Brighthouse Financial Inc. has updated its FlexChoice variable annuity living benefit rider to give financial advisors and their clients more investment flexibility.
The new FlexChoice Access rider lets clients choose their own investment option asset allocations, rather than requiring the clients to allocate assets to risk-managed portfolios, Brighthouse says.
Myles Lambert, the chief distribution and marketing officer at Brighthouse, says Brighthouse updated the rider after talking to financial advisors.
“Financial advisors understand their clients’ unique income needs better than anyone, and we want to empower them to help that lifetime income grow,” Lambert said in a statement about the rider update.
FlexChoice Access is an optional living benefit rider that can be purchased along with Brighthouse variable annuities.
Brighthouse Life Insurance Company of Charlotte, North Carolina, issues the underlying variable annuity contracts and the FlexChoice Access rider in most of the United States.
Brighthouse Life Insurance Company NY issues the contracts and the rider in New York state.
The contract issuer guarantees that a purchaser who meets contract conditions will get a minimum level of income, and that the purchaser can receive more income if the investment options used do well.
Rider purchasers can decide when to begin withdrawing income and whether to set withdrawals higher early in retirement. A rider user who begins getting lifetime income and no longer needs the income stream can cancel the income stream.
A purchaser can cover a spouse at no extra charge.
— Read Brighthouse Increases Annuity Sales 26% on ThinkAdvisor.