Brighthouse Life Insurance Review
- The Brighthouse Life Insurance Company specializes in life insurance and annuities. Learn more about the organization’s innovative products and services.
The Brighthouse Life Insurance Company, which does business under the Brighthouse Financial brand, specializes in life insurance and annuities, offering innovative solutions to consumers in all 50 states. Take a glimpse into the organization’s forward-thinking products and services to see how a Brighthouse life insurance policy can protect your family’s financial future.
About Brighthouse Life Insurance Company
The Brighthouse Life Insurance Company and several other subsidiaries do business under the brand name Brighthouse Financial. The company became an independent entity in 2017, when it separated from MetLife with a mission to deliver value by offering a streamlined suite of financial solutions. Two years later, the company landed on the Fortune 500 list for the first time. Brighthouse Financial is licensed to sell insurance and annuities in all 50 states and currently serves more than 2 million customers.
What Life Insurance Products Does Brighthouse Life Insurance Company Offer?
Because Brighthouse Financial sells only life insurance and annuity solutions, it can specialize in creating innovative products for consumers, including hybrid coverage that combines life insurance with long-term care benefits. Here are a few of the products it offers.
Brighthouse annuities help individuals save for retirement, promising steady payments that can supplement social security, pensions and other income. Investors can choose from several annuity products, including:
- Income annuities: Brighthouse's income annuities offer multiple income options, including an increasing income preference which lets participants receive a raise each year to account for inflation. The plan also permits early access, letting participants withdraw a percentage of the funds if needed.
- Fixed-rate annuities: Fixed-rate annuities can be a good bet for investors who want to diversify their portfolios, providing guaranteed, tax-deferred growth. Participants may choose a growth guarantee period of 3, 5 or 7 years, and assets may be withdrawn under specific circumstances, such as a terminal illness diagnosis or nursing home confinement.
- Variable annuities: Brighthouse Financial's variable annuities offer flexible investment options, letting participants invest in preexisting asset portfolios or build a customized portfolio from available investments. Payments may transfer to a spouse if the policy owner passes away, and an optional FlexChoice Access living benefit rider may be added on to the account to guarantee income for life.
- Brighthouse Shield level annuities: These index-linked annuities grow value based on the performance of a specific market index such as the S&P 500. However, Brighthouse's Shield products offer several downside protection options to safeguard annuity owners from market volatility. This family of products has no annual fee.
- The Brighthouse SecureAdvantage® 6-Year fixed-index annuity: This innovative annuity safeguards the purchase price against loss due to market downturns so investors don't lose money while allowing for market gains based on the performance of major market indices. The account also includes a death benefit, which is payable to the designated beneficiaries. Investors can easily track this annuity’s daily performance.
- The Guaranteed Income Builder: Brighthouse’s Guaranteed Income Builder is a deferred income annuity that provides a steady income during retirement. The account offers several funding options and lets participants adjust the income start date. Cash-out options may also be available if a participant no longer needs lifetime income payments.
Brighthouse Financial offers temporary and permanent life insurance policies to accommodate the coverage needs of individuals and families. Plans include:
- Brighthouse 1-year term life insurance: These short-term policies are designed to fill gaps in coverage or to protect short-term investments such as a business loan. Although coverage ends after a year, plans may be renewable up to four times, or they may be converted to permanent policies after the initial year of coverage.
- Brighthouse SimplySelect term life insurance: Purchasers can opt for 10-, 20- or 30-year terms, with coverage limits anywhere from $100,000 to $2 million. These plans have a simple underwriting process, letting many applicants get approved for coverage without the need for a medical exam, and policyholders may convert these term plans to permanent coverage after the first year. SimplySelect plans can currently only be purchased through Policygenius.
- Brighthouse SmartCare indexed universal life insurance: This hybrid product combines indexed universal life insurance with long-term care coverage. SmartCare plans have a guaranteed death benefit, and some options may also include a cash value component that can be withdrawn or borrowed against. Applicants between the ages of 40 and 75 may not need to pass a medical exam or interview to be approved for coverage, and decisions are typically returned in 24 hours or less.
The Pros and Cons of Brighthouse Life Insurance Company
Doing business with a company that exclusively sells life insurance and annuities has both pros and cons. As a specialist in these products, Brighthouse Life Insurance Company offers innovative solutions such as its hybrid universal policies, which combine a death benefit with long-term care coverage. Additionally, Brighthouse provides plenty of flexibility for policyholders, letting plan owners convert term policies into permanent coverage or renewing term plans for individuals through the age of 95. The company also has a streamlined application process for some of its policies, so applicants may not need to undergo a physical prior to an approval decision, and decision times are typically quick.
However, potential purchasers should be aware that Brighthouse has no online quoting, application or customer service options, and policies must be purchased through a financial professional or Policygenius, depending on the product. The company also offers a limited selection of riders, so customization can typically only be done through options offered on individual plans.
Brighthouse Life Insurance Company Reviews: What People Are Saying
Reviewers cite positive experiences when dealing with Brighthouse Life Insurance Company, often highlighting the company’s competitive rates and easy application process. Some customers also note the ease of making routine policy changes such as address updates. However, several reviewers note frustration when trying to resolve problems through the company’s customer service department.
Is a Brighthouse Financial Life Insurance Policy Right for You?
If you’re looking for a policy that offers both living and death benefits, a Brighthouse Financial life insurance policy may be what you're looking for. The company's hybrid policies combine standard life insurance benefits with long-term care coverage that pays out if you need a residential skilled nursing program or require other extended care services. Plus, because many of the company’s policies can be approved without a medical exam or extensive health questionnaire, shoppers looking for a streamlined application process may want to explore policy options from Brighthouse.