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About Brighthouse Financial
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Brighthouse Financial is one of the largest life insurance companies in the United States. The company states its mission is to help clients achieve financial security, and it offers two core products: annuities and life insurance. The company is listed on the Nasdaq stock index under the symbol BHF.
Pros & Cons
Pros
- Competitive rates
- Minimal fees
- Extensive coverage
- Cash value buildup
Cons
- Requires extra steps
- Limited offerings
Bottom Line
Overall, Brighthouse Financial is a good choice for annuities or life insurance coverage. Consider the Brighthouse SmartCare product if you’re planning your financial future.
Brighthouse life insurance
Life insurance gives your beneficiaries a payment when you die that helps offset the economic cost of losing a loved one. Brighthouse offers three life insurance products:
- Term life insurance: This product provides coverage for a set amount of years and pays a death benefit if you pass away during the covered term. Common terms for these plans include five, 10, 20 or 30 years. Term life insurance is ideal if you want to ensure you have coverage for a specific period of time or if you need a lower-cost financial protection solution.
- Permanent life insurance: Unlike term life insurance, permanent life insurance provides coverage for your entire life. Many permanent life insurance products accrue cash value that can be used to supplement retirement income or fund your child’s education. Permanent life insurance products include whole life, variable universal life, universal life and indexed universal life.
- SmartCare: Brighthouse Financial also offers a hybrid policy option called SmartCare, which combines a death benefit with long-term care funding. SmartCare features permanent life insurance (indexed universal care) that lets you choose between a fixed account or an equity index account to invest the cash value. This option gives you tax-deferred financial growth for retirement and provides a guaranteed death benefit as long as you maintain the premiums. You can choose to pay for a SmartCare policy in a lump sum or in installments across a determined payment schedule.
Brighthouse annuities
Brighthouse Financial annuities are designed to help you save for retirement and provide a steady stream of guaranteed income payments. Payments can be set up to start right away or at a future date, and they can last a specific number of years or for the rest of your life.
Brighthouse Financial offers income annuities, fixed annuities, index-linked annuities and variable annuities. You can only purchase Brighthouse Financial’s annuity products through a financial professional. Financial advisors can be found through your financial institution or through the FINRA BrokerCheck website.
Brighthouse prices
The cost of Brighthouse Financial life insurance products varies based on the age and health of the policyholder and the coverage selected. Policies with longer terms cost more than those with shorter terms.
Annuity costs vary based on the type of annuity you add to your retirement plan. There are several fees associated with buying an annuity, including administrative, add-ons/riders and mortality and expense risks. These fees vary by company.
Brighthouse Financial FAQ
Is Brighthouse part of MetLife?
Brighthouse Financial is an independent company that is no longer part of MetLife. The two companies are not affiliated.
When did Brighthouse Financial spin off from MetLife?
Brighthouse Financial completed its separation from MetLife on August 4, 2017. A few days later, on August 7, 2017, Brighthouse Financial was listed on the Nasdaq stock index under the symbol BHF.
Will Brighthouse Financial pay a dividend?
Currently, the company does not pay dividends on its stock.
Is Brighthouse Financial a good company?
There are hundreds of life insurance and annuity offerings on the market, but Brighthouse Financial does a good job of combining both products. Though the company requires you to hire a financial advisor, its team is helpful and provides additional assistance. Because Brighthouse Financial has competitive rates, minimal surrender fees and strong financial ratings, we think its straightforward products could be a good fit for many people.
Brighthouse Financial Reviews
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Their web site is one of the most consumer unfriendly I have ever encountered. They have no easily reachable customer service department. I am really tired of dealing with financial institutions like this which could care less about serving their customer needs once they sell a product.
The company does not have a lot of options. In addition, service or support is less than ideal. Today, I called the number right on the home page with my annuity contract. Out of service. I called another "contact us' number. Couldn't help but I will transfer you. Next number said the same thing and transferred me to a Dental Office. True story.
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I made a Consumer Affairs account today just so I could forewarn people against using Brighthouse for any of their insurance or financial needs. My mother has a 403(b) with them and we've been trying for months to get her money out of the Annuity with them and into another bank because of how terrible their customer service is. I've been helping her with this 'cause it's become so complicated. I've lost hours of my life on the phone with them, and the first number you use never works so you're transferred at least 2 times every time. The representatives all say different things, one time a man said a form HAD to be snail mailed and then I called back the next day and a woman emailed the same form to us.
Phone is also the ONLY way to do anything with your accounts. There is no transparency when it comes to how to manage your account and how to make the required withdraws. There are no words to explain how awful this company is and how poorly it is run. Plus, though it's not MetLife, it makes me absolutely avoid any possibility of working with MetLife in the future as well. Avoid Brighthouse Financial at all costs.
Trying to get a very simple issue fixed is absolutely awful. Tickets opened and have taken weeks and while escalated nothing ever happens. Tickets, Chats, Calls... And no change, just "we will escalate to customer care". At this point not sure they even exist.
Do yourself a favor and stay away BrightHouse. They have the worst customer service I have ever seen. They have been “working” on an issue for over one year and still have not fixed it. The worst, nobody takes calls or returns. The worst in the industry. 0 stars!
Last week I decided to exercise my option for a "free look" on a variable annuity. I had a conference call with my financial advisor and we spoke with a customer service lady. I believe Freena was her name. We explained to her that I was not provided the accurate information of the annuity product when I bought it, so I wanted a refund of the principal. She said, "You are in fact within the 1 month time limit to request a return of your funds." When the 1 month period actually begins is in question. I thought it was one month from the delivery receipt. Anyhow, she emailed out the forms to request the return of those funds.
Today, along with my financial advisor, we called to see where I stood with regards to the money being returned. We spoke with a company representative and brought him up to speed with what we have done so far. We asked him if he had a copy of the delivery receipt for policy-the form that says my wife and I have signed for the policy. Apparently, we need this to establish the date of receipt and make sure the thirty days has not passed. He couldn't find it. He said something to the effect of not "having their coding". I think he was referring to the new accounts dept. and how he needs that coding to access records. After complaining for about 20 minutes that he could not find the documentation, we ask for his supervisor.
Now we are on a call with Tim. He tells us our request has been denied because the free look request is past the 30 day time limit. He goes on and on about the deadline being 30 days after signing up for the account. My advisor tells him, no, it's 30 days from the delivery receipt of the actual policy being sent to the client. This goes back and forth several times. My advisor has been in the business for 30+ years. He, like the first guy, cannot find the same document (the delivery receipt). Now we have been on the phone for nearly 45 minutes. We ask him for his employee number and he says he will not give it to us, but he will give us his last name. This guy, like the first is full of attitude. We ask for his supervisor.
Now we are speaking with Paul. He basically is saying the same thing as Tim. He has a hard time finding the document! Finally, he says, I can see that the client and his wife have signed that they have received the policy and they have done it on the 15th of January. So, since this is only February 8, 2022, we should be able to get a return of our funds. But no! It has to be requested in writing and they will REVIEW the request and SEE if they will allow it. This will take anywhere from 5-7 business days.
All the time my financial agent and I were speaking with Brighthouse, I felt as if it was some club where they were not willing to be open and transparent about the free look process. I felt as if it was some game of "keep away" with my money. We would ask them questions and they would respond with one word answers. Well, we will see how it goes. Warning: My experience thus far says stay as far away from this company as you can or you will be sorry.
I use a variety of online financial services. Brighthouse is the worst of the worst! Their online capabilities are dysfunctional - they will not allow you to move your own money! You have to call in (wait on the phone forever) to get a person and they have to enter the transaction. It's ridiculous and has cost me money in the past. Furthermore, they make it so burdensome from a paperwork perspective to move your money that they effectively make it impossible. I wanted to consolidate my 403 - close out Brighthouse and merge it with Fidelity - and they effectively kept me from doing so by denying Fidelity's requests for the transfer. The paperwork puzzle they sent essentially had no solution. Steer clear of Brighthouse financial!
My Mother made payments to Brighthouse of $190.00 for 23 years.. When we tried to file a claim of $136.00 for Caretaker during her last days it was denied... Please read the fine print before you get long term insurance.
Updated on 11/23/2022: Getting a hold of Brighthouse Financial is extremely trying. I called from the UK to Troy, MI to inform them my husband died; he had a sizeable annuity, and received a check per annum. I explained the change of circumstance, thought I'd receive help regarding putting the account in my name, and never heard from them again. My solicitor made the next attempt, but in vain. Why is this so complicated with OUR money? 'Being waylaid by inefficiency' would be a fitting logo for Brighthouse.
Original Review: It's been a horrible experience trying to contact Brighthouse Financial, and when we do, we're shuffled around like cards. No answers and never received our annual annuity. Called their hub in Charlotte who told us to call MetLife in Troy, Michigan. Person said they'd investigate, and of course heard nothing back. What is going on?? Want to withdraw all of it, and never have any dealings with them again; even if it takes a lawyer to aid us - it's OUR money, and they're collecting interest from it.
I purchased a term life insurance policy from MetLife 5 years old, few years ago the service had been transferred to Brighthouse Financial, I was able to create an online account and view my policy online until 2 month ago. Then suddenly I was not able see my policy on my account. I called website support. They told me my policy was "restricted." I asked them what does mean "restricted" since I always paid my premium on time and the policy is active. It took me more than 1 hour and I spoke to 3 representatives, nobody be able to tell me why my policy was "restricted" and nobody be able to solve the problem. I requested to talk to a supervisor, they said no! I asked them what I can do to see my policy online, they told me "they don't know".
Life insurance company should be reliable and trustworthy, but Brighthouse Financial even cannot tell his customer the status of a policy. I cannot imagine if there is something happening to me, when my family file a claim, they could tell them that they cannot locate the policy. Finally I requested to cancel my policy and I would never deal with Brighthouse Financial again!
Brighthouse Financial Company Information
- Company Name:
- Brighthouse Financial
- Website:
- www.brighthousefinancial.com
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