BRIGHTHOUSE LIFE INSURANCE COMPANY
BRIGHTHOUSE SHIELD LEVEL® SELECT ADVISORY ANNUITY
This supplement revises and, to the
extent inconsistent therewith, replaces information contained in the Brighthouse Life Insurance Company (
“BLIC,” “we” or
“us”) Prospectus. Certain terms used in this supplement have special meanings. If a term is
not defined in this supplement, it has the meaning given to it in your Prospectus. It should be read in its entirety and kept together with your Prospectus for future reference. If you have any questions or would like a copy of the Prospectus,
please contact us at 1-
800-343-8496, or write us at Brighthouse Life Insurance Company, Annuity Service Office, P.O. Box 10366, Des Moines, IA, 50306-0366.
The Prospectus is revised as follows:
1.
|
Under the heading
“DOL INVESTMENT ADVICE FIDUCIARY RULE” replace the entire section with the following: |
The Department of Labor (
“DOL”) issued
regulations (the
“DOL Fiduciary Rule”) that became applicable on
June 9, 2017 but were subsequently vacated by the Fifth Circuit Court of Appeals effective
June 21, 2018. It is uncertain whether the DOL will propose new investment advice
fiduciary regulations to replace the nullified Fiduciary Rule.
While the DOL Fiduciary Rule was effective, it
substantially expanded the definition of
“investment advice,” thereby broadening the circumstances under which distributors and manufacturers could be considered fiduciaries under ERISA or the Code, and subject to an impartial conduct or
“best interests” standard in providing such advice. Upon nullification of the DOL Fiduciary Rule, a narrower definition of
“investment advice” under ERISA took effect anew. Under such definition, neither BLIC nor any of its
affiliates is acting as an
“investment advice fiduciary” to you in connection with the offer or sale of the
Contracts.
Prior to nullification of the DOL Fiduciary Rule, in
order to receive commissions and certain other compensation forms related to the offer or sale of
Contracts to certain ERISA plans, IRAs and IRA owners, selling firms to whom the DOL Fiduciary Rule applied were required to adhere to the
“best
interests standard” and meet certain other requirements under the DOL Fiduciary Rule. Neither we nor Brighthouse Securities pay commissions to selling firms or their financial advisors with respect to the
Contracts. However, we and Brighthouse
Securities may offer other compensation to certain selling firms, including compensation based on the volume of our
contracts that such firms sell. (See
“DISTRIBUTION OF THE CONTRACTS” below).
The information contained in this prospectus is not
intended as investment advice and is not a recommendation about managing or investing your retirement savings. In providing this information we are not acting as a fiduciary under any applicable laws and regulations. Please consult with a qualified
investment professional if you wish to obtain investment advice.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE
REFERENCE