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Brighthouse Financial review 2022

Updated Nov 15, 2022
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If you are looking for long-term care and traditional life insurance, Brighthouse Financial’s SmartCare policy might be worth considering for your situation. The company offers limited policy options, though, and received low J.D. Power customer satisfaction ratings.

Pros

  • Offers a unique hybrid policy with life insurance and long-term care insurance
  • Excellent financial strength ratings
  • Several riders available for personalization
  • Strong commitment to social responsibility

Cons

  • Must purchase a policy through a Brighthouse financial professional
  • Few life insurance products offered
  • Below-average customer satisfaction rating from J.D. Power

Charlotte, North Carolina-based Brighthouse Financial is a solid life insurance provider overall, based on available metrics reviewed by our Bankrate insurance editorial team. It may not be the best life insurance company for everyone, as the company offers limited policy options and received low J.D. Power customer satisfaction ratings. However, if you are looking for long-term care and traditional life insurance, Brighthouse Financial’s SmartCare policy might be worth considering for your situation.

Brighthouse Financial Life Insurance Company is a relatively new name in the market, as it has been selling life insurance for just five years. It is licensed to sell coverage in all 50 states and Washington, D.C. The company, originally owned by MetLife, spun off from its parent company in 2017 and became an independent brand.

Based on Bankrate’s review of Brighthouse Financial and its offerings, it may be considered a decent life insurance option for many customers. The company offers a couple of standard policies to cover basic life insurance needs, including its signature SmartCare coverage, but it falls short in terms of accessibility and customer satisfaction ratings. It also does not offer an online life insurance quote option.

 

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Brighthouse Financial life insurance coverage types

Brighthouse Financial offers term life insurance and permanent life insurance. Its unique policy offering, called Brighthouse SmartCare, combines traditional life insurance with long-term care insurance. Some customers may have the option to get a policy with simplified underwriting, depending on their age, which does not require a medical exam.

Here are the types of life insurance coverage you can purchase through Brighthouse Financial Life Insurance:

  • Term life insurance: There are two options available for term life insurance — Brighthouse SimplySelect and Brighthouse One Year Term. The SimplySelect term policy provides affordable coverage for 10, 20 or 30 years, with coverage ranging from $100,000 to $2 million. For this policy, a medical exam is not a requirement, plus you have the option to add an Acceleration of Death Benefit Rider for added protection. The Brighthouse One Year Term policy provides the flexibility of short-term coverage for one year only, but you may use a convertible and renewable rider to extend your coverage to five years. One-year term policy availability and conditions vary by state.
  • Whole life insurance: If you have a term life insurance policy from Brighthouse Financial, you could opt to convert it to a whole life policy before the term ends. Brighthouse Financial’s whole life policies have level premiums for your lifetime, guaranteed coverage as long as the premium is paid, and guaranteed cash value growth. However, keep in mind that Brighthouse Financial only offers the option to convert term policies to whole life, so you will first need to have a term policy in place that is nearing its end.
  • Long-term care insurance: Brighthouse Financial Smart Care coverage combines whole life insurance and long-term care insurance. It includes a guaranteed death benefit and a cash value component protected from market downswings if you choose the indexed option. Long-term care insurance can cover the cost of nursing home care, skilled nursing care, home health care and hospice for older policyholders. Every policy includes a lapse prevention provision and terminal illness benefit rider.

Brighthouse Financial life services

In addition to life insurance, Brighthouse Financial also offers various annuities, including both index-linked, fixed-rate and variable annuity options. You must work with a Brighthouse Financial professional to purchase an annuity.

Other Brighthouse Financial perks worth considering

Brighthouse Financial exclusively offers life insurance products and annuities. However, the company has a large library of online resources for learning about purchasing the right amount of life insurance coverage, planning for retirement and estate planning, as well as life insurance coverage calculators. If you are new to life insurance or not yet sure how much coverage you will need, how long you want an active policy or if you have other financial planning goals, Brighthouse’s resources may be a good starting place for your research.

Brighthouse Financial life insurance customer and claims satisfaction

Bankrate’s Brighthouse Financial Life Insurance review found that the company has mixed third-party ratings.

In the 2021 J.D. Power Individual Life Insurance Study, Brighthouse Financial was ranked last on the list of 21 life insurance companies, scoring 714 out of 1,000 points. This score indicates Brighthouse Financial policyholders do not have the highest sense of satisfaction with the company’s customer service or claims handling processes compared to that of other life insurance companies.

However, Brighthouse has excellent financial strength, with an A (Excellent) rating from AM Best, which indicates its historical ability to meet its financial obligations. It also receives few complaints, according to the National Association of Insurance Commissioners (NAIC) Company Complaint Index.

Brighthouse Financial corporate sustainability

When it comes to corporate social responsibility, Brighthouse Financial is committed to giving back to the community. It frequently partners with organizations like Big Brothers Big Sisters of Tampa Bay, Habitat for Humanity and Heart Math Tutoring.

The company also established the Brighthouse Financial Foundation, which awards grants to nonprofits that support women, children, veterans and the arts. In 2020, the company provided grants to more than 40 organizations through the Foundation.

Not sure if Brighthouse Financial is right for you? Consider these alternatives

If you are in the market for life insurance and are not certain Brighthouse will be the best fit, here are a few other life insurance companies that are worth looking into:

  • Pacific Life: Pacific Life offers a wide variety of insurance policies, including two types of universal life insurance. The company is rated above-average for overall customer satisfaction by J.D. Power in the 2021 Life Insurance Study.
  • Mutual of Omaha: Mutual of Omaha offers robust long-term care insurance policies. Its wide range of available riders also makes it a standout on Bankrate’s 2022 picks for the best term life insurance companies.
  • Globe Life: Globe Life Insurance offers many types of life insurance. Additionally, there are policies for accidental death insurance, mortgage protection insurance and children’s life insurance.