Brighthouse Financial Life Insurance Review

The Details

The Good

Very affordable. 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.

No-medical exam option available. 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.

Instant decision approval. The approval for Brighthouse’s SimplySelect policy usually happens within 24 hours. If there’s something up with your medical or insurance history, credit score, or motor vehicle report medical records, you may have to wait longer.

Convertible options are available. Term life customers can convert to a permanent life insurance policy, without taking a medical exam, after the first year of their policy.

The Bad

Only a few term lengths available. There are only three term lengths available for Brighthouse’s SimplySelect term life product. The One Year Term policy is technically renewable each year, but will become more and more expensive each year.

No rate reconsideration. Some carriers let you lower your rates if your health improves after a year or so. If you’re hoping to get your premiums lowered after 12 months, you won’t be able to with Brighthouse.

Customer support is lacking. While Brighthouse could bolster its website and contact options, it’s important to note that its life insurance products are sold through partners like Policygenius, who would provide the customer support.

The Breakdown

Brighthouse, which spun off from MetLife a few years ago, offers both term and whole life insurance. One of their term life products, SimplySelect, offers affordable coverage with level premiums and accelerated underwriting, meaning shoppers can get an instant decision with no medical exam.

Meanwhile, Brighthouse’s other term life offering, One Year Term, could be worth it for shoppers in need of short-term coverage. The whole life solution, SmartCare, is a hybrid package that includes both life insurance and long-term care coverage.

→ Read more about how term life insurance is right for most people, as it's affordable and straightforward.

Term life insurance

Brighthouse has two main term life products, SimplySelect and One Year Term.

Of the two, SimplySelect is the better proposition because it doesn’t require a medical exam and its rapid application process.

SimplySelect

Brighthouse SimplySelect, offered exclusively through Policygenius, was rated the best no-exam life insurance policy by Forbes in April 2021 [1] . Decisions are instant, depending on the application, so they can happen within a single day. Since there’s no need for testing and a decision is made within 24 hours, applying for SimplySelect is a fast and simple process for most people. Those reasons — not to mention the extremely low monthly rates — make this product an easy recommendation.

However, it’s important to note this is not a guaranteed issue policy, and applicants still need to answer questions about their medical and prescription histories during the application process. It is still possible to be denied a policy depending on those factors.

Since SimplySelect benefits healthier, somewhat younger age groups, this policy works best for people with lighter health concerns. Marijuana smokers, people with anxiety or depression, and people with heavier builds can benefit from Brighthouse’s coverage. Those are low-risk conditions and habits that will likely get through the medical questionnaire portion of the application.

Available riders

There is only one rider available for SimplySelect policyholders.

• Accelerated death benefit. This rider provides a payment, or a portion, of the death benefit to the insured if they become terminally ill with 12 months (24 in some states) or less to live.

Temporary coverage

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.

Policy conversion

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

This one-year policy might be what you’re looking for if you want really short-term coverage.

Permanent life insurance

Brighthouse’s whole life solutions are fairly standard, with a policy that term life policyholders can convert to, and an indexed universal policy that ties cash build-up to a stock option.

Our sample rate is based on a healthy male applicant applying for $500,000 in coverage of Brighthouse’s SimplySelect term life product, which provides instant coverage with no medical exam required.

→ Read more about what goes into determining life insurance premiums.

As you 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.

In fact, most people with low-level health concerns, including the following groups, are more likely to be considered and approved for SimplySelect:

• People with anxiety

• People with depression

• People with heavier builds

• Marijuana smokers

In general, people with lighter health concerns will benefit most from the SimplySelect policy.

More chronic conditions and habits, such as diabetes, sleep apnea, or smoking tobacco in the last 12 months, will jeopardize your decision for SimplySelect.

Don’t let that deter you from seeking out life insurance though, as there are plenty of companies for nicotine users, people with diabetes, and other situations.

→ Are you an older shopper? Check out the best life insurance companies for seniors.

One of the most important factors to consider when choosing life insurance is the company’s ability to eventually pay your family members. Besides, you should know if the carrier will last long enough to eventually pay your beneficiaries the money they’re owed. For that information, we turn to the industry’s top credit rating agencies.

Here’s what the financial experts think:

• Year founded: 2017

• A.M. Best: A

• Moody’s: A3

• Standard & Poor’s: A+

Credit rating firm A.M. Best, which specializes in the insurance industry, gives Brighthouse an A rating (effective December 29, 2021). That means they have an excellent ability to fulfill customer obligations. Carriers with a B rating or less are more vulnerable to risk.

Bond credit rating firm Moody’s scores Brighthouse an A3, meaning it’s a low credit risk and a great investment. Companies with an A rating and above are considered upper-medium grade and subject to low credit risk.

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. Companies are rated on a scale from AAA to D. The higher the rating, the more likely a company is to pay its debts.

To get a sense for a life insurance company’s customer satisfaction, we look at ratings and reviews from third-party sources that check the pulse of shopper sentiment.

Here’s what people are saying:

• Consumers Advocate: N/A

• Consumer Affairs: 2.2 / 5

• NAIC complaint index: 0.89

Consumer Affairs lets verified users write their own customer reviews. They give Brighthouse a 2.2 out of 5 (based on 13 ratings). Common complaints mention difficulty with customer service. Since these ratings — or rather, the few that are currently available — are based on individual customer complaints, your mileage may vary when it comes to the quality of service you receive from Brighthouse.

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 score of 0.89 means the NAIC has received fewer complaints than it has for other companies, as of September 2021.

You can only purchase Brighthouse’s term life policy through Policygenius, so we’ve opted not to rate Brighthouse negatively on its digital tools and online customer experience. Any assistance you may need for purchasing and managing your policy can be handled by Policygenius experts.

Application process

For SimplySelect, since there’s no exam requirement, applicants answer basic medical questions, go over medical, prescription, and insurance history, and discuss coverage options with a licensed Policygenius 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.

Turnaround time

After approval, SimplySelect becomes active in three to four days, which is fairly quick. Most other life insurance policies take, on average, around six weeks from application to active policy.

Policy delivery

Brighthouse customers get their policies delivered electronically.

Rate reconsideration

Currently, Brighthouse does not offer the option for policyholders to reconsider their rates.