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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
- Competitive rates
- Minimal fees
- Extensive coverage
- Cash value buildup
- Requires extra steps
- Limited offerings
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 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.
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.
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Reviewed Dec. 5, 2023
My late father had 3 annuity contracts with them when he passed away. I am the beneficiary on all of them. Each time I called to get information on how to submit a claim I got the run around being transferred from one department to another. Awful experience. I would never do business with them.
Reviewed Sept. 19, 2023
There is no communication via phone or email. I switched bank accounts and autopay obviously lapsed. I had been traveling and didn't get a letter for missed payment due to this. No attempts were made via email or phone, both of which they have. I then sent them a wire transfer as well as an online payment, neither of which they are capable of confirming in their system via phone (it's always a concern when companies don't communicate in the current decade). As such, it's very obvious that policy lapses are considered a feature, not a bug, for Brighthouse. Their customer service was among the least helpful I have ever encountered and I wouldn't wish this company on my worst enemy. I also dug in and it seems impossible for me to update my autopay information through their portal, which is another fun system design to ensure more policy lapses for the company.
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Reviewed Sept. 6, 2023
I had an insurance policy through this company somehow. Brighthouse stated that I had signed up in 2016. I went through 3 numbers and 4 disconnects just to find a policy number. Now they won't do any compensation? This is a garbage company.
Reviewed Aug. 22, 2023
You have been told to be careful where you invest your money. BrightHouse is the company that you have been warned about.. They are strictly shuck and jive!!! They eventually will go belly up... Bankrupt!!! Their agents all have ** degrees in Shuck and Jive with their expert agents holding PHD degrees in ** the investor... If you want hours of frustration, being placed on hold and pure dee horse crap, then BrightHouse is for you...
Reviewed June 21, 2023
Contacted them multiple times to get some help on my variable annuity. Their customer service responses were very robotic. They did not care to understand my issue and gave me different answers at different times. Trying to get a supervisor with some better knowledge was absolutely futile. They transferred me to another agent who had no clue of my ealier half-hour conversation and went through the routine of n-number of questions to establish my identity again, and was of no help after that. As of now, I wish there was some way of transferring my annuity to some other company where I can get some help.
Reviewed Nov. 7, 2022
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.
Reviewed Oct. 28, 2022
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.
Reviewed Aug. 12, 2022
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.
Reviewed May 6, 2022
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.
Reviewed March 18, 2022
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!
Brighthouse Financial Company Information
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- Brighthouse Financial
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