ProdMod: Brighthouse Conversion WL Updated for Section 7702

FROM BRIGHTHOUSE FINANCIAL…

Brighthouse Conversion Whole Life Product Update

Brighthouse FinancialĀ® will update Brighthouse Conversion Whole Life in response to recent changes made to applicable non-forfeiture requirements and Internal Revenue Code Section 7702. The update will be effective for newly issued policies after December 31, 2021. Please see below for further details.

Why is this product update required?

The update is required for policies issued after December 31, 2021, to comply with applicable non-forfeiture requirements and to ensure these new policies will continue to receive the tax-favored treatment afforded to life insurance policies by qualifying as life insurance under Internal Revenue Code Section 7702.

What will change?

The features of Brighthouse Conversion Whole Life will not change, and it will continue to be offered to fulfill contractual obligations only, including conversions from eligible Brighthouse Financial term products. Compared to the current version of the product, policy values will be updated as follows for a specific level of coverage:

  • Premiums will not be changed.
  • Cash values will be increased.

This product update will apply to Brighthouse Conversion Whole Life policies issued on or after January 1, 2022. It will not affect policies issued prior to January 2022. Brighthouse Conversion Whole Life policies issued after December 31, 2021, will include these product changes.

Clients considering the conversion of an eligible Brighthouse Financial policy should contact the Brighthouse Financial Customer Service Center at 800-882-1292 for assistance.