GD
● Terminated
GLWB Death Benefit
Brighthouse Life Insurance Company
DTCC ID
—
COMPANY
Brighthouse Life Insurance Company
TYPE
Variable Annuity
INCEPTION
May 02, 2016
Identity
Benefit name
GLWB Death Benefit
Internal benefit name
GLWB Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
4
Inception date
May 02, 2016
Closed date
Sep 27, 2017
DTCC Rider ID
—
Last modified
Aug 14, 2020
Life & Age
Based on life
Owner (or Annuitant if owner is a natural entity)
Single life
No
Joint life
No
Min age
—
Max age
—
Rider select rule
—
Waiting period
—
Waiting term
—
Benefit Base
Maximum benefit base
—
Maximum benefit base %
—
With reduce benefit base
—
Subsequent premium
Subsequent purchase payment will increase benefit base by dollar-for-dollar amount.
Partial withdrawals
Withdrawals will reduce benefit base in same proportion.
Required min distributions
Issuer make available automated required minimum distribution service and systematic withdrawal program.
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may elect to continue benefit under certain conditions after death of owner.
State Availability
Exception flag
No
Available in states
—
Benefit Description
During accumulation phase, upon death of owner, benefit will be greater of - 1) GLWB death benefit base; and 2) standard death benefit. Initial GLWB death benefit base is equal to initial purchase payment thereafter it will be increased by amount of each purchase payment made, and reduced for all withdrawals. For 10 years on each contract anniversary, if no withdrawals occurred in previous contract year, GLWB death benefit base will be increased by an amount equal to the rollup rate of 5.00% multiplied by GLWB death benefit base before such increase. Automatic step-up will also increase the GLWB death benefit base to the account value.
Lifecycle Events
Cancellation
Benefit will automatically cancel upon cancellation of Guaranteed Lifetime Withdrawal Benefit.
Termination
Benefit will automatically terminate upon termination of Guaranteed Lifetime Withdrawal Benefit.
Available when added
No longer available for new purchases.
Effect change ownership
Change in ownership will result in termination of rider.