Cost & Coverage
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Brighthouse Financial offers several life insurance options, including a low-cost no-medical exam term life policy available through Policygenius.
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Very affordable term life insurance
Convertible options are available
No medical exams for SimplySelect term life product
Products not available in every state
Change methods over phone only
THE BOTTOM LINE
Brighthouse Financial offers term and whole life insurance products, including a term life policy that doesn’t require a medical exam. Toss in speedy underwriting and affordable rates and Brighthouse could be a fairly solid solution for customers with low-level health concerns.
Brighthouse is number 4 on Policygenius' list of the best life insurance companies, based on cost, financial confidence, third-party customer ratings, life insurance policy options, and ease of application.
BRIGHTHOUSE FINANCIAL COMPANY SPOTLIGHT
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Very affordable term life insurance. For people in their 20s, 30s, and 40s, Brighthouse’s SimplySelect term life product is one of the more affordable options out there, with competitive rates below the industry average.
Convertible options are available. Term life customers can convert to permanent life insurance policy, without taking a medical exam, after the first year of their policy.
No-medical exam option for SimplySelect policy. SimplySelect uses accelerated underwriting, meaning there’s no medical exam required for issue ages 25 to 49 and a half. People with low level health concerns only need to answer medical questions and go over medical and insurance histories.
Not available in some major states. Brighthouse products are available nationwide, except for some large states, including New York and California. Residents there will have to continue their life insurance search with other carriers.
Change methods only over phone. There are no online methods to change your beneficiary, address, or other information. To make any changes, you’ll have to pick up and dial the Brighthouse customer service phone number.
Life insurance rates depend on several determining details such as age, gender, where you live, and, of course, your health. Do you smoke? Does your family have a history of any chronic conditions? Do you have any pre-existing medical conditions? These details will decide the cost of your premiums.
Brighthouse’s premiere term life product, SimplySelect, is a level term product that provides death benefit protection for 10, 20 or 30 years, with no medical exam required that provides instant coverage. Here’s a sample rate based on a healthy male in his 20s:
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As you can see, Brighthouse is quite competitive compared to other carriers, with costs well below the industry average. For people in their 20s, 30s, and 40s, SimplySelect is one of the most affordable options for term life insurance. Older applicants should look for insurance with a carrier better suited to their needs.
For the costs of Brighthouse’s other products, including One Year Term and the whole life SmartCare policy, you’ll have to call an advisory agent.
Compare Brighthouse to other top-rated companies
Brighthouse is a solid choice -- but it may not be the right fit for you. Compare top insurers in one place and find your best rate with Policygenius.
Brighthouse Financial is a Fortune 500 company with over $200 billion in assets, and, in a relatively short amount of time, already has over 2 million insured members.
Here’s what the industry experts think:
Credit rating firm A.M. Best, which specializes in the insurance industry, gives Brighthouse an A rating. That means the carrier has an excellent ability to fulfill customer obligations.
Bond credit rating firm Moody’s scores Brighthouse an A3, which means it’s a low credit risk and a great investment.
And credit analysis firm Standard & Poor’s rates Brighthouse an A+, for long-term stability and the ability to meet the financial needs of customers.
Brighthouse may have over 2 million policyholders but it’s still a relatively new company. As of May 2020, Consumer Affairs and Consumers Advocate don’t have dedicated Brighthouse reviews yet. Until there are more consumer reactions available, we have decided to remove their Customer Ratings from our final score average.
Brighthouse gets an A+ grade from the Better Business Bureau, which grades companies based on truth in advertising, customer complaints, and other factors.
The National Association of Insurance Commissioners (NAIC) tracks the amount of complaints sent to state insurance departments. Its complaint index reveals how many customers have filed grievances, with a score of 0 meaning there weren’t enough to track, and a score of 1 representing the baseline average. Brighthouse’s low score of 0.44 means the NAIC has barely received any complaints about Brighthouse, as of May 2020.
J.D. Power ranks insurance companies based on clarity of billing, policy information, and pricing. Brighthouse received a 729 out of a 1000-point scale on its 2019 U.S. Life Insurance Satisfaction Study. That translates to a 2 out of 5 Power Circles, placing Brighthouse below several other companies when it comes to customer satisfaction.
Brighthouse offers both term and whole life insurance. The main term life insurance product, SimplySelect, offers affordable coverage with level premiums and accelerated underwriting, so shoppers can get an instant decision with no medical exam. The whole life solution, SmartCare, is a hybrid package that includes both life insurance and long-term care coverage.
This one-year policy could be what you’re looking for if you want really short-term coverage.
Available for issue ages 18 to 85, you can renew coverage or convert so long as buy additional Convertible and Renewable rider options. The base policy is not renewable and not convertible. To apply, you must call an independent insurance agent.
The minimum coverage amount is $100,000.
However, premiums will become more expensive each year you renew. Most people will not be able to afford this type of coverage, so we caution against applying for this product.
Customers can convert to permanent, or whole life insurance, without taking another medical exam, so long as they add the Convertible rider.
If you want to add more options to your One Year Term policy, you’ll need these riders:
This is a policy with accelerated underwriting, which means there are no medical exams required and decisions can happen within a single day, depending on the application. This is not a guaranteed issue policy.
Customers aged 25 to 49 and a half can apply for 10, 20 or 30-year terms. Applicants above 50 will have to apply for another policy.
Coverage begins at $100,000 and can go up to $2 million. You can pay premiums on a monthly, quarterly, semi-annual or annual basis, and the premiums stay level throughout the term, though they will increase if you decide to renew your coverage after the term period ends.
Since SimplySelect mostly benefits healthier, somewhat younger age groups, this policy works well for people with lighter health concerns. Marijuana smokers, people with anxiety or depression, and people with heavier builds can benefit from Brighthouse’s coverage. However, this policy is not ideal for people who smoked tobacco in the last 12 months, or for those with diabetes or sleep apnea.
There is only one rider available for SimplySelect policyholders.
Brighthouse provides temporary coverage during the time of underwriting. If the insured dies during this time the death benefit will be for the applied amount, up to $500,000.
After the first year of the policy, SimplySelect customers can convert to permanent whole life insurance policy without taking a medical exam.
One Year Term and SimplySelect customers can convert to Brighthouse’s whole life option, with no medical exam necessary, at a higher premium. Premiums are level and there’s a cash value component.
SmartCare is Brighthouse’s hybrid life insurance and long-term care package.
At its most basic, this is an indexed universal life insurance plan that pulls funds out of the beneficiary’s death benefit that can help with retirement or healthcare costs. Cash value will grow over time, tied to the interest rate and performance of a particular index such as Nasdaq or S&P 500. You can also build your cash value at a fixed or level rate. Just know that as coverage increases, your premiums will go up as well. Interested shoppers must apply through an independent insurance agent.
SmartCare customers can pay a single premium or pay on an annual basis for two to five years.
The following riders are available for SmartCare policyholders:
Since Brighthouse offers a wide range of products, from a low-cost no-medical exam policy to a hybrid permanent life insurance and long-term care policy, your experience in terms of application and speed may depend on which type of insurance you choose.
Brighthouse offers a decent amount of policy information provided on their website, but since their products are only available through brokers and financial advisors you may be better off looking outside the official site for specific details about policies and to get a quote.
Brighthouse’s SimplySelect product is available in every state, except for California, Illinois, Louisiana, Maine, or New York. SmartCare is available everywhere, but not in California or New York. Whole Life Conversion is available only in certain states.
SimplySelect applicants answer basic medical questions, go over medical, prescription, and insurance history, and discuss coverage options with a licensed expert—all over the phone. Then, once an offer has been personalized and signed, approval happens in minutes. The whole process takes about half an hour.
Some customers may have to go through a second pass with more follow-up questions or requests for banking information.
Typical life insurance policies take around six weeks from application to active policy. The SimplySelect product becomes active in three to four days.
Brighthouse customers get their policies delivered electronically.
To change your address, beneficiary or make a claim you need to call the customer service phone line. Then, you need to fill out and return the appropriate form.
Brighthouse has a built-in payment portal where you can connect a bank account and pay your bills online. You can set up automatic payments.
If you’re trying to shop directly via Brighthouse, there’s little in the way of online tools or apps.
You need to call the Brighthouse support line to request a form to file a claim.
Disclosure = Brighthouse SimplySelect is offered exclusively through Policygenius. We are an online marketplace that offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
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Yes, we have to include some legalese down here. Policygenius Inc. (DBA Policygenius Insurance Services in California) (“Policygenius”), a Delaware corporation, is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.
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