CHARLOTTE, N.C.--(BUSINESS WIRE)--Brighthouse Financial, an operating segment of MetLife, Inc. (NYSE:MET) and one of the leading providers of annuity and life insurance solutions in the United States, announced today an expansion of its suite of Shield Level Selector annuities with the availability1 of the Shield Level 10 annuity. The announcement marks the first new product introduction following the launch of the Brighthouse Financial brand in March, and reflects Brighthouse Financial’s mission to help people protect what they’ve earned and help ensure that it lasts. MetLife, Inc. has initiated the regulatory process for the planned separation of Brighthouse Financial.
Shield Level 10, an index-linked, single premium deferred annuity with no annual fees, was designed in response to distributor requests for a Shield Level Selector product with a streamlined set of features and options. Providing an innovative approach to combining market participation and protection, Shield Level 10 allows retirement savers to take advantage of the growth opportunities in equities markets, while being protected from the first 10 percent of index loss.
Wells Fargo Advisors will serve as initial distributors for Shield Level 10. “We are pleased to offer our clients retirement strategies such as Shield Level 10 to help them protect and grow their retirement savings,” said Bernie Gacona, Senior Vice President, Director of Annuities, Wells Fargo Advisors.
“Shield Level 10 is one part investment and one part protection against index loss,” said Myles Lambert, chief distribution and marketing officer, Brighthouse Financial. “Given consumers’ positive response to Shield Level Selector, we are excited to be working with Wells Fargo Advisors to bring to market the newest member of our flagship annuity product family.”
Shield Level 10 features:
- The ability to capture market gains up to a cap, or Maximum Growth Opportunity2, in one of 3 indices – S&P 500 Index, Russell 2000® Index and MSCI EAFE Index at the end of the one year term;
- Built-in protection of a 10% Shield Rate from index loss;
- The flexibility to choose yearly whether to continue tracking the current index3,select a new index to track or allocate the account value to a fixed account, if available; and
- An included Return of Premium Death Benefit offering additional protection of the investment.
Shield Level 10 is designed as a long-term accumulation vehicle and has a six year withdrawal charge schedule. However, consumers can withdraw up to 10 percent of their account value each year without a surrender penalty, beginning in the second contract year. After six years, the consumer gains access to the full account balance without withdrawal charge.
For detailed product information, please see the prospectus at brighthousefinancial.com/shieldlevel10.
About Brighthouse Financial
Brighthouse Financial is an operating segment of MetLife, Inc. (NYSE:MET), and a leading annuity and life insurance provider in the U.S. with approximately 2.8 million insurance policies and annuity contracts in-force as of December 31, 2016. Our mission is to help consumers achieve financial security by offering essential life insurance and annuity solutions designed to protect what they have earned and help ensure it lasts. Learn more at www.brighthousefinancial.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by affiliates of Brighthouse Financial, Inc. including Brighthouse Services, LLC, Brighthouse Life Insurance Company, and Brighthouse Life Insurance Company of NY (collectively, “Brighthouse Financial”). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Brighthouse Financial. This annuity product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
The Russell 2000® Index is a trademark of Russell Investments and has been licensed for use by affiliates of Brighthouse Financial, Inc. including Brighthouse Services, LLC, Brighthouse Life Insurance Company, and Brighthouse Life Insurance Company of NY (collectively, “Brighthouse Financial”). This annuity product is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in this annuity product.
This annuity product is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such products or securities or any index on which such products or securities are based. This annuity product's prospectus contains a more detailed description of the limited relationship MSCI has with affiliates of Brighthouse Financial, Inc. including Brighthouse Services, LLC, Brighthouse Life Insurance Company, and Brighthouse Life Insurance Company of NY (collectively, “Brighthouse Financial”) and any related products.
Brighthouse Shield Level 10 Annuity is issued by Brighthouse Life Insurance Company, Charlotte NC 28277 and in New York only, by Brighthouse Life Insurance Company of NY, New York, NY 10017. Product availability and features may vary by state. Withdrawals of taxable amounts are subject to ordinary income taxes and if made before age 59 1/2, may be subject to a 10% federal income tax penalty. Distributions of taxable amounts from a non-qualified annuity may also be subject to the 3.8% Unearned Income Medicare Contribution tax that is generally imposed on interest, dividends and annuity income for modified adjusted gross incomes above threshold amounts. Withdrawals will reduce the death benefits and account value.
| 1. | Not available in Alaska, California, Illinois, Oregon and Puerto Rico. | |
| 2. | The level of protection and Maximum Growth Opportunity (or Step Rate if chosen) accrue each day throughout the term. | |
| 3. | After the initial one-year term, renewal rates are applicable on the corresponding contract anniversary for the new term. Renewal rates and available Shield Options may differ from new business rates and options. Brighthouse Financial reserves the right to substitute any index at any time. The Shield Level 10 annuity does not invest directly in any index. | |
