Shield Level Pay Plus
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Highlights
A Brighthouse Shield Level Pay Plus Annuity is an index-linked annuity, which is a long-term financial product designed to help you save for retirement.This type of annuity lets you participate in growth opportunities up to a certain percentage by tracking the performance of a market index while providing a level of protection in down markets. The product features the added benefit of providing guaranteed lifetime income through the choice of two versions of our built-in income rider: Market Growth and Market Growth with Rollup.
Available in states:
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Registered Index-Linked |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
6 Years |
|
Surrender schedule
|
7%7%6%5%4%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
08/08/2022 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, 401k, IRA, IRA Rollover, 401a, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, and 1035 Exchange |
Brochure
|
Open brochure |
Find out if the Shield Level Pay Plus is the right product for you.
Withdrawal Provisions
Access to Your Money
Free Withdrawals: After the first contract year, the Free Withdrawal Amount is equal to 10% of the account value as of the prior contract anniversary. In addition, there are other situations where a withdrawal charge may not apply.
Annual Benefit Payments: On and after the Annual Benefit Commencement Date, you can withdraw up to the Annual Benefit Payment in a contract year without impacting your Benefit Base and Net Purchase Payment Amount (if applicable). Refer to the “Annual Benefit Payments” section for more details.
Automated Withdrawals: On and after the Annual Benefit Commencement Date, you can schedule monthly, quarterly, semi-annual, or annual withdrawals up to the Annual Benefit Payment. Payments may be taken from specified Shield Options and/or the Fixed Account, or proportionally from all Shield Options and the Fixed Account, as allocated. Additionally, automated withdrawals may be set up to satisfy required minimum distributions (RMDs).
Fixed Account Automated Withdrawal Processing: As an alternative to automated withdrawals outlined above, you may elect to have your Annual Benefit Payment processed from the Fixed Account, if available. On each contract anniversary, an amount equal to your Annual Benefit Payment will be transferred proportionately from your Shield Options to the Fixed Account. Your payments will be made from the Fixed Account based on the frequency you elect. The use of Fixed Account automated withdrawal processing is optional, may only begin on a contract anniversary, and is only allowed if the entire Annual Benefit Payment is transferred to the Fixed Account and fully withdrawn during the contract year.
Free Withdrawals: After the first contract year, the Free Withdrawal Amount is equal to 10% of the account value as of the prior contract anniversary. In addition, there are other situations where a withdrawal charge may not apply.
Annual Benefit Payments: On and after the Annual Benefit Commencement Date, you can withdraw up to the Annual Benefit Payment in a contract year without impacting your Benefit Base and Net Purchase Payment Amount (if applicable). Refer to the “Annual Benefit Payments” section for more details.
Automated Withdrawals: On and after the Annual Benefit Commencement Date, you can schedule monthly, quarterly, semi-annual, or annual withdrawals up to the Annual Benefit Payment. Payments may be taken from specified Shield Options and/or the Fixed Account, or proportionally from all Shield Options and the Fixed Account, as allocated. Additionally, automated withdrawals may be set up to satisfy required minimum distributions (RMDs).
Fixed Account Automated Withdrawal Processing: As an alternative to automated withdrawals outlined above, you may elect to have your Annual Benefit Payment processed from the Fixed Account, if available. On each contract anniversary, an amount equal to your Annual Benefit Payment will be transferred proportionately from your Shield Options to the Fixed Account. Your payments will be made from the Fixed Account based on the frequency you elect. The use of Fixed Account automated withdrawal processing is optional, may only begin on a contract anniversary, and is only allowed if the entire Annual Benefit Payment is transferred to the Fixed Account and fully withdrawn during the contract year.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 2-Year Nasdaq-100 Shield 15 with Step Rate Edge |
Step Rate Edge
Biennial
|
14%
Performance triggered
|
| 1-Year S&P 500 Shield 10 with Step Rate Edge |
Step Rate Edge
Annual
|
7.5%
Performance triggered
|
| 1-Year S&P 500 Shield 15 with Step Rate Edge |
Step Rate Edge
Annual
|
6.5%
Performance triggered
|
| 2-Year S&P 500 Shield 10 with Step Rate Edge |
Step Rate Edge
Biennial
|
14.5%
Performance triggered
|
| 2-Year S&P 500 Shield 15 with Step Rate Edge |
Step Rate Edge
Biennial
|
12.5%
Performance triggered
|
| 1-Year Russell 2000 Shield 10 with Step Rate Edge |
Step Rate Edge
Annual
|
9%
Performance triggered
|
| 1-Year Russell 2000 Shield 15 with Step Rate Edge |
Step Rate Edge
Annual
|
7.5%
Performance triggered
|
| 2-Year Russell 2000 Shield 10 with Step Rate Edge |
Step Rate Edge
Biennial
|
17%
Performance triggered
|
| 2-Year Russell 2000 Shield 15 with Step Rate Edge |
Step Rate Edge
Biennial
|
14.5%
Performance triggered
|
| 1-Year MSCI EAFE Shield 15 with Step Rate Edge |
Step Rate Edge
Annual
|
5.75%
Performance triggered
|
| 2-Year MSCI EAFE Shield 10 with Step Rate Edge |
Step Rate Edge
Biennial
|
13.5%
Performance triggered
|
| 2-Year MSCI EAFE Shield 15 with Step Rate Edge |
Step Rate Edge
Biennial
|
11%
Performance triggered
|
| 1-Year Nasdaq-100 Shield 10 with Step Rate Edge |
Step Rate Edge
Annual
|
9.5%
Performance triggered
|
| 1-Year Nasdaq-100 Shield 15 with Step Rate Edge |
Step Rate Edge
Annual
|
7.5%
Performance triggered
|
| 2-Year Nasdaq-100 Shield 10 with Step Rate Edge |
Step Rate Edge
Biennial
|
16.5%
Performance triggered
|
| 1-Year MSCI EAFE Shield 10 with Step Rate Edge |
Step Rate Edge
Annual
|
7.25%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
3.5%
Fixed
|
| 6-Year S&P 500 PTP Cap Shield 10 |
Point to Point
6-Year
|
400%
Cap
|
| 1-Year Nasdaq-100 PTP Cap Shield 10 |
Point to Point
Annual
|
16%
Cap
|
| 1-Year S&P 500 PTP Cap Shield 15 |
Point to Point
Annual
|
10%
Cap
|
| 1-Year S&P 500 PTP Cap Shield 25 |
Point to Point
Annual
|
7.5%
Cap
|
| 3-Year Nasdaq-100 PTP Cap Shield 10 |
Point to Point
Triennial
|
55%
Cap
|
| 6-Year Nasdaq-100 PTP Cap Shield 10 |
Point to Point
6-Year
|
125%
Cap
|
| 6-Year Nasdaq-100 PTP Cap Shield 15 |
Point to Point
6-Year
|
100%
Cap
|
| 6-Year Nasdaq-100 PTP Cap Shield 25 |
Point to Point
6-Year
|
70%
Cap
|
| 3-Year Nasdaq-100 PTP Cap Shield 15 |
Point to Point
Triennial
|
40%
Cap
|
| 1-Year S&P 500 PTP Cap Shield 10 |
Point to Point
Annual
|
14%
Cap
|
| 3-Year Russell 2000 PTP Cap Shield 15 |
Point to Point
Triennial
|
55%
Cap
|
| 3-Year MSCI EAFE PTP Cap Shield 15 |
Point to Point
Triennial
|
80%
Cap
|
| 3-Year MSCI EAFE PTP Cap Shield 10 |
Point to Point
Triennial
|
130%
Cap
|
| 3-Year S&P 500 PTP Cap Shield 15 |
Point to Point
Triennial
|
70%
Cap
|
| 1-Year MSCI EAFE PTP Cap Shield 25 |
Point to Point
Annual
|
8.25%
Cap
|
| 1-Year Russell 2000 PTP Cap Shield 25 |
Point to Point
Annual
|
10.25%
Cap
|
| 1-Year Nasdaq-100 PTP Cap Shield 25 |
Point to Point
Annual
|
9.25%
Cap
|
| 1-Year Nasdaq-100 PTP Cap Shield 15 |
Point to Point
Annual
|
12.5%
Cap
|
| 1-Year Russell 2000 PTP Cap Shield 15 |
Point to Point
Annual
|
14.5%
Cap
|
| 1-Year MSCI EAFE PTP Cap Shield 15 |
Point to Point
Annual
|
11.5%
Cap
|
| 1-Year MSCI EAFE PTP Cap Shield 10 |
Point to Point
Annual
|
17%
Cap
|
| 1-Year Russell 2000 PTP Cap Shield 10 |
Point to Point
Annual
|
19.5%
Cap
|
| 6-Year Russell 2000 PTP Cap Shield 10 |
Point to Point
6-Year
|
115%
Cap
|
| 3-Year Russell 2000 PTP Cap Shield 10 |
Point to Point
Triennial
|
90%
Cap
|
| 3-Year S&P 500 PTP Cap Shield 10 |
Point to Point
Triennial
|
130%
Cap
|
| 6-Year MSCI EAFE PTP Cap Shield 25 |
Point to Point
6-Year
|
100%
Cap
|
| 6-Year Russell 2000 PTP Cap Shield 25 |
Point to Point
6-Year
|
65%
Cap
|
| 6-Year S&P 500 PTP Cap Shield 25 |
Point to Point
6-Year
|
100%
Cap
|
| 6-Year S&P 500 PTP Cap Shield 15 |
Point to Point
6-Year
|
250%
Cap
|
| 6-Year Russell 2000 PTP Cap Shield 15 |
Point to Point
6-Year
|
90%
Cap
|
| 6-Year MSCI EAFE PTP Cap Shield 15 |
Point to Point
6-Year
|
175%
Cap
|
| 6-Year MSCI EAFE PTP Cap Shield 10 |
Point to Point
6-Year
|
250%
Cap
|
| 1-Year S&P 500 Shield 15 with Step Rate |
Performance Triggered
Annual
|
8.5%
Performance triggered
|
| 1-Year MSCI EAFE Shield 15 with Step Rate |
Performance Triggered
Annual
|
7.75%
Performance triggered
|
| 1-Year Russell 2000 Shield 15 with Step Rate |
Performance Triggered
Annual
|
10.25%
Performance triggered
|
| 2-Year S&P 500 Shield 10 with Step Rate |
Performance Triggered
Biennial
|
17%
Performance triggered
|
| 2-Year S&P 500 Shield 15 with Step Rate |
Performance Triggered
Biennial
|
15.5%
Performance triggered
|
| 2-Year Russell 2000 Shield 10 with Step Rate |
Performance Triggered
Biennial
|
20%
Performance triggered
|
| 2-Year Russell 2000 Shield 15 with Step Rate |
Performance Triggered
Biennial
|
18.25%
Performance triggered
|
| 2-Year MSCI EAFE Shield 15 with Step Rate |
Performance Triggered
Biennial
|
13.5%
Performance triggered
|
| 2-Year MSCI EAFE Shield 10 with Step Rate |
Performance Triggered
Biennial
|
15.5%
Performance triggered
|
| 2-Year Nasdaq-100 Shield 15 with Step Rate |
Performance Triggered
Biennial
|
17.5%
Performance triggered
|
| 2-Year Nasdaq-100 Shield 10 with Step Rate |
Performance Triggered
Biennial
|
19.5%
Performance triggered
|
| 1-Year S&P 500 Shield 10 with Step Rate |
Performance Triggered
Annual
|
9.5%
Performance triggered
|
| 1-Year Russell 2000 Shield 10 with Step Rate |
Performance Triggered
Annual
|
11.75%
Performance triggered
|
| 1-Year MSCI EAFE Shield 10 with Step Rate |
Performance Triggered
Annual
|
8.5%
Performance triggered
|
| 1-Year Nasdaq-100 Shield 10 with Step Rate |
Performance Triggered
Annual
|
11%
Performance triggered
|
| 1-Year Nasdaq-100 Shield 15 with Step Rate |
Performance Triggered
Annual
|
10%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| Penalty | 7% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Market Growth | Yes | 1.50% annually (2.00% max) |
| Market Growth with Rollup | Yes | 1.50% annually (2.00% max) |
Waivers
Nursing Home
Unavailable in states: CA, CT, MA, and SD
After the first contract year, we will waive the withdrawal charge if you or the joint owner becomes confined to a hospital and/or nursing home for at least 90 consecutive days. Confinement must start after the first contract year. Available to purchasers age 80 or younger at contract issue. The nursing home waiver does not include home health care. Not available in all states. Other restrictions apply. See the prospectus for more details.
Terminal Illness
Unavailable in states: CA, CT, MA, TX, and WA
After the first contract year, we will waive the withdrawal charge if you or the joint owner becomes terminally ill and is not expected to live more than 12 months. Available to purchasers age 80 or younger at contract issue. Not available in all states. Other restrictions apply. See the prospectus for more details.
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