In an effort to focus on simplicity, transparency and value in product design, Brighthouse Financial has announced an expansion to its flagship Shield annuity family. The major provider of U.S. annuity and life insurance solutions has made available Brighthouse Shield Level Select℠ 3-Year and 6-Year Annuities and the Brighthouse Shield Level Select℠ Access Annuity, offering a broader range of solutions for more advisors and customers, according to a recent press release.
The Shield Annuities suite is designed to help clients take advantage of growth opportunities in equity markets while providing protection in down markets. Clients have an opportunity to earn returns up to the contract’s Cap Rate or Step Rate, with the promise of protection against downside in index loss up to the contract’s Shield Rate. The first product launched in the Shield family, Shield Level Selector℠, was recently included in the 2017 Barron’s Top 50 Annuities in the “Annuities for Tax-Deferred Investing” category.
In order to make the experience of purchasing an annuity, a complex product by nature, as simple as possible, the new Brighthouse Shield Level Select 3-Year and Shield Level 6-Year Annuities streamline product options down to the ones most utilized by customers. They offer no annual fee, a three or six year surrender charge schedule, and a standard Return of Premium Death Benefit, adding a layer of security.
The new Shield Level Select Access Annuity was designed to meet the needs of fee-based advisors who are interested in offering an annuity solution as part of their practice. Shield Level Access has no surrender charges and provides consumers with the ability to access their money early on if necessary. There are no annual product fees, however the consumer will pay a fee an advisory service fee.
“The Shield suite offers a powerful combination of market participation and protection,” said Myles Lambert, Chief Distribution and Marketing Officer at Brighthouse Financial. “We are pleased with the positive market response to our Shield Annuities, and believe the updates we are announcing today will deliver even greater simplicity, transparency and value for financial advisors and the customers they serve.”
Brighthouse Financial recently completed its separation from MetLife, Inc. on August 4, 2017 and is now an independent, publicly-traded company of the Nasdaq Stock Market under the symbol “BHF.” Recent sales remained strong with a reported $570 million in the second quarter of 2017. This is a 28% increase year-over-year, making year-to-date sales of Shield annuities to more than $1 billion.
The Brighthouse Shield Level Select 3-Year and 6-Year Annuities are immediately available, as is the Brighthouse Shield Level Select Access Annuity.
Written by Rachel Summit
