Brighthouse Life Insurance: What You Need To Know

Brighthouse Financial is a major US provider of life insurance and annuities, established by MetLife. The company offers a range of insurance products, including term life insurance, permanent life insurance, and a unique hybrid policy that combines life insurance with long-term care insurance. With approximately 2.6 million insurance policies and annuity contracts in force and total assets of over $200 billion, Brighthouse Financial is one of the largest insurers in the United States. The company is headquartered in Charlotte, North Carolina, and serves customers in all 50 states.

Brighthouse Financial's history and leadership

Brighthouse Financial, Inc. is one of the largest providers of annuities and life insurance in the United States. The company began selling annuities and life insurance under the Brighthouse Financial brand on March 6, 2017, after separating from MetLife, which had announced its intention to separate a substantial portion of its U.S. Retail segment in January 2016. On August 4, 2017, Brighthouse Financial completed its separation from MetLife and began trading on the Nasdaq stock exchange under the symbol "BHF" three days later. MetLife retained a 19.2% stake in the company initially but divested its remaining interest in 2018.

Brighthouse Financial is headquartered in Charlotte, North Carolina, and has over two million customers and more than $230 billion in assets. The company offers a range of life insurance products, including term life insurance, permanent life insurance, and a unique hybrid policy that combines life insurance with long-term care insurance.

The leadership team at Brighthouse Financial includes President and Chief Executive Officer Eric Steigerwalt, formerly Executive Vice President of U.S. Retail Business at MetLife. Other key members of the management team include Chief Financial Officer Edward Spehar, Chief Operating Officer Conor Murphy, Chief Investment Officer John Rosenthal, and Chief Marketing and Distribution Officer Myles Lambert.

The company has a strong commitment to corporate social responsibility and frequently partners with organizations such as Big Brothers Big Sisters of Tampa Bay, Habitat for Humanity, and Heart Math Tutoring. In 2022, the Brighthouse Financial Foundation awarded grants to 19 nonprofits supporting women, children, veterans, and the arts.

Brighthouse Financial's life insurance policies

Brighthouse Financial, Inc. is one of the largest providers of life insurance in the United States. Established by MetLife, Brighthouse Financial began selling life insurance under its own brand on March 6, 2017, and completed its separation from MetLife on August 4, 2017. The company now has over two million customers and more than $230 billion in assets.

Brighthouse Financial offers term life insurance and permanent life insurance. The company provides a unique hybrid policy, called Brighthouse SmartCare, which combines universal indexed life insurance with long-term care insurance. This policy is particularly appealing to those seeking long-term care and life insurance in one package.

There are two options for term life insurance: Brighthouse SimplySelect and Brighthouse One Year Term. The SimplySelect term policy provides affordable coverage for 10, 20, or 30 years, ranging from $100,000 to $3 million. This policy does not require a medical exam, and you may add an acceleration of the death benefit rider for additional financial protection. The One Year Term policy offers short-term coverage for one year, with the option to extend to five years using a convertible and renewable rider.

Whole life insurance policies are only accessible through Brighthouse Financial if you convert a term life policy. These whole life policies offer level premiums for your lifetime, guaranteed coverage as long as the premium is paid, and guaranteed cash value growth.

Additionally, Brighthouse Financial offers indexed universal life insurance with its SmartGuard Plus plan. This plan provides the option to add a guaranteed distribution rider to ensure future distribution payments remain above a certain level.

While Brighthouse Financial has received excellent financial strength ratings, it has scored poorly in customer satisfaction ratings, such as J.D. Power's 2023 Individual Life Insurance Study. The company's customer support has been a particular area of concern, as reflected in online reviews.

Brighthouse Financial exclusively offers life insurance products and annuities, providing a comprehensive library of online resources for customers to learn about purchasing the right amount of coverage, retirement planning, and estate planning.

Customer satisfaction and reviews

Brighthouse Financial has received mixed reviews from its customers. While the company has been praised for its affordable premiums and expedited application process, it has also been criticised for its poor customer service.

The company scored poorly in the J.D. Power 2023 customer satisfaction ratings, ranking last out of 22 insurance companies. It also received an average of 2.4 stars on the review site Trustpilot. However, it's worth noting that Brighthouse has an A+ rating from the Better Business Bureau (BBB) and an A (Excellent) rating from AM Best for financial stability.

Reviews on Trustpilot and Reddit reflect dissatisfaction with the company's customer service, with some users describing frustrating experiences, such as being on hold for over three hours. On the other hand, others have praised the company's customer service representatives as being patient, congenial, and honest.

In terms of financial stability, Brighthouse Financial has received excellent ratings from credit agencies. M. Best and Fitch Ratings awarded the company an A rating, while Moody's gave them an A3, and S&P Global assigned an A+. These scores indicate a stable outlook and no concerns about Brighthouse's ability to pay out insurance claims.

Overall, while Brighthouse Financial offers competitive rates and strong financial stability, prospective customers should consider the importance of responsive and effective customer service when choosing a life insurance provider.

Financial strength and ratings

Brighthouse Financial is one of the largest providers of annuities and life insurance in the United States, with $219 billion in total assets and approximately 2.6 million insurance policies and annuity contracts in force as of March 31, 2018. The company has received excellent financial strength ratings, including an A (Excellent) rating from AM Best, a credit agency specialising in the insurance industry. This rating indicates that Brighthouse Financial has historically made good on its financial claim obligations, which is particularly important for life insurance shoppers as claims can often be in the millions.

However, Brighthouse Financial's customer satisfaction scores are less impressive. In the 2023 J.D. Power Individual Life Insurance Study, the company scored 739, well below the industry average of 790, and ranked last for overall customer satisfaction. Similarly, the company's National Association of Insurance Commissioners (NAIC) complaint index, which tracks the number of complaints filed by policyholders, indicates that Brighthouse Financial has room for improvement when it comes to customer service. While the company's scores remained below 1.0 (the average score) in 2021 and 2023, they tipped into above-average in 2022.

Despite some shortcomings in customer satisfaction, Brighthouse Financial's financial strength and ratings indicate that the company is a solid and stable provider of life insurance and annuities in the United States. The company's financial data for the year ending December 31, 2023, shows assets of $82,775,039,219 and liabilities of $78,471,241,649, with an assets-to-liability ratio of 105.48%.

Corporate social responsibility

Brighthouse Financial is committed to giving back to the community and has established several partnerships with organisations that support causes such as women's empowerment, children's welfare, veterans, and the arts. They have worked with Big Brothers Big Sisters of Tampa Bay, Habitat for Humanity, and Heart Math Tutoring. In 2022, the Brighthouse Financial Foundation awarded grants to 19 non-profit organisations, including Habitat for Humanity Charlotte.

The company also recognises the importance of sustainability and has published a corporate sustainability report detailing its efforts to promote environmental, social, and governance factors across its business.

Brighthouse Financial's commitment to social responsibility is reflected in its mission to help people achieve financial security. They aim to protect what their customers have earned and ensure it lasts, offering annuities and life insurance products to provide financial peace of mind.

The company's range of insurance products includes term life insurance, permanent life insurance, and their unique hybrid policy, SmartCare, which combines universal indexed life insurance with long-term care insurance. Brighthouse also offers annuities with guaranteed income for life, helping customers plan for retirement and protect their finances.

With over two million customers and more than $200 billion in assets, Brighthouse Financial is one of the largest providers of annuities and life insurance in the United States. Their strong financial position enables them to deliver on their promise of financial security for their customers while also contributing to the community through their corporate social responsibility initiatives.

Brighthouse Financial's dedication to social responsibility and sustainability, combined with their comprehensive insurance offerings, makes them a trusted partner for individuals and families seeking financial protection and long-term peace of mind.

Frequently asked questions