MetLife No Longer Sells Individual Life Insurance
After Brighthouse Financial was founded, MetLife discontinued offering individual life insurance products.
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What Is Brighthouse ?
Travellers Insurance Co., which was established in 1863, is where Brighthouse Life Insurance Co. had its beginnings.
Brighthouse Financial was a fully-owned MetLife subsidiary up until August 2017. Since that time, Brighthouse has been run separately from MetLife. Brighthouse and MetLife are now both listed businesses.
Brighthouse placed 353rd on the 2021 Fortune 500 list based on total revenue.
Types of Individual Life Insurance Sold by Brighthouse
Based in Charlotte, North Carolina In all 50 states, Brighthouse is authorised to sell annuities and life insurance. Its life insurance products include universal indexed life insurance and term life insurance with the opportunity to convert to whole life insurance.
Brighthouse Term Life Insurance
A term life insurance policy is one that covers you for a certain period of time, with the death benefit going to your beneficiary if you pass away within that time. There is no compensation if the term is exceeded.
For consumers who wish to cover financial commitments that continue for a certain period of time, such as a mortgage or income replacement throughout working years, term life insurance is a good option. It is frequently the least expensive kind of life insurance.
Terms for this policy are 10, 20, or 30 years with Brighthouse SimplySelect. The range of coverage amounts, which varies by state, is $100,000 to $2 million. You must answer a health questionnaire to apply for coverage, but you are not required to get a physical. Only Policygenius has access to these policies.
Brighthouse whole life conversion: For a higher premium, you might be able to convert your term life insurance policy from Brighthouse into a whole life insurance policy.
Brighthouse One Year period: As the name implies, the period of the insurance is only one year. If you want to fill a coverage gap between employment or increase coverage before Social Security benefits begin, you might want to think about getting a one-year term life insurance policy. You can choose to extend the coverage to five years if you purchase a conversion and renewal rider, but the annual premiums will be higher. After a year, you can also choose to change it to a full life insurance policy.
Brighthouse whole life insurance
A kind of permanent life insurance is whole life. Permanent life insurance contains a cash value component and the death benefit is paid out regardless of when you pass away. It often costs a lot more than term life insurance. Consider permanent life insurance if you wish to provide for financial dependents or develop cash worth to support retirement.
As long as your payments are up to date, whole life insurance will ensure a level premium as well as a level death benefit and rate of cash value growth.
Brighthouse indexed universal life insurance
A sort of permanent life insurance with a death benefit that may increase in cash value depending on an index, such as the S&P 500, is available from Brighthouse.
Brighthouse SmartCare is a hybrid policy for people between the ages of 40 and 75 that provides both long-term care insurance and indexed universal life insurance with a death value of up to $1 million.
From three different life insurance riders—indexed, fixed, or level—you may add long-term care coverage.
- The benefit amounts with the indexed long-term coverage rider may rise with market gains up to an annual maximum growth rate but will never fall below the original amounts of the policy.
- Amounts for fixed long-term benefits accrue yearly compound growth of 5%.
- Over time, level bonuses remain constant.
What Types of Life Insurance Does MetLife Sell?
MetLife no longer offers new annuities, long-term care insurance, life insurance, or disability insurance to people directly through brokers. However, some existing insurance were transferred to Brighthouse while others remained with MetLife after the Brighthouse separation.
Term life insurance, group variable universal life insurance, group universal life insurance, and accidental death insurance are still offered by MetLife as workplace benefits. However, individual customers are not given access to these policies.
MetLife Company History
- MetLife, founded in 1868, began using agents to market its insurance coverage in 1879. According to the amount of insurance in place, MetLife surpassed all other life insurers in the nation by 1909.
- Presently, MetLife offers insurance in more than 40 nations. On the 2021 Fortune 500, MetLife was placed number 46 in terms of total revenue.
MetLife Quick Facts
- Headquarters are in New York City.
- How to purchase MetLife life insurance: Employers can provide MetLife coverage.
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