The launch of Brighthouse Financial of New York brings a cascade of additional changes for existing policy holders along with opportunities for new sales. Brighthouse Financial’s Premier Accumulator Universal Life (PAUL) is now not only available for sale, but is also the conversion product for New York term insurance policies. Read on for the details.

Effective May 22, 2017, Brighthouse Premier Accumulator Universal Life (PAUL) will be issued in New York by Brighthouse Life Insurance Company of NY. PAUL issued by Brighthouse Life Insurance Company of NY features: no surrender charges and a 4.00% current interest crediting rate.Transition Rules:

  • Applications for PAUL issued by Brighthouse Life Insurance Company of NY will be accepted beginning on May 22, 2017.
  • In good order applications for PAUL issued by Metropolitan Life Insurance Company must be received in the Home Office on or before May 22, 2017.
    • These cases must be issued and paid by the earlier of June 30, 2017 or actual legal separation. Cases that do not meet the issue and payment deadline will be closed.
  • Metropolitan Life Insurance Company policy owners will not be eligible to exchange to PAUL issued by Brighthouse Life Insurance Company of NY.
Term Conversion Update:
  • Brighthouse Financial term policies issued in New York may be converted to PAUL issued by Brighthouse Life Insurance Company of NY. Conversions to Whole Life 2008 issued by Metropolitan Life Insurance Company will not be accepted after May 22, 2017.
  • Please note that term conversion product availability, as described here, will also apply when other contractual provisions, including group conversions, are exercised that require issuance of a new policy.
For additional details, please see the formal announcement from Brighthouse Financial.