Brighthouse Financial, a US-based provider of annuity and life insurance solutions, has rolled out two annuities under its flagship Shield annuity family to meet the needs of a broader range of advisors and customers.
The new product range includes Brighthouse Shield Level Select 3-year and 6-year annuities and the Brighthouse Shield Level Select Access Annuity.
Through index-tracking, the new Brighthouse Shield Annuities enable clients to take advantage of growth opportunities in equity markets, while providing a pre-defined level of protection in down markets.
Clients can earn returns up to the contract’s Cap Rate or Step Rate each term, with the assurance of downside protection against index loss up to the contract’s Shield Rate.
The new Brighthouse Shield Level Select 3-Year and Shield Level Select 6-Year Annuities have been designed to simplify the experience of purchasing an annuity by streamlining product options down to those most used by customers.
The updated products include no annual fee, offer a three or six year surrender charge schedule, and now include a standard Return of Premium Death Benefit to add a layer of security.
Additionally, the life insurer has introduced the Brighthouse Shield Level Select Access Annuity, a simplified Shield product designed to fulfill the needs of fee-based advisors who would like to offer annuity solutions as part of their practice.
Shield Level Access does not impose any surrender charges, and gives consumers with the flexibility to access their money early if need arises. The annuity has no annual product fees; however, the policyholders will have to pay a fee to the advisor for advisory services.
Brighthouse Financial chief distribution and marketing officer Myles Lambert said: “The Shield suite offers a powerful combination of market participation and protection.
“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.”