SecureKey (LPL) 10-Year review

It depends on who you are. For a buyer working with an LPL advisor who wants a long-term FIA with multiple index strategies and the option to layer on a lifetime income rider, this is a reasonable fit. The principal protection, four-index menu, and ReadyPay GLWB give it meaningful depth. For someone who is not in the LPL channel, or who wants a shorter commitment or more transparent current rate disclosures, this will not land as cleanly.

The rational reason to buy SecureKey (LPL) 10-Year is long-term accumulation with downside protection and optionality on lifetime income. A buyer who has 10-plus years before they expect to need full access to principal, wants to participate in index-linked growth without direct market risk, and wants to keep an income rider available as a backstop without being forced to activate it — that buyer is who this product is designed for. The ReadyPay rider's 7% annual roll-up for up to 10 years gives the benefit base meaningful growth potential if income turns out to be needed later.

I think this product is best suited for buyers in their mid-50s to early 70s who are working with an LPL advisor, have money they genuinely do not expect to need for a decade, and want a structured approach to index-linked growth with an income safety valve available. It is less appealing for buyers who want short-term flexibility, high-conviction accumulation without a rider fee on the table, or access to products outside the LPL distribution system.

You are not buying stock market participation. You are buying a 10-year insurance contract that earns interest based on the movement of selected indices, subject to caps or performance triggers that limit the upside in exchange for a guaranteed floor of zero — meaning your principal does not decline in bad market years. The actual returns are shaped by the cap rates and participation percentages Brighthouse sets each year, which can move over time. The fixed account provides an alternative for buyers who want a declared rate rather than index-linked results.

SecureKey (LPL) 10-Year lets buyers allocate among four indices — the S&P 500, Russell 2000, MSCI EAFE, and an S&P 500 Low Volatility Price Return Daily Risk Control 5% index — using either annual point-to-point or performance-triggered crediting methods. Interest is calculated once per year at the end of each one-year index term. Point-to-point simply measures the index at the start and end of the term and credits the difference up to the cap. Performance-triggered strategies credit a stated rate if the index finishes flat or positive — a structure that can be useful in low-growth market environments.

The brochure materials indicate cap rates ranging from approximately 9.0% to 10.75% and participation rates from 25% to 120%, though these ranges reflect the spread across strategies and indices rather than a single guaranteed figure. Rates in this category reset over time, so the terms you see today are not locked in for the full 10 years. A fixed account with a minimum allocation of $500 is also available for buyers who want a guaranteed declared rate.

The ReadyPay Guaranteed Lifetime Withdrawal Benefit is the secondary feature worth understanding. It is optional and costs 1.00% annually, with a maximum of 2.00% if Brighthouse adjusts the fee over time. In exchange, buyers get a benefit base that grows at 7% annually for up to 10 years before income is activated — which is a meaningful roll-up rate for a rider in this class.

What makes the optional structure worth considering is that it does not force a buyer to give up accumulation potential. If you never activate income, you never turn the rider into a structured payout. If your retirement plan changes and you need guaranteed lifetime income later, the roll-up has been building the benefit base in the background. The 1.00% annual fee applies to the account value while the rider is in force — it is real cost, and it erodes accumulation if income is never used. That tradeoff should be made deliberately.

This is a 10-year commitment, and it should be treated like one. Free withdrawals of 10% are available in Year 1 based on purchase payment, and Year 2 onward based on the prior anniversary account value. That provision accommodates RMDs and routine distributions without penalty, but larger needs run into the surrender schedule shown below.

A Market Value Adjustment also applies to surrenders subject to charges. The MVA — Market Value Adjustment — means the penalty you actually face on early full surrender can be higher or lower than the stated surrender charge depending on interest rate movements. If rates have risen since you purchased, the MVA typically increases your exit cost. That is a meaningful risk for a 10-year product, and buyers should factor it in before committing.

Nursing home confinement waivers (90+ consecutive days, issue age 80 or under) and terminal illness waivers (life expectancy 12 months or less, issue age 80 or under) are available and provide meaningful protection against forced surrenders in serious health situations.

The base contract has no explicit annual fee. The ReadyPay GLWB rider costs 1.00% annually on the account value — this is a real drag on accumulation if you carry the rider for years without activating income. The maximum fee cap of 2.00% gives Brighthouse some room to increase the charge over time.

The structural tradeoffs are familiar for a 10-year FIA: upside is capped, crediting terms reset annually, and the MVA adds uncertainty to exit costs. The commission-based distribution through LPL means the product is priced for an advisor channel — the absence of a no-commission I-share version means buyers in this product are in a traditional commission structure. That is worth noting, though it is standard for this type of product.

Legal Entity: Brighthouse Life Insurance Company

AM Best Rating: A