Brighthouse Financial Unveils a Smart New Way to Plan for Long-Term Care Expenses
New hybrid indexed universal life product combines life insurance with long-term care benefits
Brighthouse SmartCare arrives at the intersection of two key retirement
trends: rising costs of long-term care and increasing life expectancies.
It is estimated that 1 in 2 Americans turning 65 today will require some
form of long-term care, with average lifetime long-term care expenses of
“We designed Brighthouse SmartCare to address an increasingly important
question in retirement today: What happens to my financial future if I
suddenly require long-term care?” said
Following several product introductions in its expanding annuity
category, Brighthouse SmartCare marks the first life insurance product
launch by
“Brighthouse SmartCare builds on our foundation of experience and knowledge in the life insurance space,” continued Steigerwalt. “We are excited to enter the growing hybrid market as we focus on rebuilding our presence in the retail life insurance market and diversifying our product portfolio.”
Brighthouse SmartCare is currently approved for sale in 46 states and
the
More information on Brighthouse SmartCare is available at brighthousefinancial.com.
About
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Not available in all states.
Long-term care (LTC) benefits provided, at an additional charge, by riders to the policy are intended to provide qualified long-term care insurance under Internal Revenue Code Section 7702B(b). Although benefits paid under a rider are intended to be income tax free as accident and health benefits under a qualified long-term care insurance contract, benefits may be taxable in certain circumstances. For example, benefits may be taxable when the aggregate LTC benefit payments received under a rider and other policies or riders exceed the Internal Revenue Code section 7702B(d)(2) per diem limitation. Policy owners should consult with an attorney or qualified tax advisor before purchasing Brighthouse SmartCareSM and when exercising any right to receive LTC benefits under any rider included with the policy. The policy’s death benefit and policy values will be reduced as a result of any LTC ADBR payment.
All policy values will be reduced and any LTC rider will be terminated if a terminal illness benefit payment is made under the policy. Policy owners should consult a tax advisor to determine the current tax consequences before requesting any terminal illness benefit payment.
Any discussion of taxes is for general information purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax, or accounting advice. Policy owners should confer with their qualified legal, tax, and accounting advisors as appropriate.
Brighthouse SmartCareSM, an
View source version on businesswire.com: https://www.businesswire.com/news/home/20190213005083/en/
Source:
Tim Miller
(980) 949-3121
tim.w.miller@brighthousefinancial.com