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Selling your annuity?

How to Get a Metlife Annuity Loan

  1. Decide how much money you need,
  2. Decide from which finance product you want to borrow money,
  3. Decide how long you want to repay your loan, and
  4. Complete + submit your application loan application.


There are two different loan applications. The application you complete depends on the type of annuity that you have.

Loan application.

Non-ERISA loan application.


Formerly part of Metlife, Inc., Brighthouse Financial is a major provider of annuities and life insurance policies in the United States. Collectively, the company has over $220 billion in assets and about 2.7 million insurance policies and annuity contracts as of 2017. Brighthouse’s separation from Metlife was completed on August 4, 2017 and commenced regular trading on NASDAQ on August 7, 2017.

Life Insurance

The most common reason people purchase a life insurance policy is to provide for their loved ones in the event of their passing. This is known as a “death benefit.” However, there are insurance products that can grow money in a tax-advantaged basis and that money can be used during the insured’s lifetime. There are two main types of life insurance policies offered by Brighthouse: permanent life and term life.

Permanent life insurance coverage lasts a lifetime and can be used to grow money (“cash value”) which can be utilized ruing the insured’s lifetime. This money can grow via market returns, interest, and dividends. Within permanent life insurance, there are a number of different policies: Whole Life, Universal Life, and Variable Universal Life.

Term life insurance, on the other hand, affords coverage for a specific amount of time and pays out the most. However, it does not allow for cash growth like permanent life insurance. Features of a term life insurance include: death benefit, a level premium, and option to change to permanent policy.

Annuity Loans

An annuity loan can be taken out against an existing annuity for a variety of reasons. Brighthouse Financial offers annuity loans. Here are some of the points addressed in their annuity loan terms and conditions.

  • Summarizing the important points of the agreement, including terms and conditions. This is available on the last two pages of the form.
  • Loan amount Brighthouse Financial only allows the following minimums and maximums. They require a minimum loan of $1,000 (though it can be as low as $500 in some states) and allow a maximum loan equal to the amount that can be borrowed when added to other loan balances under plans of the same or related employer. There is a formula for determining this amount and an applicant would work with Brighthouse to see what amount qualifies.
  • Loan duration – repayment of the loan (principal and interest) are made in quarterly installments over the course of between 1 and 5 years. Under some circumstances, the loan may be up to 15 years.

Loan billing and repayment

Interest charged – interest on the loan must be paid in advance on a quarterly basis. The amount of interest will be set at the time the request for the loan is received. The interest owed for the first quarter of the loan may be paid from the loan itself, or via check at the time the loan is made.

ERISA loans – the interest rate at the inception of the loan will stay in effect for one (1) year from the effective date.  However, this rate may change year-to-year. Brighthouse will notify the borrower of a change in the interest rate within thirty (30) before it takes effect.

Written by J. Johnson.