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                                                                   EXHIBIT 10.27


                      METROPOLITAN LIFE INSURANCE COMPANY
                    LONG TERM PERFORMANCE COMPENSATION PLAN
         (For performance periods starting on or after January 1, 1997)
                          (Revised as of July 1, 1997)

I.    PURPOSE OF THE PLAN

      -     Align management with policyholders' interests

      -     Provide competitive levels of total pay for senior executives for
            competitive levels of performance

      -     Encourage a long term strategic perspective

      -     Encourage/reward performance that supports the Company's long
            term performance results

      -     Attract and promote retention of key executives with long term
            business perspective

II.   PARTICIPATION

      The Board of Directors will determine the categories of Officers and
      others eligible to participate in the Plan for each performance period. An
      individual who becomes a participant in the Plan will participate PRORATA
      in any performance period then in progress from the effective date of
      participation. Upon the recommendation of the Chief Executive Officer, the
      Board of Directors may determine participation on a basis other than
      proration. Participants' incentive opportunities under the Plan shall not
      be vested or assignable in any respect.

III.  PERFORMANCE PERIODS

      The period over which long term performance shall be measured is three
      years. Each performance period will begin on January 1.

IV.   INCENTIVE OPPORTUNITIES AND TARGET DISTRIBUTABLE AMOUNT

      The Nominating and Compensation Committee (the "Committee") will establish
      the incentive opportunity for each category of Plan participant for each
      performance period.

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Long Term Performance Compensation Plan                              Page 2 of 3

The schedule of the incentive opportunity for the various categories of
participants for the performance period beginning January 1, 1997 is:

<TABLE>
<CAPTION>
                                                      Percent of Average Base Salary
                                                      ------------------------------
                      Title
                      -----
<S>                                                   <C>
            Chief Executive Officer                               250%
            Senior Executive Vice-President                       185%
            Executive Vice-President                              150%
            Senior Vice-President                                 95%
            Vice-President (Range 034)                            65-85%
                  (based on  market practice)

            Chief Executive Officer of
              Designated Subsidiary                               *
</TABLE>

            * The CEO of a participating subsidiary may be eligible at either
            the Executive Vice-President or Senior Vice-President level,
            depending on market considerations.

      The incentive opportunity ($) for each participant is determined by
      multiplying the applicable percentage for the individual by the
      individual's average base salary over the performance period. If the
      participant was not an employee of the Company or a subsidiary at the
      beginning of the performance period, the Committee, at the Chief Executive
      Officer's recommendation, will determine in its discretion, the
      appropriate incentive opportunity.

      For purposes of determining the amount of incentive for distribution, the
      target distributable amount for any performance period is equal to the
      total of the incentive opportunities of all individuals participating in
      that performance period.

      Where an individual changes participation categories during a performance
      period, incentive opportunities are prorated accordingly.

V.    GUIDELINES FOR DETERMINING CORPORATE PERFORMANCE

      At the beginning of each performance period, the Nominating and
      Compensation Committee will determine the measures and specific goals for
      that plan period. The measures for the Long Term Plan will include both
      financial and strategic business goals against which corporate performance
      will be measured.
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Long Term Performance Compensation Plan                              Page 3 of 3

      Performance assessment at the end of each period will consider achievement
      of established goals. In addition to performance as measured against these
      goals, the overall assessment will involve the broad discretion and
      judgment of the Committee and may take into account changes in corporate
      strategy and in the market, economic, tax and regulatory environment
      during the performance period. The Committee will determine a corporate
      performance percentage which may vary between 0% and 200%.


VI.   AWARDS

      Following the end of each performance period the Committee will determine
      the amount which may be awarded to the participants with respect to such
      period. Such amount will be the target distributable amount multiplied by
      the corporate performance percentage. The Committee will recommend
      individual awards to the Board. These awards will generally be equal to
      the participant's incentive opportunity multiplied by the corporate
      performance percentage. However, line of business performance, changes in
      an individual's responsibilities, or individual performance may be taken
      into account when determining individual awards. The Committee has
      discretion in determining the amount of any recommended award, may decline
      to recommend an award, and may modify the time of payment of any award.

      No amount shall become payable unless it is approved by the Board in its
      discretion and no award may be made unless the participant was an employee
      of the Company or a subsidiary at the end of the performance period or
      died, retired or became totally disabled during such period while such an
      employee.

      A participant who retires, dies or becomes totally disabled while such an
      employee during the course of a performance period may be granted for such
      performance period, at the discretion of the Board, a pro rata portion of
      the full award that would have been payable if such event had not
      occurred, or at the recommendation of the Chief Executive Officer, an
      award may be recommended on other than a prorata basis.

      Awards under the Plan will not be taken into account for purposes of
      determining the level of Insurance and Retirement benefits and
      contributions to the Savings and Investment Plan.

VII.  ROLE OF THE COMMITTEE

      The Committee exercises overall responsibility and has broad discretion
      with respect to all aspects of the Plan and for performance assessment.


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