Brighthouse Financial adds new life insurance product
Brighthouse Financial announced 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 Payments 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 include:
- A guaranteed death benefit, that is generally income tax free, 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.
- 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.
