Life insurance can help you feel confident that after you’re gone, your loved ones will be provided for. In addition to a death benefit, many life insurance products also provide benefits you can use throughout your life.
What is life insurance?
Life insurance is a product that guarantees a death benefit – a payment to your beneficiaries in the event of your death – which provides valuable insurance protection that can help offset economic loss in the event of your death. Additionally, some life insurance products can grow cash value on a tax-deferred basis, resulting in funds that can be used during your lifetime.
What are the types of life insurance?
Finding the right life insurance for your financial goals starts by understanding the two main types of life insurance products:
Term life Insurance covers you for a fixed number of years, such as 1, 10, 20, or 30, and pays a death benefit if you pass away during the covered term.
Term life insurance policies offer a level premium and death benefit, and some give you the ability to convert to a permanent policy if your needs change during the term of the policy.
Term life insurance may be suitable for those who want to:
- Acquire the greatest death benefit protection for the lowest cost
- Ensure funds are available during a specific period of time to help pay expenses (e.g., a home mortgage or outstanding debt) in the event of the insured’s death
- Purchase a lower-cost protection solution with the ability to convert to a permanent policy after the term ends
Permanent life insurance is designed to provide coverage for life. Many permanent life insurance products can grow cash value that can be used during your lifetime. Permanent life insurance products include: universal life, indexed universal life, whole life, and variable universal life.
Permanent life insurance may be suitable for those who want to:
- Ensure loved ones will be provided for without term limits; premium payments are typically much higher than term insurance for this lifetime protection
- Grow cash value, which may later be accessed should a need arise. Withdrawals reduce the cash value and death benefit and may be subject to a withdrawal charge.
What is life insurance underwriting?
In order to purchase most life insurance policies, applicants may be required to undergo underwriting.
Underwriting is a process that life insurance companies use to determine the degree of risk a potential client may pose before assuming that risk and providing coverage.
The underwriting process typically involves and underwriter reviewing a potential insured’s insurability, including reviewing information about the insured’s current and past health, as well as other factors.
Although traditional underwriting can be invasive and time-consuming, Brighthouse Simple Underwriting can simplify the process for some Brighthouse Financial (BHF) products. Our process generally requires no labs or medical exams and often provides an expedited response generally within 24 hours for applicants meeting certain criteria.1
BHF® Life Insurance Products
Life insurance solutions from BHF® suit a variety of needs, including:
How to Buy BHF Life Insurance
Our life insurance and annuity products can only be purchased through a financial professional.
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Brighthouse Financial® is on a mission to help people achieve financial security.
Trusted by over 2 million customers and with over 2 million annuity contracts and life insurance policies in force, Brighthouse Financial® is proud to be a Fortune® 500 company and one of the largest providers of annuities and life insurance in the U.S.2