Brighthouse Financial Introduces Enhancements to Brighthouse SmartCare®

Rhea-AI Summary

Brighthouse Financial (Nasdaq: BHF) has enhanced its flagship life insurance product, Brighthouse SmartCare. The hybrid product now offers a 3% Compound option for long-term care (LTC) benefit growth, expanding client flexibility. Two new riders have been added at no extra charge: the Return of Premium Surrender Benefit Rider and the Return of Premium Death Benefit Rider. These ensure clients receive at least 75% of premiums paid upon surrender and 100% upon death, respectively, subject to reductions. The enhancements aim to strengthen Brighthouse SmartCare's role in comprehensive financial planning, offering both guaranteed death benefits and LTC protection.

Positive

• Introduction of 3% Compound option for LTC benefit growth, enhancing product flexibility
• Addition of two new riders at no extra charge, potentially increasing product value
• Expansion of product suite, aligning with company's mission to enhance financial security

Negative

• None.

New features further strengthen the company’s flagship life insurance product

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that it has introduced new enhancements to Brighthouse SmartCare, its flagship life insurance product. Brighthouse SmartCare is a hybrid life insurance product that provides a guaranteed death benefit while helping to protect clients from the costs of long-term care (LTC) through guaranteed LTC benefits.

The enhancements include a 3% Compound option, which offers clients the ability to grow their LTC benefit amounts at a guaranteed fixed rate of 3% compounded annually. This new option expands the LTC coverage options that clients can choose from, giving them even more flexibility to customize their policy to fit their needs.

The 3% Compound option is now one of two Fixed Growth LTC coverage options, which include the existing ability to grow LTC benefits at a guaranteed fixed rate of 5% compounded annually. Brighthouse SmartCare also continues to offer an Indexed LTC coverage option, under which LTC benefit amounts have the potential to increase by linking the policy to the performance of major market indices, and a Level option, under which LTC benefit amounts remain the same over the duration of the policy.

In addition to the 3% Compound option, Brighthouse Financial has introduced two new riders to Brighthouse SmartCare that will be issued with new policies at no additional charge: the Return of Premium Surrender Benefit Rider and the Return of Premium Death Benefit Rider.¹

With the Return of Premium Surrender Benefit Rider, the amount paid upon surrender of a policy will never be less than 75% of premiums paid, up to the sum of all premiums due, with reduction for policy loans and any LTC benefit payments. With the Return of Premium Death Benefit Rider, the amount paid upon death will never be less than 100% of premiums paid, with reduction for policy loans and any LTC benefit payments.

“By offering both a guaranteed death benefit and guaranteed long-term care protection, Brighthouse SmartCare can play an important role in a well-rounded financial plan, and we are pleased to introduce these new features to enhance the product,” said Myles Lambert, chief distribution and marketing officer, Brighthouse Financial.

Brighthouse Financial continues to expand and enhance its product suite as it delivers on its mission to help people achieve financial security. The new enhancements to Brighthouse SmartCare follow the company’s launch last year 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 in addition to a guaranteed death benefit.

Click here for more information about Brighthouse SmartCare and 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.,² we specialize in products designed to help people protect what they’ve earned and ensure it lasts. Learn more at brighthousefinancial.com.

¹ The ROP Surrender Benefit is equal to the sum of all premiums paid to date, up to the Maximum ROP Surrender Benefit, multiplied by 75%; less any cash surrender value, loan balance, and any benefit paid under the LTC Acceleration of Death Benefit Rider (LTC ADBR) and Extension of Benefits Rider (EOBR). If the result of the calculation is less than or equal to zero, no ROP Surrender Benefit will be paid.

² Ranked by 2023 admitted assets. Best’s Review^®: Top 200 U.S. Life/Health Insurers. AM Best, 2024.

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 (“Brighthouse Financial”). All guarantees, including any optional benefits, are subject to the claims-paying ability and financial strength of the issuing insurance company. The 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 a financial professional. May not be available in all states or firms. Enhancements currently not available in New York.

Brighthouse Financial^® and its design are registered trademarks of Brighthouse Financial, Inc. and/or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240722632994/en/

FOR MEDIA

Deon Roberts

(980) 949-3071

deon.roberts@brighthousefinancial.com

Source: Brighthouse Financial, Inc.

FAQ

What new features has Brighthouse Financial (BHF) added to its SmartCare product?

Brighthouse Financial has added a 3% Compound option for LTC benefit growth, a Return of Premium Surrender Benefit Rider, and a Return of Premium Death Benefit Rider to its SmartCare product.

How does the new 3% Compound option in Brighthouse SmartCare (BHF) work?

The 3% Compound option allows clients to grow their LTC benefit amounts at a guaranteed fixed rate of 3% compounded annually, providing an additional choice for LTC coverage.

What is the Return of Premium Surrender Benefit Rider in Brighthouse SmartCare (BHF)?

This rider ensures that the amount paid upon policy surrender will never be less than 75% of premiums paid, up to the sum of all premiums due, with reductions for policy loans and LTC benefit payments.

How does the Return of Premium Death Benefit Rider work in Brighthouse SmartCare (BHF)?

This rider guarantees that the amount paid upon death will never be less than 100% of premiums paid, with reductions for policy loans and any LTC benefit payments.