<PAGE>   1
                                                                     Exhibit 4.6


                     CAPITAL SECURITIES GUARANTEE AGREEMENT

                             MetLife Capital Trust I

                           Dated as of April __, 2000

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
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<S>                                                                                                     <C>
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 Capital Securities Guarantee Trustee...........................6
      SECTION 2.4          Periodic Reports to Capital 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 CAPITAL SECURITIES
                GUARANTEE TRUSTEE........................................................................8
      SECTION 3.1          Powers and Duties of the Capital Securities Guarantee Trustee.................8
      SECTION 3.2          Certain Rights of Capital Securities Guarantee Trustee.......................10
      SECTION 3.3          Not Responsible for Recitals or Issuance of Guarantee........................12

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

ARTICLE V       GUARANTEE...............................................................................14
      SECTION 5.1          Guarantee....................................................................14
      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.........................................................16
      SECTION 5.6          Subrogation..................................................................16
      SECTION 5.7          Independent Obligations......................................................17

ARTICLE VI      [Intentionally Deleted].................................................................17

ARTICLE VII     TERMINATION.............................................................................17
</TABLE>





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<TABLE>
<S>                                                                                                    <C>
ARTICLE VIII               INDEMNIFICATION..............................................................17
      SECTION 8.1          Exculpation..................................................................17
      SECTION 8.2          Indemnification..............................................................18

ARTICLE IX      MISCELLANEOUS...........................................................................18
      SECTION 9.1          Successors and Assigns.......................................................18
      SECTION 9.2          Amendments...................................................................19
      SECTION 9.3          Notices......................................................................19
      SECTION 9.4          Benefit......................................................................20
      SECTION 9.5          Governing Law................................................................20
</TABLE>



                                       ii
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                     CAPITAL SECURITIES GUARANTEE AGREEMENT

           This GUARANTEE AGREEMENT (the "Capital Securities Guarantee"), dated
as of April __, 2000, is executed and delivered by MetLife, Inc., a Delaware
corporation (the "Guarantor"), and The Bank of New York, as trustee (the
"Capital Securities Guarantee Trustee"), for the benefit of the Holders (as
defined herein) from time to time of the Capital Securities (as defined herein)
of MetLife Capital Trust I, a Delaware statutory business trust (the "Issuer").

           WHEREAS, pursuant to an Amended and Restated Declaration of Trust
(the "Declaration"), dated as of April __, 2000, 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 20,000,000 capital securities (23,000,000 if the
underwriters' overallotment option to purchase additional capital securities is
exercised), liquidation amount $50 per capital security, having an aggregate
liquidation amount of $1,000,000,000 ($1,150,000,000 if the underwriters'
overallotment option to purchase additional capital securities is exercised),
designated the ___% Capital Securities (the "Capital Securities");

           WHEREAS, as incentive for the Holders to purchase the Capital
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Capital Securities Guarantee, to pay on a senior
basis 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 Capital 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 Capital 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 Capital Securities Guarantee for the
benefit of the Holders.








<PAGE>   5



                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATIONS

SECTION 1.1     Definitions and Interpretation

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

           (a)  capitalized terms used in this Capital 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 Capital Securities Guarantee has
                the same meaning throughout;

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

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

           (e)  a term defined in the Trust Indenture Act has the same meaning
                when used in this Capital Securities Guarantee, unless otherwise
                defined in this Capital 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.

         "Capital Securities Guarantee Trustee" means The Bank of New York,
until a Successor Capital Securities Guarantee Trustee has been appointed and
has accepted such









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appointment pursuant to the terms of this Capital Securities Guarantee, and
thereafter means each such Successor Capital Securities Guarantee Trustee.

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

           "Corporate Trust Office" means the office of the Capital Securities
Guarantee Trustee at which the corporate trust business of the Capital
Securities Guarantee Trustee shall, at any particular time, be principally
administered, which office at the date of execution of this Agreement is located
at 101 Barclay Street, Floor 21 West, New York, New York 10286, Attention:
Corporate Trust Administration.

         "Covered Person" means any Holder or beneficial owner of Capital
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 the ___% Debentures due May 15, 2005 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 Capital Securities Guarantee.

           "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Capital 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 Capital Securities
           to the extent the Issuer shall have funds available therefor, and

                (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 Capital
           Securities as provided in the Declaration), the









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           lesser of (a) the aggregate of the liquidation amount of such Capital
           Securities plus all accrued and unpaid Distributions on such Capital
           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 Issuer remaining available for distribution to Holders
           in liquidation of the Issuer (amounts in clause (a) or (b), the
           "Liquidation Distribution").

                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 Capital Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Capital
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 Capital Securities Guarantee Trustee
including in its individual capacity, any Affiliate of the Capital Securities
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Capital
Securities Guarantee Trustee.

           "Indenture" means the Indenture dated as of April __, 2000, among the
Debenture Issuer and The Bank of New York, as trustee, and any indenture
supplemental thereto pursuant to which certain debt securities of the Debenture
Issuer are to be issued to the Property Trustee of the Issuer.

           "Majority in liquidation amount of the Capital Securities" means,
except as provided by the Trust Indenture Act, a vote by Holders of Capital
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 Capital 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 Capital 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, 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.

           "Responsible Officer" means, when used with respect to the Capital
Securities Guarantee Trustee, any officer within the corporate trust department
of the Capital Securities Guarantee Trustee (or any successor of the Capital
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 Capital 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 Capital Securities Guarantee.

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

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











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                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1     Trust Indenture Act: Application

           (a) This Capital Securities Guarantee is subject to the provisions of
the Trust Indenture Act that are required to be part of this Capital 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 Capital
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 Capital Securities Guarantee
Trustee with a list, in such form as the Capital 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 Capital 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 Capital Securities Guarantee Trustee by the
Guarantor. The Capital Securities Guarantee Trustee may destroy any List of
Holders previously given to it on receipt of a new List of Holders.

           (b) The Capital 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 Capital Securities Guarantee Trustee

           Within 60 days after [September 1] of each year, commencing
[September 1, 2000,] the Capital 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 Capital Securities Guarantee Trustee shall also comply with
the requirements of Section 313(d) of the Trust Indenture Act.










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SECTION 2.4     Periodic Reports to Capital Securities Guarantee Trustee

           The Guarantor shall provide to the Capital 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 Capital Securities Guarantee Trustee is for informational
purposes only and the Capital 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 Capital
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 Capital Securities Guarantee
Trustee such evidence of compliance with any conditions precedent, if any,
provided for in this Capital 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 Capital 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 Capital 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 Capital Securities Guarantee Trustee shall, within 90 days
after a Responsible Officer of the Capital 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 to such Responsible Officer of the Capital Securities
Guarantee Trustee, unless such defaults have been cured before the giving of
such notice, provided, that, the Capital Securities Guarantee Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of
the Capital Securities Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.









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           (b) The Capital Securities Guarantee Trustee shall not be deemed to
have knowledge of any Event of Default unless the Capital Securities Guarantee
Trustee shall have received written notice thereof, or a Responsible Officer of
the Capital 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 Capital 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
                      CAPITAL SECURITIES GUARANTEE TRUSTEE

SECTION 3.1     Powers and Duties of the Capital Securities Guarantee Trustee

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

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

           (c) The Capital 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 Capital Securities Guarantee, and no implied
covenants or obligations shall be read into this Capital Securities Guarantee
against the Capital Securities Guarantee Trustee. In case









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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 Capital
Securities Guarantee Trustee, the Capital Securities Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Capital 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 Capital Securities Guarantee shall be
construed to relieve the Capital 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 Capital Securities
                Guarantee Trustee shall be determined solely by the express
                provisions of this Capital Securities Guarantee, and the Capital
                Securities Guarantee Trustee shall not be liable except for the
                performance of such duties and obligations as are specifically
                set forth in this Capital Securities Guarantee, and no implied
                covenants or obligations shall be read into this Capital
                Securities Guarantee against the Capital Securities Guarantee
                Trustee; and

                      (B) in the absence of bad faith on the part of the Capital
                Securities Guarantee Trustee, the Capital 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 Capital Securities
                Guarantee Trustee and conforming to the requirements of this
                Capital 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 Capital Securities
                Guarantee Trustee, the Capital Securities Guarantee Trustee
                shall be under a duty to examine the same to determine whether
                or not they conform to the requirements of this Capital
                Securities Guarantee;

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










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                (iii) the Capital 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 Capital Securities
           relating to the time, method and place of conducting any proceeding
           for any remedy available to the Capital Securities Guarantee Trustee,
           or exercising any trust or power conferred upon the Capital
           Securities Guarantee Trustee under this Capital Securities Guarantee;
           and

                (iv) no provision of this Capital Securities Guarantee shall
           require the Capital 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 Capital 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 Capital Securities Guarantee or if indemnity reasonably
           satisfactory to the Capital Securities Guarantee Trustee against such
           risk or liability is not reasonably assured to it.

SECTION 3.2     Certain Rights of Capital Securities Guarantee Trustee

           (a)  Subject to the provisions of Section 3.1:

                (i) The Capital 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.

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

                (iii) Whenever, in the administration of this Capital Securities
           Guarantee, the Capital Securities Guarantee Trustee shall deem it
           desirable that a matter be proved or established before taking,
           suffering or omitting any action hereunder, the Capital 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.









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                (iv) The Capital 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 Capital 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 Capital Securities Guarantee Trustee shall have the
           right at any time to seek instructions concerning the administration
           of this Capital Securities Guarantee from any court of competent
           jurisdiction.

                (vi) The Capital Securities Guarantee Trustee shall be under no
           obligation to exercise any of the rights or powers vested in it by
           this Capital Securities Guarantee at the request or direction of any
           Holder, unless such Holder shall have provided to the Capital
           Securities Guarantee Trustee such security and indemnity, reasonably
           satisfactory to the Capital Securities Guarantee Trustee, against the
           reasonable costs, expenses (including reasonable attorneys' fees and
           reasonable expenses and the expenses of the Capital Securities
           Guarantee Trustees, 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 Capital Securities Guarantee Trustee; provided that, nothing
           contained in this Section 3.2(a)(vi) shall be taken to relieve the
           Capital 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 Capital Securities Guarantee.

                (vii) The Capital 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
           Capital 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 Capital 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 Capital Securities









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           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 Capital Securities Guarantee
           Trustee or its agents hereunder shall bind the Holders, and the
           signature of the Capital 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 Capital Securities Guarantee Trustee to so act or as to its
           compliance with any of the terms and provisions of this Capital
           Securities Guarantee, both of which shall be conclusively evidenced
           by the Capital Securities Guarantee Trustee's or its agent's taking
           such action.

                (x) Whenever in the administration of this Capital Securities
           Guarantee the Capital 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 Capital
           Securities Guarantee Trustee (i) may request instructions from the
           Holders of a Majority in liquidation amount of the Capital
           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.

           (b) No provision of this Capital Securities Guarantee shall be deemed
to impose any duty or obligation on the Capital 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 Capital 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 Capital 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 Guarantee shall be taken as the
statements of the Guarantor, and the Capital Securities Guarantee Trustee does
not assume any responsibility for their correctness. The Capital Securities
Guarantee Trustee makes no representation as to the validity or sufficiency of
this Capital Securities Guarantee.











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                                   ARTICLE IV
                      CAPITAL SECURITIES GUARANTEE TRUSTEE

SECTION 4.1     Capital Securities Guarantee Trustee; Eligibility

           (a) There shall at all times be a Capital 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 an
           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.

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

           (c) If the Capital Securities Guarantee Trustee has or shall acquire
any "conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Capital 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 Capital Securities
                Guarantee Trustees

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

           (b) The Capital Securities Guarantee Trustee shall not be removed in
accordance with Section 4.2(a) until a Successor Capital Securities Guarantee
Trustee has









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been appointed and has accepted such appointment by written instrument executed
by such Successor Capital Securities Guarantee Trustee and delivered to the
Guarantor.

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

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

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

           (f) Upon termination of this Capital Securities Guarantee or removal
or resignation of the Capital Securities Guarantee Trustee pursuant to this
Section 4.2, the Guarantor shall pay to the Capital Securities Guarantee Trustee
all amounts due to the Capital 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
on a senior unsecured basis 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









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<PAGE>   18





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 Capital
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 Capital 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,
covenant, term or condition relating to the Capital Securities to be performed
or observed by the Issuer;

           (b) 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 Capital Securities, or any
action on the part of the Issuer granting indulgence or extension of any kind;

           (c) 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;

           (d) any invalidity of, or defect or deficiency in, the Capital
Securities;

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

           (f) 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.










                                       15
<PAGE>   19





           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 Capital
Securities have the right to direct the time, method and place of conducting of
any proceeding for any remedy available to the Capital Securities Guarantee
Trustee in respect of this Capital Securities Guarantee or exercising any trust
or power conferred upon the Capital Securities Guarantee Trustee under this
Capital Securities Guarantee.

           (b) If the Capital Securities Guarantee Trustee fails to enforce this
Capital Securities Guarantee, any Holder may institute a legal proceeding
directly against the Guarantor to enforce its rights under this Capital
Securities Guarantee, without first instituting a legal proceeding against the
Issuer, the Capital 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 Capital Security Guarantee for such payment. The Guarantor
waives any right or remedy to require that any action on this Capital 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 Capital 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 Capital 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 Capital Securities Guarantee, if, at the time of
any such payment, any amounts are due and unpaid under this Capital 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.










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<PAGE>   20





SECTION 5.7     Independent Obligations

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


                                   ARTICLE VI
                             [Intentionally Deleted]


                                   ARTICLE VII
                                   TERMINATION

           This Capital 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 Capital 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 Capital
Securities or under this Capital 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 Capital
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 Capital 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









                                       17
<PAGE>   21





presented to the Guarantor by any Person as to matters the Indemnified 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 Capital 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
Capital 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 Capital Securities Guarantee and any resignation or removal
of the Capital Securities Guarantee Trustee.


                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1     Successors and Assigns

           All guarantees and agreements contained in this Capital Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Capital Securities then outstanding.









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<PAGE>   22





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
Capital Securities Guarantee may only be amended with the prior approval of the
Holders of at least a Majority in liquidation amount of the outstanding Capital
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 Capital 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 Capital Securities Guarantee Trustee, at the
Capital Securities Guarantee Trustee's mailing address set forth below (or such
other address as the Capital Securities Guarantee Trustee may give notice of to
the Holders of the Capital Securities):

                The Bank of New York
                101 Barclay Street, Floor 21 West
                New York, New York  10286
                Attention: Corporate Trust Administration

           (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:

                Debevoise & Plimpton
                875 Third Avenue
                New York, New York  10022
                Attention:  James C. Scoville, Esq.

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









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<PAGE>   23





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

SECTION 9.5     Governing Law

           THIS CAPITAL 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.

           THIS CAPITAL SECURITIES GUARANTEE is executed as of the day and year
first above written.

                                         METLIFE, INC.
                                         as Guarantor


                                         By:
                                               Name:
                                               Title:

                                         THE BANK OF NEW YORK
                                         as Capital Securities Guarantee Trustee


                                         By:
                                               Name:
                                               Title:







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