Brighthouse Financial Life Insurance Review

brighthouse financial life insurance

Brighthouse is a long-standing name in the insurance industry with a large customer base nationwide, but are they right for you?

Let’s take an in-depth look at what Brighthouse life insurance has to offer in 2020.

Who is Brighthouse Financial?

brighthouse financial logoBrighthouse Financial was founded in 2016, but their origins go back to 1863 where they have roots in Hartford, CT as an insurance company known as Travelers Insurance.

They have had sustainable growth over the years and support from millions of customers.

Brighthouse Financial is now one of the largest life insurance and annuity providers in the U.S. They have 2.5 million life insurance policies and annuity contracts as well as $86.2 billion in general account investments.

Their quality has not lessened through the years which is proved by their place of #342 on the 2019 Fortune 500 List.

Brighthouse was split from MetLife Inc to better position the products and streamline it to the consumers that need it.

What Does Brighthouse Offer?

Brighthouse Financial offer policies that range from 1 to 30 years in the form of two types of life insurance: term life and universal life.

They also offers annuities as an extra feature and provides a variety of flexible life insurance plans.

Term Life Insurance

In the Brighthouse term life plan, they offer coverage increments of 1, 10, 15, 20, and 30 years.

Universal Life

Brighthouse has some of the best long-term insurance coverage. Often universal life insurance and long-term policies can be combined into a single plan.

Although Brighthouse offers great long-term coverage, they also have the option of only committing to one year at a time.

If you are moving jobs or are not ready to commit to a long-term plan, the short-term policies at Brighthouse can be a great choice. Most companies that offer life insurance do not allow their customers to purchase plans year by year. Brighthouse’s short-term policies are industry-leading and can’t be found from many other insurance companies.

Brighthouse offers a variety of life insurance policies. An example of one is the annual renewable item policy. With this policy, Brighthouse offers optional five-year coverage, renewed annually, and optional conversion to permanent coverage.

Life Insurance Riders

Brighthouse also offers many life insurance riders and features that their competitors do not have in any of their policies.

Financial Strength

Both Brighthouse Life Insurance Company and Brighthouse Life Insurance NY Have all-around high Ratings.

They received the following ratings:

  • A.M Best: A
  • Fitch: A
  • Moody’s: A3
  • Standard & Poor’s: A+

When looking at these ratings statistically, A.M best rates all Brighthouse Corporations as A (Excellent) giving it the 3rd highest rating out of the 16 ratings.

Next, we have Fitch. Fitch gives Brighthouse an A (Strong) and the 6th Highest of 19 ratings.

Next, Moody’s gives an A3 (upper medium) is the 7th highest rating out of 21 ratings.

Lastly, we have Standards & Poor’s Giving Brighthouse an A+ (Strong), the 5th highest 22 ratings.

These ratings are not necessarily indicative of whether consumers should buy the insurance, but it does give a reliable representation. Consumers can compare it to statistics for other insurance providers to get more information.

The Pros and Cons

There are many pros that support your decision to choose Brighthouse Financial.

Flexibility: They offer very flexible life insurance plans and even have policies that allow you to pay yearly. If you don’t want to commit to a long-term policy upfront, you always have the option of annual plans.

Great Reputation: Brighthouse Financial has an overall positive reputation and includes many features in their policies that other companies leave out. The process to get accepted is extremely faster in comparison to their competitors, and Brighthouse takes pride in providing the most user-friendly experience for their customers.

Fast Approval Process: Approval time may differ depending on your prior medical history. Consumers with an extensive history may experience some delays. Although Brighthouse takes priority in having a fast approval process, they require a phone interview after you have submitted your application. This extra call can cause some delays in some instances. Also, your policy is not directly accessible online upon approval so you would have to wait for it to be delivered via mail.

When taking all the pros and cons into account, it seems that the pros heavily outweigh the cons for the versatile coverage options you are getting. Although some medical conditions are favored with Brighthouse, overall, their rates on their Life Insurance policies are above average.

It can seem like an extra step to be required to complete a phone interview before acceptance. Once that extra step is over with, you will not have to worry about it again. With the incredible service Brighthouse provides, they make the extra time spent worthwhile.

Is Brighthouse Life Insurance Company for You?

The most important question you would want to ask is if Brighthouse Life Insurance is for you. Brighthouse has a variety of appealing features that other companies do not offer, which could be what causes you to choose them over their competitors.

If you have an extensive history of medical problems, the approval process could take longer than it usually would as it requires much more consideration. There are also a variety of conditions that Brighthouse provides better coverage rates on such as sleep apnea, former tobacco use, and heart attack. Even if you do not apply to the conditions that are considered preferable with Brighthouse, they still offer policies that are incredible when compared to their competitors.

Although it can be hard viewing and changing some info relating to your policy online, Brighthouse has a top-rated customer service team. The customer service representatives from Brighthouse can get you the help you need. This could be a downside because it does require an extra call, but it may be worthwhile due to their flexible policies.

Life insurance is a top priority, and if you qualify for Brighthouse, they may be the best choice for you. They offer extensive features and have advantages over other companies.

Doug Mitchell

Doug Mitchell

I have been a life insurance advisor for almost 30 years now. I graduated in finance from Auburn University and I received my Chartered Life Underwriter designation from the American College, a member of the Million Dollar Round Table and Top of the Table member. I have helped thousands of clients all over the country and I will work hard to make sure we find the best policy for your unique situation. You have many choices when it comes to life insurance so have access to over 60 different life insurance companies. I personally started this company and I can assure you that we will shoot straight with you. My goal is to get you approved for the best policy that meets your goals.