by John Darer CLU ChFC MSSC RSP CLTC
In its January 12, 2016 press release Met Life announced that it was going to spin-off of a substantial portion of its retail life and annuity US Retail segment. Download Met Life U S Retail Separation Press Release - FINAL
The latest development is that individual, group life, disability and annuity products will be branded under a new name, Brighthouse Financial.
Metropolitan Life Structured Settlements Not Affected
This will not impact new structured settlements, which will still be issued via Metropolitan Life Insurance Company, an A+ XV life insurance company in existence since the mid 19th Century.
Reinsurance and Travelers Legacy Payees will be Paid by New Brand
Payees under certain reinsurance, including that used for structured attorney fees and legacy structured settlement annuities through what was formerly known as MetLife insurance Company of Connecticut, which itself was a re-brand when MetLife acquired Travelers Life & Annuity in 2005, will soon see payments using the Brighthouse Financial brand name.
Payees of Structured Settlements under the New Brighthouse Financial Call Same Customer Service Toll-free Number As MetLife For At Least 3 Years
As part of a servicing agreement calls, payees under Brighthouse Financial can still use the same toll-free number that they have been using for MetLife, namely 800-427-9409. It is my understanding that the agreement is in place for at least three years after which there is an option to renew.
- A formal letter will be sent to policyholders and annuity payees that will be now be receiving payments under the Brighthouse Financial brand in the coming weeks.
- For more information MetLife/Brighthouse Financial has a toll free number for questions concerning the transition 877-638-3932