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

CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial”) (Nasdaq: BHF)
today announced the launch of Brighthouse SmartCareSM, an
all-new hybrid life insurance solution that combines the growth
opportunities and death benefit of an indexed universal life (IUL)
policy with protection against the costs of long-term care (LTC). The
combination ensures that even if customers don’t use the LTC benefit,
they get value through the guaranteed death benefit. Brighthouse
SmartCare distinguishes itself from other hybrid products by offering
policyholders the ability to grow cash value, death benefits and LTC
coverage through the performance of major market indices.

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
$266,000.1 Yet, many retirement-age adults have a hard time
envisioning and planning for the possibility of needing long-term care.

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 Eric Steigerwalt, president and
CEO, Brighthouse Financial. “We’ve responded with a flexible IUL product
that provides multiple layers of protection for customers as they build
for what’s ahead.”

Following several product introductions in its expanding annuity
category, Brighthouse SmartCare marks the first life insurance product
launch by Brighthouse Financial since becoming an independent entity in
2017. The move represents early steps in the company’s strategy to
re-establish a competitive foothold in the life insurance market.

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 District of Columbia and will be available through select
distribution partners.

More information on Brighthouse SmartCare is available at brighthousefinancial.com.

About Brighthouse Financial

Brighthouse Financial (Nasdaq: BHF) is on a mission to help people
achieve financial security. As one of the largest providers of annuities
and life insurance in the U.S., we specialize in products designed to
help people protect what they’ve earned and ensure it lasts. Learn more
at brighthousefinancial.com.

1 Melissa Favreault and Judith Dey, Long-Term Services and
Supports for Older Americans: Risks and Financing, U.S. Department of
Health & Human Services, February 2016. p. 3-6

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 Indexed Universal Life Insurance
Policy on Policy Forms ICC18-5-70 and 5-70-18, with a Long-Term Care
Acceleration of Death Benefit Rider on Policy Forms ICC18-3ACCLTC1 and
3ACCLTC1-18, including the option to elect an Extension of Benefits
Rider on Policy Forms ICC18-3EOB1, ICC18-3EOBIC1, or ICC18-3EOBIP1, and
3EOB1-18, 3EOBIC1-18, or 3EOBIP1-18, is issued by, with product
guarantees that are solely the responsibility of, Brighthouse Life
Insurance Company, Charlotte, NC 28277. All guarantees, including
optional benefits, are subject to the claims-paying ability and
financial strength of the issuing insurance company. Product
availability and features vary by state. The issuing insurance company
is solely responsible for its own financial condition and contractual
obligations. Brighthouse SmartCare has exclusions, limitations,
reduction of benefits, and terms under which the policy may be continued
in force or discontinued. Policy owners should consult with their
financial professional for costs and complete details of the coverage.

Contacts

Tim Miller
(980) 949-3121
[email protected]

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