarantee Trustee possessing the qualifications
to act as Preferred Securities Guarantee Trustee under Section 4.1.


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                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended.

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act: Application

                  (a) This Preferred Securities Guarantee is subject to the
provisions of the Trust Indenture Act that are required to be part of this
Preferred Securities Guarantee and shall, to the extent applicable, be governed
by such provisions; and

                  (b) If and to the extent that any provision of this Preferred
Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

SECTION 2.2    List of Holders of Securities

                  (a) The Guarantor shall provide the Preferred Securities
Guarantee Trustee with a list, in such form as the Preferred Securities
Guarantee Trustee may reasonably require, of the names and addresses of the
Holders ("List of Holders") as of such date, (i) within 15 days after each
record date for payment of Distributions, and (ii) at any other time within 30
days of receipt by the Guarantor of a written request for a List of Holders as
of a date no more than 15 days before such List of Holders is given to the
Preferred Securities Guarantee Trustee, provided that the Guarantor shall not be
obligated to provide such List of Holders at any time the List of Holders does
not differ from the most recent List of Holders given to the Preferred
Securities Guarantee Trustee by the Guarantor. The Preferred Securities
Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

                  (b) The Preferred Securities Guarantee Trustee shall comply
with its obligations under Section 311(a), 311(b) and Section 312(b) of the
Trust Indenture Act.

SECTION 2.3    Reports by the Preferred Securities Guarantee Trustee

                  Within 60 days after [               ] of each year,
commencing [              ], the Preferred Securities Guarantee Trustee shall
provide to the Holders such reports as are required by Section 313 of the Trust
Indenture Act, if any, in the form and in the manner provided by Section 313 of
the Trust Indenture Act. The Preferred Securities


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Guarantee Trustee shall also comply with the requirements of Section 313(d) of
the Trust Indenture Act.

SECTION 2.4 Periodic Reports to Preferred Securities Guarantee Trustee

                  The Guarantor shall provide to the Preferred Securities
Guarantee Trustee such documents, reports and information as required by Section
314 (if any) and the compliance certificate required by Section 314 of the Trust
Indenture Act in the form, in the manner and at the times required by Section
314 of the Trust Indenture Act. Delivery of such reports, information and
documents to the Preferred Securities Guarantee Trustee is for informational
purposes only and the Preferred Securities Guarantee Trustee's receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Guarantor's
compliance with any of its covenants hereunder (as to which the Preferred
Securities Guarantee Trustee is entitled to rely exclusively on Officer's
Certificates).

SECTION 2.5 Evidence of Compliance with Conditions Precedent

                  The Guarantor shall provide to the Preferred Securities
Guarantee Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Preferred Securities Guarantee that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section
314(c)(1) may be given in the form of an Officer's Certificate.

SECTION 2.6 Events of Default; Waiver

                  The Holders of a Majority in liquidation amount of Preferred
Securities may, by vote, on behalf of all Holders, waive any past Event of
Default and its consequences. Upon such waiver, any such Event of Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured, for every purpose of this Preferred Securities Guarantee, but
no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon.

SECTION 2.7 Event of Default; Notice

                  (a) The Preferred Securities Guarantee Trustee shall, within
90 days after a Responsible Officer of the Preferred Securities Guarantee
Trustee obtains actual knowledge of the occurrence of an Event of Default,
transmit by mail, first class postage prepaid, to the Holders, notices of all
such Events of Default actually known


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to such Responsible Officer of the Preferred Securities Guarantee Trustee,
unless such defaults have been cured before the giving of such notice, provided,
that, the Preferred Securities Guarantee Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Preferred
Securities Guarantee Trustee in good faith determines that the withholding of
such notice is in the interests of the Holders.

                  (b) The Preferred Securities Guarantee Trustee shall not be
deemed to have knowledge of any Event of Default unless the Preferred Securities
Guarantee Trustee shall have received written notice thereof, or a Responsible
Officer of the Preferred Securities Guarantee Trustee charged with the
administration of the Declaration shall have obtained actual knowledge thereof.

SECTION 2.8 Conflicting Interests

                  The Declaration and the Indenture shall be deemed to be
specifically described in this Preferred Securities Guarantee for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.


                                   ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee Trustee

                  (a) This Preferred Securities Guarantee shall be held by the
Preferred Securities Guarantee Trustee for the benefit of the Holders, and the
Preferred Securities Guarantee Trustee shall not transfer this Preferred
Securities Guarantee to any Person except a Holder exercising his or her rights
pursuant to Section 5.4(b) or to a Successor Preferred Securities Guarantee
Trustee on acceptance by such Successor Preferred Securities Guarantee Trustee
of its appointment to act as Successor Preferred Securities Guarantee Trustee.
The right, title and interest of the Preferred Securities Guarantee Trustee
shall automatically vest in any Successor Preferred Securities Guarantee
Trustee, and such vesting and cessation of title shall be effective whether or
not conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Preferred Securities Guarantee Trustee.

                  (b) If an Event of Default actually known to a Responsible
Officer of the Preferred Securities Guarantee Trustee has occurred and is
continuing, the Preferred Securities Guarantee Trustee shall enforce this
Preferred Securities Guarantee for the benefit of the Holders.


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                  (c) The Preferred Securities Guarantee Trustee, before the
occurrence of any Event of Default and after the curing or waiver of all Events
of Default that may have occurred, shall undertake to perform only such duties
as are specifically set forth in this Preferred Securities Guarantee, and no
implied covenants or obligations shall be read into this Preferred Securities
Guarantee against the Preferred Securities Guarantee Trustee. In case an Event
of Default has occurred (that has not been cured or waived pursuant to Section
2.6) and is actually known to a Responsible Officer of the Preferred Securities
Guarantee Trustee, the Preferred Securities Guarantee Trustee shall exercise
such of the rights and powers vested in it by this Preferred Securities
Guarantee, and use the same degree of care and skill in its exercise thereof, as
a prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

                  (d) No provision of this Preferred Securities Guarantee shall
be construed to relieve the Preferred Securities Guarantee Trustee from
liability for its own negligent action, its own negligent failure to act, its
own bad faith or its own willful misconduct, except that:

                           (i) prior to the occurrence of any Event of Default
         and after the curing or waiving of such Events of Default that may have
         occurred:

                                    (A) the duties and obligations of the
                           Preferred Securities Guarantee Trustee shall be
                           determined solely by the express provisions of this
                           Preferred Securities Guarantee, and the Preferred
                           Securities Guarantee Trustee shall not be liable
                           except for the performance of such duties and
                           obligations as are specifically set forth in this
                           Preferred Securities Guarantee, and no implied
                           covenants or obligations shall be read into this
                           Preferred Securities Guarantee against the Preferred
                           Securities Guarantee Trustee; and

                                    (B) in the absence of bad faith on the part
                           of the Preferred Securities Guarantee Trustee, the
                           Preferred Securities Guarantee Trustee may
                           conclusively rely, as to the truth of the statements
                           and the correctness of the opinions expressed
                           therein, upon any certificates or opinions furnished
                           to the Preferred Securities Guarantee Trustee and
                           conforming to the requirements of this Preferred
                           Securities Guarantee; but in the case of any such
                           certificates or opinions that by any provision hereof
                           are specifically required to be furnished to the
                           Preferred


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                           Securities Guarantee Trustee, the Preferred
                           Securities Guarantee Trustee shall be under a duty to
                           examine the same to determine whether or not they
                           conform to the requirements of this Preferred
                           Securities Guarantee;

                           (ii) the Preferred Securities Guarantee Trustee shall
         not be liable for any error of judgment made in good faith by a
         Responsible Officer of the Preferred Securities Guarantee Trustee,
         unless it shall be proved that the Preferred Securities Guarantee
         Trustee was negligent in ascertaining the pertinent facts upon which
         such judgment was made;

                           (iii) the Preferred Securities Guarantee Trustee
         shall not be liable with respect to any action taken or omitted to be
         taken by it in good faith in accordance with the direction of the
         Holders of not less than a Majority in liquidation amount of the
         Preferred Securities relating to the time, method and place of
         conducting any proceeding for any remedy available to the Preferred
         Securities Guarantee Trustee, or exercising any trust or power
         conferred upon the Preferred Securities Guarantee Trustee under this
         Preferred Securities Guarantee; and

                           (iv) no provision of this Preferred Securities
         Guarantee shall require the Preferred Securities Guarantee Trustee to
         expend or risk its own funds or otherwise incur personal financial
         liability in the performance of any of its duties or in the exercise of
         any of its rights or powers, if the Preferred Securities Guarantee
         Trustee shall have reasonable grounds for believing that the repayment
         of such funds or liability is not reasonably assured to it under the
         terms of this Preferred Securities Guarantee or if indemnity reasonably
         satisfactory to the Preferred Securities Guarantee Trustee against
         such risk or liability is not reasonably assured to it.

SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee

                  (a) Subject to the provisions of Section 3.1:

                           (i) The Preferred Securities Guarantee Trustee may
         conclusively rely, and shall be fully protected in acting or
         refraining from acting upon, any resolution, certificate, statement,
         instrument, opinion, report, notice, request, direction, consent,
         order, bond, debenture, note, other evidence of indebtedness or other
         paper or document believed by it to be genuine and to have been signed,
         sent or presented by the proper party or parties.


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                           (ii) Any direction or act of the Guarantor
         contemplated by this Preferred Securities Guarantee shall be
         sufficiently evidenced by a Direction or an Officer's Certificate.

                           (iii) Whenever, in the administration of this
         Preferred Securities Guarantee, the Preferred Securities Guarantee
         Trustee shall deem it desirable that a matter be proved or established
         before taking, suffering or omitting any action hereunder, the
         Preferred Securities Guarantee Trustee (unless other evidence is herein
         specifically prescribed) may, in the absence of negligence, bad faith
         or willful misconduct on its part, request and conclusively rely upon
         an Officer's Certificate which, upon receipt of such request, shall be
         promptly delivered by the Guarantor.

                           (iv) The Preferred Securities Guarantee Trustee shall
         have no duty to see to any recording, filing or registration of any
         instrument (or any rerecording, refiling or reregistration thereof).

                           (v) The Preferred Securities Guarantee Trustee may
         consult with competent legal counsel of its selection, and the advice
         or written opinion of such counsel with respect to legal matters shall
         be full and complete authorization and protection in respect of any
         action taken, suffered or omitted by it hereunder in good faith and in
         accordance with such advice or opinion. Such counsel may be counsel to
         the Guarantor or any of its Affiliates and may include any of its
         employees. The Preferred Securities Guarantee Trustee shall have the
         right at any time to seek instructions concerning the administration of
         this Preferred Securities Guarantee from any court of competent
         jurisdiction.

                           (vi) The Preferred Securities Guarantee Trustee shall
         be under no obligation to exercise any of the rights or powers vested
         in it by this Preferred Securities Guarantee at the request or
         direction of any Holder, unless such Holder shall have provided to the
         Preferred Securities Guarantee Trustee such security and indemnity,
         reasonably satisfactory to the Preferred Securities Guarantee Trustee,
         against the reasonable costs, expenses (including reasonable attorneys'
         fees and reasonable expenses and the expenses of the Preferred
         Securities Guarantee Trustee's agents, nominees or custodians) and
         liabilities that might be incurred by it in complying with such request
         or direction, including such reasonable advances as may be requested by
         the Preferred Securities Guarantee Trustee; provided that, nothing
         contained in this Section 3.2(a)(vi) shall be taken to relieve the
         Preferred Securities Guarantee Trustee, upon the occurrence of an Event
         of Default, of its obligation to exercise the rights and powers vested
         in it by this Preferred Securities Guarantee.


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                           (vii) The Preferred Securities Guarantee Trustee
         shall not be bound to make any investigation into the facts or matters
         stated in any resolution, certificate, statement, instrument, opinion,
         report, notice, request, direction, consent, order, bond, debenture,
         note, other evidence of indebtedness or other paper or document, but
         the Preferred Securities Guarantee Trustee, in its discretion, may make
         such further inquiry or investigation into such facts or matters as it
         may see fit.

                           (viii) The Preferred Securities Guarantee Trustee may
         execute any of the trusts or powers hereunder or perform any duties
         hereunder either directly or by or through agents, nominees, custodians
         or attorneys, and the Preferred Securities Guarantee Trustee shall not
         be responsible for any misconduct or negligence on the part of any
         agent or attorney appointed with due care by it hereunder.

                           (ix) Any action taken by the Preferred Securities
         Guarantee Trustee or its agents hereunder shall bind the Holders, and
         the signature of the Preferred Securities Guarantee Trustee or its
         agents alone shall be sufficient and effective to perform any such
         action. No third party shall be required to inquire as to the authority
         of the Preferred Securities Guarantee Trustee to so act or as to its
         compliance with any of the terms and provisions of this Preferred
         Securities Guarantee, both of which shall be conclusively evidenced by
         the Preferred Securities Guarantee Trustee's or its agent's taking such
         action.

                           (x) Whenever in the administration of this Preferred
         Securities Guarantee the Preferred Securities Guarantee Trustee shall
         deem it desirable to receive instructions with respect to enforcing any
         remedy or right or taking any other action hereunder, the Preferred
         Securities Guarantee Trustee (i) may request instructions from the
         Holders of a Majority in liquidation amount of the Preferred
         Securities, (ii) may refrain from enforcing such remedy or right or
         taking such other action until such instructions are received, and
         (iii) shall be protected in conclusively relying on or acting in
         accordance with such instructions.

                           (xi) The Preferred Securities Guarantee Trustee shall
         not be liable for any action taken by it in good faith and reasonably
         believed by it to be authorized or within the discretion or rights or
         powers conferred upon it by this Preferred Securities Guarantee.


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                  (b) No provision of this Preferred Securities Guarantee shall
be deemed to impose any duty or obligation on the Preferred Securities Guarantee
Trustee to perform any act or acts or exercise any right, power, duty or
obligation conferred or imposed on it in any jurisdiction in which it shall be
illegal, or in which the Preferred Securities Guarantee Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Preferred Securities Guarantee
Trustee shall be construed to be a duty.

SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee

                  The recitals contained in this Preferred Securities Guarantee
shall be taken as the statements of the Guarantor, and the Preferred Securities
Guarantee Trustee does not assume any responsibility for their correctness. The
Preferred Securities Guarantee Trustee makes no representation as to the
validity or sufficiency of this Preferred Securities Guarantee.


                                   ARTICLE IV
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility

                  (a) There shall at all times be a Preferred Securities
Guarantee Trustee which shall:

                           (i)   not be an Affiliate of the Guarantor; and

                           (ii) be a corporation organized and doing business
         under the laws of the United States of America or any State or
         Territory thereof or of the District of Columbia, or a corporation or
         Person permitted by the Securities and Exchange Commission to act as a
         Property Trustee under the Trust Indenture Act, authorized under such
         laws to exercise corporate trust powers, having a combined capital and
         surplus of at least 50 million U.S. dollars ($50,000,000), and subject
         to supervision or examination by Federal, State, Territorial or
         District of Columbia authority. If such corporation publishes reports
         of condition at least annually, pursuant to law or to the requirements
         of the supervising or examining authority referred to above, then, for
         the purposes of this Section 4.1 (a)(ii), the combined capital and
         surplus of such corporation shall be deemed to be its combined capital
         and surplus as set forth in its most recent report of condition so
         published.


                                       13
<PAGE>   17
                  (b) If at any time the Preferred Securities Guarantee Trustee
shall cease to be eligible to so act under Section 4.1(a), the Preferred
Securities Guarantee Trustee shall immediately resign in the manner and with the
effect set out in Section 4.2(c).

                  (c) If the Preferred Securities Guarantee Trustee has or shall
acquire any "conflicting interest" within the meaning of Section 310(b) of the
Trust Indenture Act, the Preferred Securities Guarantee Trustee and Guarantor
shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act.

SECTION 4.2 Appointment, Removal and Resignation of Preferred Securities
Guarantee Trustees

                  (a) Subject to Section 4.2(b), the Preferred Securities
Guarantee Trustee may be appointed or removed without cause at any time by the
Guarantor.

                  (b) The Preferred Securities Guarantee Trustee shall not be
removed in accordance with Section 4.2(a) until a Successor Preferred Securities
Guarantee Trustee has been appointed and has accepted such appointment by
written instrument executed by such Successor Preferred Securities Guarantee
Trustee and delivered to the Guarantor.

                  (c) The Preferred Securities Guarantee Trustee appointed to
office shall hold office until a Successor Preferred Securities Guarantee
Trustee shall have been appointed or until its removal or resignation. The
Preferred Securities Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Preferred Securities Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Preferred Securities
Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor Preferred Securities Guarantee
Trustee and delivered to the Guarantor and the resigning Preferred Securities
Guarantee Trustee.

                  (d) If no Successor Preferred Securities Guarantee Trustee
shall have been appointed and accepted appointment as provided in this Section
4.2 within 60 days after the Preferred Securities Guarantee Trustee has received
notice of removal or delivery to the Guarantor of an instrument of resignation,
the Preferred Securities Guarantee Trustee being removed or resigning, whichever
the case may be, may petition any court of competent jurisdiction for
appointment of a Successor Preferred Securities Guarantee Trustee. Such court
may thereupon, after prescribing such notice,


                                       14
<PAGE>   18
if any, as it may deem proper, appoint a Successor Preferred Securities
Guarantee Trustee.

                  (e) No Preferred Securities Guarantee Trustee shall be liable
for the acts or omissions to act of any Successor Preferred Securities Guarantee
Trustee.

                  (f) Upon termination of this Preferred Securities Guarantee or
removal or resignation of the Preferred Securities Guarantee Trustee pursuant to
this Section 4.2, the Guarantor shall pay to the Preferred Securities Guarantee
Trustee all amounts due to the Preferred Securities Guarantee Trustee accrued to
the date of such termination, removal or resignation.


                                    ARTICLE V
                                    GUARANTEE

SECTION 5.1 Guarantee

                  The Guarantor irrevocably and unconditionally agrees to pay in
full to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by the Issuer), as and when due, regardless of any defense,
right of set-off or counterclaim that the Issuer may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Issuer to pay such amounts to the Holders.

SECTION 5.2 Waiver of Notice and Demand

                  The Guarantor hereby waives notice of acceptance of this
Preferred Securities Guarantee and of any liability to which it applies or may
apply, presentment, demand for payment, any right to require a proceeding first
against the Issuer or any other Person before proceeding against the Guarantor,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

SECTION 5.3 Obligations Not Affected

                  The obligations, covenants, agreements and duties of the
Guarantor under this Preferred Securities Guarantee shall in no way be affected
or impaired by reason of the happening from time to time of any of the
following:

                  (a) the release or waiver, by operation of law or otherwise,
of the performance or observance by the Issuer of any express or implied
agreement,


                                       15
<PAGE>   19
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;

                  (b) the extension of time for the payment by the Issuer of all
or any portion of the Distributions, Redemption Price, or any other sums payable
under the terms of the Preferred Securities or the extension of time for the
performance of any other obligation under, arising out of, or in connection
with, the Preferred Securities (other than an extension of time for payment of
Distributions, Redemption Price, or other sum payable that results from the
extension of any interest payment period on the Debentures permitted by the
Indenture);

                  (c) any failure, omission, delay or lack of diligence on the
part of the Holders to enforce, assert or exercise any right, privilege, power
or remedy conferred on the Holders pursuant to the terms of the Preferred
Securities, or any action on the part of the Issuer granting indulgence or
extension of any kind;

                  (d) the voluntary or involuntary liquidation, dissolution,
sale of any collateral, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment
of debt of, or other similar proceedings affecting, the Issuer or any of the
assets of the Issuer;

                  (e) any invalidity of, or defect or deficiency in, the
Preferred Securities;

                  (f) the settlement or compromise of any obligation guaranteed
hereby or hereby incurred; or

                  (g) any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor hereunder
shall be absolute and unconditional under any and all circumstances.

                  There shall be no obligation of the Holders to give notice to,
or obtain the consent of, the Guarantor with respect to the happening of any of
the foregoing.

SECTION 5.4 Rights of Holders

                  (a) The Holders of a Majority in liquidation amount of the
Preferred Securities have the right to direct the time, method and place of
conducting of any proceeding for any remedy available to the Preferred
Securities Guarantee Trustee in respect of this Preferred Securities Guarantee
or exercising any trust or power con-


                                       16
<PAGE>   20
ferred upon the Preferred Securities Guarantee Trustee under this Preferred
Securities Guarantee.

                  (b) If the Preferred Securities Guarantee Trustee fails to
enforce this Preferred Securities Guarantee, any Holder may institute a legal
proceeding directly against the Guarantor to enforce its rights under this
Preferred Securities Guarantee, without first instituting a legal proceeding
against the Issuer, the Preferred Securities Guarantee Trustee or any other
Person. Notwithstanding the foregoing, if the Guarantor has failed to make a
Guarantee Payment, a Holder may directly institute a proceeding against the
Guarantor for enforcement of the Preferred Securities Guarantee for such
payment. The Guarantor waives any right or remedy to require that any action on
this Preferred Securities Guarantee be brought first against the Issuer or any
other person or entity before proceeding directly against the Guarantor.

SECTION 5.5 Guarantee of Payment

                  This Preferred Securities Guarantee creates a guarantee of
payment and not of collection.

SECTION 5.6 Subrogation

                  The Guarantor shall be subrogated to all rights, if any, of
the Holders against the Issuer in respect of any amounts paid to such Holders by
the Guarantor under this Preferred Securities Guarantee; provided, however, that
the Guarantor shall not (except to the extent required by mandatory provisions
of law) be entitled to enforce or exercise any right that it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases
as a result of payment under this Preferred Securities Guarantee, if, at the
time of any such payment, any amounts are due and unpaid under this Preferred
Securities Guarantee. If any amount shall be paid to the Guarantor in violation
of the preceding sentence, the Guarantor agrees to hold such amount in trust for
the Holders and to pay over such amount to the Holders.

SECTION 5.7 Independent Obligations

                  The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Preferred
Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 5.3.


                                       17
<PAGE>   21
                                   ARTICLE VI
                                  SUBORDINATION

                  This Preferred Securities Guarantee will constitute an
unsecured obligation of the Guarantor and will rank (i) subordinate and junior
in right of payment to all other liabilities of the Guarantor, except those
obligations or liabilities ranking equal or subordinate to the Preferred
Securities Guarantee by their terms, (ii) equally with any other securities,
liabilities or obligations that may have equal ranking by their terms; and (iii)
senior to the Guarantor's Common Stock, $0.01 par value.


                                   ARTICLE VII
                                   TERMINATION

                  This Preferred Securities Guarantee shall terminate upon (i)
the distribution of the Debentures to all Holders or (ii) full payment of the
amounts payable in accordance with the Declaration upon liquidation of the
Issuer. Notwithstanding the foregoing, this Preferred Securities Guarantee will
continue to be effective or will be reinstated, as the case may be, if at any
time any Holder must restore payment of any sums paid under the Preferred
Securities or under this Preferred Securities Guarantee.


                                  ARTICLE VIII
                                 INDEMNIFICATION

SECTION 8.1 Exculpation

                  (a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Covered Person for
any loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith in accordance with this
Preferred Securities Guarantee and in a manner that such Indemnified Person
reasonably believed to be within the scope of the authority conferred on such
Indemnified Person by this Preferred Securities Guarantee or by law, except
that an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person's negligence, bad faith or willful
misconduct with respect to such acts or omissions.

                  (b) An Indemnified Person shall be fully protected in relying
in good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as to
matters the Indemnified


                                       18
<PAGE>   22
Person reasonably believes are within such other Person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Guarantor, including information, opinions, reports or statements as to the
value and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which Distributions to
Holders might properly be paid.

SECTION 8.2    Indemnification

                  (a) To the fullest extent permitted by applicable law, the
Guarantor agrees to indemnify and hold harmless each Indemnified Person from and
against any and all loss, damage, claim, liability or expense incurred by such
Indemnified Person by reason of any act or omission performed or omitted by such
Indemnified Person in good faith in accordance with this Preferred Securities
Guarantee and in a manner such Indemnified Person reasonably believed to be
within the scope of authority conferred on such Indemnified Person by this
Preferred Securities Guarantee, except that no Indemnified Person shall be
entitled to be indemnified in respect of any loss, damage, claim, liability or
expense incurred by such Indemnified Person by reason of negligence, bad faith
or willful misconduct with respect to such acts or omissions.

                  (b) To the fullest extent permitted by applicable law,
reasonable out-of-pocket expenses (including reasonable legal fees) incurred by
an Indemnified Person in defending any claim, demand, action, suit or proceeding
shall, from time to time, be advanced by the Guarantor prior to the final
disposition of such claim, demand, action, suit or proceeding upon receipt by
the Guarantor of an undertaking by or on behalf of the Indemnified Person to
repay such amount if it shall be determined that the Indemnified Person is not
entitled to be indemnified as authorized in Section 8.2(a).

                  (c) The provisions set forth in this Section 8.2 shall survive
the termination of the Preferred Securities Guarantee and any resignation or
removal of the Preferred Securities Guarantee Trustee.


                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1 Successors and Assigns

                  All guarantees and agreements contained in this Preferred
Securities Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of


                                       19
<PAGE>   23
the Guarantor and shall inure to the benefit of the Holders of the Preferred
Securities then outstanding.

SECTION 9.2 Amendments

                  Except with respect to any changes that do not adversely
affect the rights of Holders (in which case no consent of Holders will be
required), this Preferred Securities Guarantee may only be amended with the
prior approval of the Holders of at least a Majority in liquidation amount of
the outstanding Preferred Securities. The provisions of Section 12.2 of the
Declaration with respect to meetings of Holders apply to the giving of such
approval.

SECTION 9.3 Notices

                  All notices provided for in this Preferred Securities
Guarantee shall be in writing, duly signed by the party giving such notice, and
shall be delivered by registered or certified mail, as follows:

                  (a) If given to the Preferred Securities Guarantee Trustee, at
the Preferred Securities Guarantee Trustee's mailing address set forth below (or
such other address as the Preferred Securities Guarantee Trustee may give notice
of to the Holders of the Preferred Securities):

                  Bank One Trust Company, N.A.
                  153 West 51st Street
                  New York, N.Y. 10019
                  Attn: Mary Fonti

                  (b) If given to the Guarantor, at the Guarantor's mailing
address set forth below (or such other address as the Guarantor may give notice
of to the Holders):

                  MetLife, Inc.
                  One Madison Avenue
                  New York, New York 10010-3690
                  Attention:  Corporate Treasurer

                  with a copy to:

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036-6522
                  Attention:  Phyllis G. Korff, Esq.


                                       20
<PAGE>   24
                              Susan J. Sutherland, Esq.

                  (c) If given to any Holder, at the address set forth on the
books and records of the Issuer.

                  All such notices shall be deemed to have been given when
received in person, or mailed by first class mail, postage prepaid except that
if a notice or other document is refused delivery or cannot be delivered because
of a changed address of which no notice was given, such notice or other document
shall be deemed to have been delivered on the date of such refusal or inability
to deliver.

SECTION 9.4 Benefit

                  This Preferred Securities Guarantee is solely for the benefit
of the Holders and, subject to Section 3.1(a), is not separately transferable
from the Preferred Securities.

SECTION 9.5 Governing Law

                  THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO ITS PRINCIPLES OF CONFLICTS OF LAWS.


                                       21
<PAGE>   25
                  THIS PREFERRED SECURITIES GUARANTEE is executed as of the day
and year first above written.

                                       METLIFE, INC.,
                                       as Guarantor


                                       By:  ___________________________
                                            Name:
                                            Title:



                                       BANK ONE TRUST COMPANY, N.A.,
                                       as Preferred Securities Guarantee Trustee


                                       By:  ___________________________
                                            Name:
                                            Title:


                                       22