New life insurance product offers guaranteed Distribution
Payments and a guaranteed death benefit
Brighthouse Financial, Inc. (“Brighthouse Financial” or the
“company”) (Nasdaq: BHF) announced today the launch of Brighthouse
SmartGuard Plus, a registered index-linked universal life insurance
policy that offers clients guaranteed Distribution Payments that
can be used to supplement income in retirement and a guaranteed
death benefit. By tracking the performance of well-known market
indices, Brighthouse SmartGuard Plus also provides clients with the
potential for both their Distribution Payments and policy cash
values to grow until Distribution Payments begin. In addition,
Brighthouse SmartGuard Plus offers various buffer options that
provide a level of protection for the policy’s cash value during
market downturns.
“Clients remain interested in products that can help them
supplement their income in retirement,” said Myles Lambert, chief
distribution and marketing officer, Brighthouse Financial. “With
Brighthouse SmartGuard Plus, we built a life insurance product that
is designed to do that and more.”
A key feature of Brighthouse SmartGuard Plus is the ability to
take tax-advantaged guaranteed Distribution Payments1 that can last
for life, adding a measure of certainty for clients’ retirement.
After the policy has been in force for at least 10 years, the
Guaranteed Distribution Rider (GDR), automatically included with
the policy on the issue date for an additional charge, allows
Distribution Payments to be taken from the policy’s cash value in
the form of policy loans, which reduce the death benefit.
Other key features of Brighthouse SmartGuard Plus include:
- A guaranteed death benefit, that is generally income tax free,2
to help clients ensure their family’s financial security.
- The opportunity to grow the policy’s cash value prior to
beginning Distribution Payments by choosing one of two crediting
strategies: Indexed Accounts or the Fixed Account.3
- The option for clients who select the Indexed Account crediting
strategy to choose from a variety of Buffer Rates (10%, 15%, 20% or
100%) to help provide a level of protection against market
downturns for the policy’s cash value.
- The ability, under the GDR, to choose whether to receive
Distribution Payments for life or for a shorter amount of time,
which may result in the availability of higher Distribution Payment
amounts.
- A Lifetime Lapse Prevention Benefit, which guarantees that the
policy will not lapse while the GDR is in force as long as
scheduled required premiums are paid, beginning at the policy start
date.
“We are pleased to further strengthen our life insurance product
suite with the launch of Brighthouse SmartGuard Plus. Through
tax-advantaged guaranteed Distribution Payments and the potential
to grow policy values with a level of protection from market loss,
Brighthouse SmartGuard Plus can help clients better achieve their
retirement goals,” concluded Lambert.
Brighthouse SmartGuard Plus expands Brighthouse Financial’s life
insurance product suite, which includes Brighthouse SmartCare®, a
hybrid life insurance and long-term care policy, and Brighthouse
SimplySelect®, a term life insurance policy.
Click here for more information about Brighthouse SmartGuard
Plus. More information about Brighthouse Financial is available at
brighthousefinancial.com.
About Brighthouse Financial, Inc.
Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq:
BHF) is on a mission to help people achieve financial security. As
one of the largest providers of annuities and life insurance in the
U.S.,4 we specialize in products designed to help people protect
what they’ve earned and ensure it lasts. Learn more at
brighthousefinancial.com.
1 Available after the 10th policy year, Distribution Payments
under the GDR are in the form of policy loans and can significantly
reduce the unloaned cash value and death benefit amount. When the
cash value reaches zero, the GDR will continue to support the
availability of Distribution Payments. See the prospectus for more
details. A policy loan is generally not treated as a taxable
distribution, but exceptions may apply. Consult with a tax
professional.
2 Policy loans may significantly reduce the death benefit;
however, the GDR guarantees a minimum death benefit amount,
assuming the policy and GDR remain in force. While the death
benefit is generally income tax free, exceptions may apply. Other
taxes including estate, gift, or generation-skipping transfer taxes
may also apply. Consult with a tax professional.
3 Brighthouse SmartGuard Plus is an index-linked life insurance
policy, which means it tracks the performance of one or more market
indices and does not invest directly in the indices. Once
Distribution Payments begin, all policy values are transferred to
the Fixed Account, and there is no further participation in
index-linked market performance.
4 Ranked by 2022 admitted assets. Best’s Review®: Top 200 U.S.
Life/Health Insurers. AM Best, 2023.
Brighthouse SmartGuard Plus℠ is a registered index-linked
flexible premium adjustable life insurance policy with a Guaranteed
Distribution Rider (GDR) issued by, and product guarantees are
solely the responsibility of, Brighthouse Life Insurance Company,
Charlotte, NC 28277, on Policy Forms 5-71-22 and 5GDR-22
(“Brighthouse Financial”). This product is distributed by
Brighthouse Securities, LLC (member FINRA). All are Brighthouse
Financial affiliated companies. The prospectus and policy
contain information about the policy’s features, risks, charges,
expenses, exclusions, limitations, termination provisions, and
terms for keeping the policy in force. The prospectus and complete
details about the policy are available from a financial
professional and should be read carefully. Product availability
and features may vary by state or firm. This product is currently
not available in New York.
Brighthouse SmartCare® is an indexed universal life insurance
policy with long-term care riders issued by, and product guarantees
are solely the responsibility of, Brighthouse Life Insurance
Company, Charlotte, NC 28277 and, in New York only, by Brighthouse
Life Insurance Company of NY, New York, NY 10017 (“Brighthouse
Financial”). All guarantees, including any optional benefits, are
subject to the claims-paying ability and financial strength of the
issuing insurance company. Each issuing insurance company is solely
responsible for its own financial condition and contractual
obligations. Brighthouse SmartCare has exclusions, limitations,
reduction of benefits, and terms under which the policy may be
continued in force or discontinued. For costs and complete details
of the coverage, please contact your financial professional. May
not be available in all states or firms.
Brighthouse SimplySelect® Term Life Insurance is issued by, and
product guarantees are solely the responsibility of, Brighthouse
Life Insurance Company, Charlotte, NC 28277, on Policy Forms
ICC19-5-30CON and 5-19-30CON and, in New York only, by Brighthouse
Life Insurance Company of NY, New York, NY 10017, on Policy Form
5-19-30CON-NY (“Brighthouse Financial”). Product availability and
features may vary by state or firm.
Brighthouse Financial® and its design are registered trademarks
of Brighthouse Financial, Inc. and/or its affiliates.
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version on businesswire.com: https://www.businesswire.com/news/home/20230717648967/en/
FOR MEDIA Deon Roberts (980) 949-3071
deon.roberts@brighthousefinancial.com
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