Brighthouse Financial - Metlife

MetLife established Brighthouse Financial in 2017 to help ensure secure financial futures by offering life insurance and annuity options. 

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8.3
Grand Score
8
User Score
8.3
Grand Score
8
User Score
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In January 2016, MetLife declared that it would be introducing a ‘spin-off’ company that would offer life insurance products to its customers, including guaranteed term insurance (also referred to as burial insurance). The ‘spin-off’ company launched in March 2017 as Brighthouse Financial, and it is now an independent company. 

Initially, the rebranding announcement brought about concerns, since customers were not confident that they could trust a company that was fairly new to the market. These concerns quickly subsided when customers realized that Brighthouse Financial was a ‘trusted product’ of MetLife. The connection allowed Brighthouse Financial to build on a solid foundation. Today, Brighthouse Financial sells life insurance and annuities to the U.S. retail market through third-party distributors such as brokers and agencies. The company has already managed to obtain fantastic official ratings.

Grandfolk Scoring
Waiting period 5/10
Customer service 8/10
Medical exam 7/10
Maximum coverage 4/10
Coverage age limit 6/10
Living benefits 8/10
Exclusions 10/10
Rate increases 7/10
Cost 8/10
Ease of enrollment 7/10
Coverage 7/10
Waiting period
Does coverage have a waiting period?
After a two-year waiting period
Customer service
Availability of and ease of access to customer service?
Agents are available by phone 8 AM-8PM EST Mon- Fri
Medical exam
Medical exam required to obtain coverage?
No, a medical examination is not required.
Maximum coverage
What is the maximum coverage available for burial insurance?
Coverage amounts start at $1 million and go up from there
Coverage age limit
Who is eligible for burial insurance coverage?
Available up to age 70 and five years after issue
Living benefits
Are chronic and terminal illness benefits included with burial insurance?
No, but riders are available to purchase
Exclusions
What isn’t covered?
Suicide, if it occurs within the first two years of the policy.
Rate increases
Will the rates increase each year?
Rates can increase periodically OR be guaranteed to remain level
Cost
Monthly premium
Varies based on age and other factors
Ease of enrollment
Ways you can enroll
Through a financial advisor
Coverage
What services are covered?
Burial insurance, plus optional riders
Age Score:
10
50-64 Years
10
65-74 Years
10
75-84 Years
10
85-Older

Brighthouse Financial offers Guaranteed Level Term insurance. This product was designed to deliver financial protection in the areas you may need it most as you age. You have an option to choose from four premium terms: 10, 15, 20 or 30 years. The premiums and death benefits will remain the same throughout the term of the policy.

Unlike most other companies, Brighthouse Guaranteed Level Term guarantees you an option to convert to a permanent product. This guaranteed convertibility allows your term coverage to be transferred to a permanent product at the original health rating. You will not be required to complete medical examinations or questions. Conversions are available up to the age 70 and five years after coverage is issued. This option is definitely worthwhile if you may need coverage only for a short period of time. Also, this may be a good choice (or the only choice) if you have reached age 70 and may have health issues which may disqualify you from some new policies.

Health Score:
10
Poor Health
10
Fair Health
10
Good Health
10
Great Health

Brighthouse Financial offers many riders that cater to individuals who may have declining health conditions. An insurance rider is used to add optional modifications or add-on provisions to a standard or basic insurance policy. Put simply, a rider provides additional benefits to the policyholder. Brighthouse Financial’s Chronic and Terminal Care Rider allows early, tax-free access to death benefits if you have been diagnosed with a terminal or chronic illness. It should be noted that a processing fee will be required each time the rider is applied. A rider of this sort is especially beneficial when you have a declining health condition, because it allows you to comfortably cover the costs of your daily living expenses while assuring that your loved ones will be cared for once you pass away.

Pros:

  • An electronic application option is available for those who are tech-savvy.
  • The company offers a fast-track process for applicants who have an issue-free medical history.
  • Brighthouse Financial was established by MetLife, a financially sound company. 
  • Brighthouse Financial has a faster-than-average application turnaround time. 
  • You will have the option to convert your burial insurance policy to a permanent life insurance policy. 

Cons:

  • A phone interview with an underwriter is required to complete the application process. 
  • The Brighthouse application form is longer and more complex than forms used by most other companies.
  • To update beneficiaries, you must complete a paper form and mail it in. 
  • Burial insurance coverage starts at $1 million, which may be more than what you need.
  • Payment options include check or auto bank draft (for monthly payments only); credit cards are not accepted. 
  • Brighthouse Financial products are available only through a financial professional or broker. 

Bottom Line:

Brighthouse Financial, established by MetLife, is fairly new on the market. However, it is on its way to holding a dominant position in the insurance industry thanks to its focus on product innovation, financial strength and integrity. The company offers a competitive array of insurance products. In a short time, consumers have come to love and trust this brand. 

Many people consider ratings by A.M. Best to be the most trusted ratings in the industry. This organization has rated companies in the insurance industry for decades. Brighthouse Financial life insurance was recently awarded an ‘A’ rating, which is equivalent to ‘Excellent.’ 

All things considered, Brighthouse Financial is a reputable and innovative life insurance company. It is a newcomer to the industry, but is already helping millions of people secure a solid financial future. If you value a wide selection of options provided by a stable company, Brighthouse Financial may be an option to consider. 
 

Frequently Asked Questions:

Does term coverage include an ‘accelerated death benefit?’
No, but riders are available to add to your coverage. You may accelerate all, or a portion of, your death benefit if you are diagnosed with a qualifying terminal illness (depending on your state, a 12 or 24-month maximum life expectancy).


How do I get started?
Brighthouse Financial products are available only through a financial professional. Talk to your advisor to find out more about how its products could fit your needs.


What if I apply and change my mind later?
If you change your mind after applying, you can cancel your coverage within a certain time period to receive a refund of the premiums you have paid. This is known as a ‘free look.’ Not all contracts issued are subject to free look provisions under state law, so make sure you check the laws in your home state. To cancel, you can submit your request in writing; just be sure to include your signature.
 

More Information:

Product Details 


Overview: MetLife established Brighthouse Financial in 2017 to offer life insurance and annuities to the U.S. market. 
Package Details:  N/A
Optional Accessories or Add-on Services: N/A

 

Additional Company Details


Contract Details: N/A

Warranty: N/A 

Accreditations:  Brighthouse Financial does not have an accredited business profile or rating with the Better Business Bureau.


Company Details:  Brighthouse Financial was established by MetLife, Inc in 2016. Today, it operates as an independent company. Brighthouse Financial has grown into a leading life insurance provider in the U.S. It manages nearly 3 million insurance policies and annuity contracts. Already, the company boasts nearly $250 billion total assets.

Contact

Brighthouse Financial 
11225 N Community House Rd
Charlotte, NC 28277
Phone: 800-638-5433
Website: https://www.brighthhousefinancial.com 

 

T. Mashae Pearson - Senior Advisor

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