Annuity and life insurance provider Brighthouse Financial, Inc. has launched its suite of single premium deferred fixed indexed annuities, aimed at offering full protection for clients during market downturns.
The Charlotte, North Carolina-based company introduced its Brighthouse SecureKey Fixed Indexed Annuities product on Monday, which provides protection and growth opportunities for investors aiming to keep their retirement plans on track while filling multiple needs in a portfolio.
According to a release on the product, clients can earn returns in one of two ways: through Indexed Accounts that are linked to the performance of one or more well-known market indices, or, by selecting the Fixed Account, which applies an annual guaranteed interest rate, should they want a more consistent method to grow their retirement funds.
Brighthouse SecureKey will also offer the company’s ReadyPay solution, an optional guaranteed lifetime withdrawal benefit (GLWB) rider than can provide guaranteed lifetime income streams for one or two lives. ReadyPay uses an Income Base to determine future income amounts. The Income Base, which initially equals the purchase payment, can capture annual growth through roll-ups or step-ups, says Brighthouse.
“With a balance between safety and the potential for market growth, Brighthouse SecureKey is an option that can be added to a portfolio that features multiple benefits designed to help clients turn their retirement goals into reality,” said Myles Lambert, chief distribution and marketing officer of Brighthouse Financial, in a statement. “The launch of Brighthouse SecureKey further demonstrates our company’s ongoing commitment to developing products that respond directly to client needs in an ever-changing retirement landscape.”
Other features and benefits of the Brighthouse SecureKey include: no annual contract fees; increasing withdrawal rates with ReadyPay; free withdrawals; death benefits; and tax-deferred growth opportunities.
Brighthouse SecureKey is available in a five-, seven- and 10-year version, as well as an advisory version.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
