Filed
pursuant to
Rule 424(b)(2)
333-262390
Rule 424(b)(2)
333-262390
BRIGHTHOUSE LIFE INSURANCE COMPANY
Brighthouse Shield Level Pay PlusSM Annuity (the “Contract”)
Guaranteed Lifetime Withdrawal Benefit Rider
Supplement dated May 1, 2023
To
Prospectus dated August 4, 2022
To
Prospectus dated August 4, 2022
Effective for Contracts issued on or after May 1, 2023 to the Prospectus
dated
August 4, 2022
August 4, 2022
This Guaranteed Lifetime Withdrawal Benefit Rider Supplement (this “GLWB Supplement”) applies to the annuity contract noted above and should be read in its entirety and kept together with your prospectus for future reference. If you would like another copy of the prospectus, please call us at 1-888-243-1932. Unless specifically defined in this GLWB Supplement, the terms used
in this GLWB Supplement have the same meaning as in your Contract’s prospectus.
We offer two variations of the Guaranteed Lifetime Withdrawal Benefit Rider (the “GLWB
rider”): Market Growth and Market Growth with Rollup. This GLWB Supplement discloses values for certain terms (the “GLWB Terms”) that an investor needs to understand with respect to the GLWB Rider. Please note that these particular disclosed values will not change for the life of your Contract. This GLWB Supplement replaces and supersedes any previously published GLWB Supplement and must be used with an effective prospectus for the Contract.
The GLWB Terms are as follows:
•
Rollup Rate - On each Contract Anniversary during the first 10 Contract Years, if no
withdrawals occurred in the previous Contract Year, the GLWB Base will be increased by an
amount equal to the Rollup rate multiplied by the Net Purchase Payment Amount before such
increase.
•
Earliest Annual Benefit Commencement Date - The earliest specified date we will permit
for your Annual Benefit Commencement Date.
•
Lifetime Withdrawal Age - The age you must attain before you may begin receiving
Annual Benefit Payment withdrawals.
•
Withdrawal Rate - If the Account Value is greater than zero, your Annual Benefit
Payment is calculated as a percentage of your GLWB Base, by multiplying your GLWB Base by the
Withdrawal Rate.
•
Lifetime Guarantee Rate - if the Account Value is reduced to zero, the Annual Benefit
Payment is calculated by multiplying your GLWB Base by the Lifetime Guarantee Rate.
•
Rider Fee Rate - a percentage applied to the GLWB Base to determine the Rider
Charge.
•
Allocation Options available after the Annual Benefit Commencement Date – The
allocation
SUPP-SLPP-0523
options available after the Annual Benefit Commencement Date that you may transfer your Investment
Amount to at the end of a Term.
The GLWB Terms are effective beginning on the date of the GLWB
Supplement disclosed above. Once a GLWB Supplement is
effective, it will remain in effect until it is superseded at any time when we publish a new GLWB Supplement. This GLWB Supplement has no specified end date. If we change one or more of the GLWB Terms, we will
publish a new GLWB Supplement that will supersede this GLWB Supplement. We will publish any changes to the GLWB Terms at least seven calendar days before they take effect on our website and on EDGAR at www.sec.gov pursuant to Rule 424(b)(2) under the Securities Act of 1933, as a 424B2 form type filing (File Number 333-262390).
This GLWB Supplement is effective for new investors only. To confirm the most current GLWB Terms
applicable to new investors, the GLWB Supplement is available by contacting the Annuity Service Office at 1-888-243-1932 or online at
https://www.brighthousefinancial.com/products/annuities/shield-level-pay-plus-annuities/.
The GLWB Terms below apply for Contracts issued* on or after May 1, 2023 until a new
GLWB Supplement is published with updated GLWB Terms.
*Please Note: Obligations owed under the GLWB rider are subject to the Company’s financial
strength and claims-paying ability. The period during which the Rider Charge is assessed begins upon Issue Date. However, the benefits under the GLWB rider do not begin until you have attained the
Lifetime Withdrawal Age and reached the Earliest Annual Benefit Commencement Date. In addition, in order for you to receive the GLWB Terms reflected in this GLWB Supplement, the Contract must be issued on or after the date set forth above and before new GLWB Terms are established through a new GLWB Supplement. From the date your
Contract is issued, we must also receive that paperwork in Good Order within 14 calendar days of the date the application was signed. If these conditions are not met, and one or more of the GLWB Terms
have changed to your disadvantage, your application will be considered not in Good Order. We will require acknowledgement that you wish to proceed with the purchase of
the Contract based on the then current GLWB Terms which are less advantageous than the GLWB
Terms that were presented to you on the date you signed your application. Please be advised that the most current GLWB Terms are available by contacting the Annuity Service Office at
1-888-243-1932 or online at https://www.brighthousefinancial.com/products/annuities/shield-level-pay-plus-annuities/. Under certain
circumstances we may, in a nondiscriminatory manner (i.e., that treats all investors under similar circumstances in the same manner), waive these conditions or extend these time periods.
GLWB Terms Applicable to Market Growth and Market Growth with Rollup
| Earliest Annual Benefit Commencement Date |
Issue Date |
| Lifetime Withdrawal Age |
59½ |
| Rider Fee Rate (percentage) |
1.50% |
2
Allocation Options Available After the Annual Benefit Commencement Date
The following options are available after the Annual Benefit Commencement Date:
| FIXED ACCOUNT (subject to state availability) Fixed Interest Term: 1 Year | |
| SHIELD OPTIONS | |
| TERM |
INDEX |
| SHIELD 25 (up to 25% downside protection) | |
| 1 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| 6 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| SHIELD 15 (up to 15% downside protection) | |
| 1 Year |
S&P
500® Index
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index MSCI EAFE Index Step Rate MSCI EAFE Index
Step Rate Edge Nasdaq-100 Index® Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
| 2 Year |
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100
Index® Step Rate
Nasdaq-100 Index® Step Rate Edge |
| 3 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| 6 Year |
S&P 500® Index Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
3
| FIXED ACCOUNT (subject to state availability) Fixed Interest Term: 1 Year | |
| SHIELD OPTIONS | |
| SHIELD 10 (up to 10% downside protection) | |
| 1 Year |
S&P
500® Index
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index MSCI EAFE Index Step Rate MSCI EAFE Index
Step Rate Edge Nasdaq-100 Index® Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
| 2 Year |
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100
Index® Step Rate
Nasdaq-100 Index® Step Rate Edge |
| 3 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| 6 Year |
S&P 500® Index Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
4
GLWB Terms Applicable to Market Growth Only
| Age at Annual
Benefit
Commencement
Date |
Contract Year |
Withdrawal Rates
Account Value is greater than $0 |
Lifetime Guarantee Rates
Account Value is $0 | ||
| Single Life |
Joint Life |
Single Life |
Joint Life | ||
| 59½ - 64 |
All Years |
5.00% |
4.50% |
5.00% |
4.50% |
| 65 - 74 |
1 - 5 |
5.75% |
5.25% |
5.75% |
5.25% |
| 6 |
6.75% |
6.25% |
6.75% |
6.25% | |
| 7 |
6.90% |
6.40% |
6.90% |
6.40% | |
| 8 |
7.05% |
6.55% |
7.05% |
6.55% | |
| 9 |
7.20% |
6.70% |
7.20% |
6.70% | |
| 10 |
7.35% |
6.85% |
7.35% |
6.85% | |
| 11+ |
7.50% |
7.00% |
7.50% |
7.00% | |
| 75+ |
1 - 5 |
6.00% |
5.50% |
6.00% |
5.50% |
| 6 |
7.00% |
6.50% |
7.00% |
6.50% | |
| 7 |
7.15% |
6.65% |
7.15% |
6.65% | |
| 8 |
7.30% |
6.80% |
7.30% |
6.80% | |
| 9 |
7.45% |
6.95% |
7.45% |
6.95% | |
| 10 |
7.60% |
7.10% |
7.60% |
7.10% | |
| 11+ |
7.75% |
7.25% |
7.75% |
7.25% | |
GLWB Terms Applicable to Market Growth with Rollup Only
| Rollup Rate (for Market Growth with Rollup only) |
5.00% |
| Age at Annual
Benefit
Commencement
Date |
Contract Year |
Withdrawal Rates
Account Value is greater than $0 |
Lifetime Guarantee Rates
Account Value is $0 | ||
| Single Life |
Joint Life |
Single Life |
Joint Life | ||
| 59½ - 64 |
All Years |
5.00% |
4.50% |
5.00% |
4.50% |
| 65 - 74 |
1 - 5 |
5.75% |
5.25% |
5.75% |
5.25% |
| 6 |
6.00% |
5.50% |
6.00% |
5.50% | |
| 7 |
6.05% |
5.55% |
6.05% |
5.55% | |
| 8 |
6.10% |
5.60% |
6.10% |
5.60% | |
| 9 |
6.15% |
5.65% |
6.15% |
5.65% | |
| 10 |
6.20% |
5.70% |
6.20% |
5.70% | |
| 11+ |
6.25% |
5.75% |
6.25% |
5.75% | |
| 75+ |
1 - 5 |
6.00% |
5.50% |
6.00% |
5.50% |
| 6 |
6.25% |
5.75% |
6.25% |
5.75% | |
| 7 |
6.30% |
5.80% |
6.30% |
5.80% | |
| 8 |
6.35% |
5.85% |
6.35% |
5.85% | |
| 9 |
6.40% |
5.90% |
6.40% |
5.90% | |
| 10 |
6.45% |
5.95% |
6.45% |
5.95% | |
| 11+ |
6.50% |
6.00% |
6.50% |
6.00% | |
5
Filed
pursuant to
Rule 424(b)(2)
333-262390
Rule 424(b)(2)
333-262390
BRIGHTHOUSE LIFE INSURANCE COMPANY
Brighthouse Shield Level Pay PlusSM Advisory Annuity (the
“Contract”)
Guaranteed Lifetime Withdrawal Benefit
Rider
Supplement dated May 1, 2023
To
Prospectus dated August 4, 2022
To
Prospectus dated August 4, 2022
Effective for Contracts issued on or after May 1, 2023 to the Prospectus
dated
August 4, 2022
August 4, 2022
This Guaranteed Lifetime Withdrawal Benefit Rider Supplement (this “GLWB Supplement”) applies to the annuity contract noted above and should be read in its entirety and kept together with your prospectus for future reference. If you would like another copy of the prospectus, please call us at 1-888-243-1932. Unless specifically defined in this GLWB Supplement, the terms used
in this GLWB Supplement have the same meaning as in your Contract’s prospectus.
We offer two variations of the Guaranteed Lifetime Withdrawal Benefit Rider (the “GLWB
rider”): Market Growth and Market Growth with Rollup. This GLWB Supplement discloses values for certain terms (the “GLWB Terms”) that an investor needs to understand with respect to the GLWB Rider. Please note that these particular disclosed values will not change for the life of your Contract. This GLWB Supplement replaces and supersedes any previously published GLWB Supplement and must be used with an effective prospectus for the Contract.
The GLWB Terms are as follows:
•
Rollup Rate - On each Contract Anniversary during the first 10 Contract Years, if no
withdrawals occurred in the previous Contract Year, the GLWB Base will be increased by an
amount equal to the Rollup rate multiplied by the Net Purchase Payment Amount before such
increase.
•
Earliest Annual Benefit Commencement Date - The earliest specified date we will permit
for your Annual Benefit Commencement Date.
•
Lifetime Withdrawal Age - The age you must attain before you may begin receiving
Annual Benefit Payment withdrawals.
•
Withdrawal Rate - If the Account Value is greater than zero, your Annual Benefit
Payment is calculated as a percentage of your GLWB Base, by multiplying your GLWB Base by the
Withdrawal Rate.
•
Lifetime Guarantee Rate - if the Account Value is reduced to zero, the Annual Benefit
Payment is calculated by multiplying your GLWB Base by the Lifetime Guarantee Rate.
•
Rider Fee Rate - a percentage applied to the GLWB Base to determine the Rider
Charge.
•
Allocation Options available after the Annual Benefit Commencement Date – The
allocation
SUPP-SLPP-ADV-0523
options available after the Annual Benefit Commencement Date that you may transfer your Investment
Amount to at the end of a Term.
The GLWB Terms are effective beginning on the date of the GLWB
Supplement disclosed above. Once a GLWB Supplement is
effective, it will remain in effect until it is superseded at any time when we publish a new GLWB Supplement. This GLWB Supplement has no specified end date. If we change one or more of the GLWB Terms, we will
publish a new GLWB Supplement that will supersede this GLWB Supplement. We will publish any changes to the GLWB Terms at least seven calendar days before they take effect on our website and on EDGAR at www.sec.gov pursuant to Rule 424(b)(2) under the Securities Act of 1933, as a 424B2 form type filing (File Number 333-262390).
This GLWB Supplement is effective for new investors only. To confirm the most current GLWB Terms
applicable to new investors, the GLWB Supplement is available by contacting the Annuity Service Office at 1-888-243-1932 or online at
https://www.brighthousefinancial.com/products/annuities/shield-level-pay-plus-annuities/.
The GLWB Terms below apply for Contracts issued* on or after May 1, 2023 until a new
GLWB Supplement is published with updated GLWB Terms.
*Please Note: Obligations owed under the GLWB rider are subject to the Company’s financial
strength and claims-paying ability. The period during which the Rider Charge is assessed begins upon Issue Date. However, the benefits under the GLWB rider do not begin until you have attained the
Lifetime Withdrawal Age and reached the Earliest Annual Benefit Commencement Date. In addition, in order for you to receive the GLWB Terms reflected in this GLWB Supplement, the Contract must be issued on or after the date set forth above and before new GLWB Terms are established through a new GLWB Supplement. From the date your
Contract is issued, we must also receive that paperwork in Good Order within 14 calendar days of the date the application was signed. If these conditions are not met, and one or more of the GLWB Terms
have changed to your disadvantage, your application will be considered not in Good Order. We will require acknowledgement that you wish to proceed with the purchase of
the Contract based on the then current GLWB Terms which are less advantageous than the GLWB
Terms that were presented to you on the date you signed your application. Please be advised that the most current GLWB Terms are available by contacting the Annuity Service Office at
1-888-243-1932 or online at https://www.brighthousefinancial.com/products/annuities/shield-level-pay-plus-annuities/. Under certain
circumstances we may, in a nondiscriminatory manner (i.e., that treats all investors under similar circumstances in the same manner), waive these conditions or extend these time periods.
GLWB Terms Applicable to Market Growth and Market Growth with Rollup
| Earliest Annual Benefit Commencement Date |
Issue Date |
| Lifetime Withdrawal Age |
59½ |
| Rider Fee Rate (percentage) |
1.50% |
2
Allocation Options Available After the Annual Benefit Commencement Date
The following options are available after the Annual Benefit Commencement Date:
| FIXED ACCOUNT (subject to state availability) Fixed Interest Term: 1 Year | |
| SHIELD OPTIONS | |
| TERM |
INDEX |
| SHIELD 25 (up to 25% downside protection) | |
| 1 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| 6 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| SHIELD 15 (up to 15% downside protection) | |
| 1 Year |
S&P
500® Index
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index MSCI EAFE Index Step Rate MSCI EAFE Index
Step Rate Edge Nasdaq-100 Index® Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
| 2 Year |
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100
Index® Step Rate
Nasdaq-100 Index® Step Rate Edge |
| 3 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| 6 Year |
S&P 500® Index Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
3
| FIXED ACCOUNT (subject to state availability) Fixed Interest Term: 1 Year | |
| SHIELD OPTIONS | |
| SHIELD 10 (up to 10% downside protection) | |
| 1 Year |
S&P
500® Index
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index MSCI EAFE Index Step Rate MSCI EAFE Index
Step Rate Edge Nasdaq-100 Index® Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
| 2 Year |
S&P
500® Index Step Rate
S&P
500® Index Step Rate Edge
Russell 2000® Index Step Rate
Russell 2000® Index Step Rate Edge
MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100
Index® Step Rate
Nasdaq-100 Index® Step Rate Edge |
| 3 Year |
S&P
500® Index
Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
| 6 Year |
S&P 500® Index Russell 2000® Index
MSCI EAFE Index Nasdaq-100 Index® |
4
GLWB Terms Applicable to Market Growth Only
| Age at Annual
Benefit
Commencement
Date |
Contract Year |
Withdrawal Rates
Account Value is greater than $0 |
Lifetime Guarantee Rates
Account Value is $0 | ||
| Single Life |
Joint Life |
Single Life |
Joint Life | ||
| 59½ - 64 |
All Years |
5.00% |
4.50% |
5.00% |
4.50% |
| 65 - 74 |
1 - 5 |
5.75% |
5.25% |
5.75% |
5.25% |
| 6 |
6.75% |
6.25% |
6.75% |
6.25% | |
| 7 |
6.90% |
6.40% |
6.90% |
6.40% | |
| 8 |
7.05% |
6.55% |
7.05% |
6.55% | |
| 9 |
7.20% |
6.70% |
7.20% |
6.70% | |
| 10 |
7.35% |
6.85% |
7.35% |
6.85% | |
| 11+ |
7.50% |
7.00% |
7.50% |
7.00% | |
| 75+ |
1 - 5 |
6.00% |
5.50% |
6.00% |
5.50% |
| 6 |
7.00% |
6.50% |
7.00% |
6.50% | |
| 7 |
7.15% |
6.65% |
7.15% |
6.65% | |
| 8 |
7.30% |
6.80% |
7.30% |
6.80% | |
| 9 |
7.45% |
6.95% |
7.45% |
6.95% | |
| 10 |
7.60% |
7.10% |
7.60% |
7.10% | |
| 11+ |
7.75% |
7.25% |
7.75% |
7.25% | |
GLWB Terms Applicable to Market Growth with Rollup Only
| Rollup Rate (for Market Growth with Rollup only) |
5.00% |
| Age at Annual
Benefit
Commencement
Date |
Contract Year |
Withdrawal Rates
Account Value is greater than $0 |
Lifetime Guarantee Rates
Account Value is $0 | ||
| Single Life |
Joint Life |
Single Life |
Joint Life | ||
| 59½ - 64 |
All Years |
5.00% |
4.50% |
5.00% |
4.50% |
| 65 - 74 |
1 - 5 |
5.75% |
5.25% |
5.75% |
5.25% |
| 6 |
6.00% |
5.50% |
6.00% |
5.50% | |
| 7 |
6.05% |
5.55% |
6.05% |
5.55% | |
| 8 |
6.10% |
5.60% |
6.10% |
5.60% | |
| 9 |
6.15% |
5.65% |
6.15% |
5.65% | |
| 10 |
6.20% |
5.70% |
6.20% |
5.70% | |
| 11+ |
6.25% |
5.75% |
6.25% |
5.75% | |
| 75+ |
1 - 5 |
6.00% |
5.50% |
6.00% |
5.50% |
| 6 |
6.25% |
5.75% |
6.25% |
5.75% | |
| 7 |
6.30% |
5.80% |
6.30% |
5.80% | |
| 8 |
6.35% |
5.85% |
6.35% |
5.85% | |
| 9 |
6.40% |
5.90% |
6.40% |
5.90% | |
| 10 |
6.45% |
5.95% |
6.45% |
5.95% | |
| 11+ |
6.50% |
6.00% |
6.50% |
6.00% | |
5