Goldstein Scorecard: B (dated October 4, 2026). See how it is graded.
Brighthouse Shield Level vs Equitable Structured Capital Strategies: Caps, Buffers and Ratings (October 2026)
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Brighthouse Shield Level rate flyers, fact cards and SEC filings on October 4, 2026 · Updated
Head to head · Brighthouse Shield Level vs Equitable SCS PLUS 21 · compiled October 18, 2026 from the dated sources below
Short answer: On the 1-year S&P 500 cap with a 10% buffer, the Brighthouse flyer shows 16.00% and Equitable shows 14.0%, but the dates and versions differ, so it is not a like-for-like win.
| Brighthouse Shield Level II 6-Year | Equitable SCS PLUS 21 (Series B) | |
|---|---|---|
| S&P 500, 1-year, 10% buffer, cap | 16.00% (flyer effective 10/1/2026 to 10/14/2026) | 14.0% (1-year Standard, effective 9/18/2026 to 10/1/2026) |
| Buffer levels | 10%, 15%, 25% Shield Rates (fact cards, downloaded 10/4/2026) | -10%, -15%, -20%, -40% on 1-year segments (effective 9/18/2026 to 10/1/2026) |
| Guaranteed minimum cap, 1-year | 2.00% (effective 4/27/2026) | 2% (prospectus dated 5/1/2026) |
| AM Best (checked 10/4/2026) | A (Excellent), under review with negative implications since 11/10/2025 | A (per our Equitable review, updated 9/25/2026) |
Caps reset and differ by version, share class and segment start date. Losses beyond the buffer are the owner’s. Hans is licensed for insurance, not securities, and does not sell RILAs; for money you want guaranteed, compare a MYGA. Full detail: Equitable SCS review.
Brighthouse sells four Shield Level registered index-linked annuities, all issued by Brighthouse Life Insurance Company: Shield Level II 6-Year, 3-Year and Advisory, plus Shield Level Pay Plus II with a built-in income rider (1.50% a year). On rate flyers effective 10/01/2026 to 10/14/2026, the S&P 500 1-year cap with a 10% Shield is 16.00% on the 6-Year, 11.00% on the 3-Year, 18.00% on Advisory and 16.25% on Pay Plus II. Losses beyond the Shield are yours.
Rating watch (checked October 4, 2026): AM Best rates Brighthouse Life Insurance Company A (Excellent), under review with negative implications since November 10, 2025, as shown in Brighthouse Financial’s 2025 Form 10-K filed February 24, 2026 (Form 10-K).
Pending sale: Brighthouse Financial agreed on November 6, 2025 to be acquired by Aquarian Holdings VI L.P. (8-K). The Q2 2026 Form 10-Q filed August 6, 2026 says closing still needs insurance regulatory approvals in Delaware, New York and Massachusetts and is expected in 2026 (10-Q). No completion filing appeared on SEC EDGAR as of October 4, 2026.
What it means: an annuity’s values and any contractual guarantees are backed by the claims-paying ability of Brighthouse Life Insurance Company. If an insurer fails, state guaranty associations cover annuity values up to set limits (in California, 80% of value up to $250,000 per owner per insurer; see California guaranty coverage and guaranty limits by state). A rating action is not a default. It is a reason to keep the amount per insurer within your state’s limit and to read the latest rating before you buy.
Hans Goldstein is licensed to sell insurance products, not securities. He does not sell variable or registered index-linked annuities; this page describes the product from the issuer's public materials so you can ask better questions. For money you want guaranteed, he can quote fixed annuities (MYGAs) and income annuities.
Correction: an earlier version of this page described a “20% Shield Rate”. Brighthouse’s fact cards list Shield Rates of 10%, 15% and 25% (the 3-Year version offers only 10% and 15%). The buffer example below now uses the real levels. It also called the family “Shield Level II” only; Brighthouse also sells Shield Level Pay Plus II, covered here. For a deep dive on the 6-Year version alone, see the Brighthouse Shield Level II RILA review.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
The Shield Level lineup, side by side
Every version works the same way at its core: you choose a term, an index (S&P 500, Russell 2000, MSCI EAFE or Nasdaq-100), a Shield Rate and a rate crediting type, or a Fixed Account. Performance is credited at the end of the term and can be positive, negative or zero. What changes between versions is the term menu, the withdrawal charges, the fees and whether an income rider is built in.
| Feature | Shield Level II 6-Year | Shield Level II 3-Year | Shield Level II Advisory | Shield Level Pay Plus II |
|---|---|---|---|---|
| Built for | Growth with a buffer, longest withdrawal-charge period | Shorter commitment | Fee-based advisory accounts | Lifetime income from a built-in rider |
| Terms | 1, 2, 3, 6 years | 1, 2, 3 years | 1, 2, 3, 6 years | 1, 2, 3, 6 years |
| Shield Rates | 10%, 15%, 25% | 10%, 15% | 10%, 15%, 25% | 10%, 15%, 25% |
| Crediting types | Cap, Step, Step Rate Edge, Par Rate Cap Rate fee option | Cap, Step, Step Rate Edge | Cap, Step, Step Rate Edge, Par Rate Cap Rate fee option | Cap, Step, Step Rate Edge |
| Withdrawal charges by year | 7, 7, 6, 5, 4, 3%, then 0% | 6, 6, 5%, then 0% | None | 7, 7, 6, 5, 4, 3%, then 0% |
| Free withdrawal | 10% of prior anniversary value after year 1 | 10% of prior anniversary value after year 1 | No withdrawal charge | 10% after year 1; Annual Benefit Payments once income starts |
| Explicit fees | No annual contract fee; 1.25% Shield Option Fee only on the Par Rate fee option | No annual contract fee | No annual contract fee; 1.25% Shield Option Fee on the Par Rate fee option; advisory program fee is outside the contract | Rider charge 1.50% of the Benefit Base a year |
| Issue ages / premium | Max 85 / $25,000 to $1M | Max 85 / $25,000 to $1M | Max 85 / $25,000 to $1M | 50 to 85 / $25,000 to $1M |
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Current caps by version (effective October 1 to 14, 2026)
| S&P 500, 1-year term, Cap Rate | 10% Shield | 15% Shield | 25% Shield | Fixed Account, 1-year |
|---|---|---|---|---|
| Shield Level II 6-Year | 16.00% | 12.00% | 9.00% | 3.50% |
| Shield Level II 3-Year | 11.00% | 9.00% | not offered | 3.50% |
| Shield Level II Advisory | 18.00% | 12.50% | 9.25% | not shown |
| Shield Level Pay Plus II | 16.25% | 13.00% | 9.75% | 3.50% |
| S&P 500, longer terms, Cap Rate, 10% Shield | 3-year term | 6-year term |
|---|---|---|
| Shield Level II 6-Year | 75.00% | Uncapped |
| Shield Level II 3-Year | 35.00% | not offered |
| Shield Level II Advisory | 100.00% | Uncapped |
| Shield Level Pay Plus II | 130.00% | 400.00% |
Minimum guaranteed caps
A cap can be reset at each term end, but not below the contract minimum. Brighthouse publishes those minimums, which is more than many RILA issuers do.
| Minimum guaranteed Cap Rate (all four indexes) | 1-year term | 2-year term | 3-year term | 6-year term |
|---|---|---|---|---|
| 6-Year and Advisory (not CA, NY, OR; eff. 04/27/2026) | 2.00% | not shown here | 6.00% | 8.00% |
| 3-Year (not NY; eff. 03/01/2026) | 2.00% | 3.00% | 6.00% | not offered |
| Pay Plus II | not found in public documents |
Shield Level Pay Plus II: the income version
Pay Plus II adds a built-in income rider (a guaranteed lifetime withdrawal benefit in the prospectus). You choose one version at issue:
- Market Growth: the Benefit Base steps up to the account value on contract anniversaries before age 91 when the account value is higher. Withdrawal rates are higher than the Rollup version.
- Market Growth with Rollup: 5% of the net purchase payment (simple interest) is added to the Benefit Base on each of the first 10 contract anniversaries in years with no withdrawals; the Benefit Base takes the higher of the rollup or the step-up.
- Cost and rules: rider charge 1.50% of the Benefit Base a year; issue ages 50 to 85; income cannot start before age 59½. The Benefit Base cannot be withdrawn as a lump sum and is not paid as a death benefit. Early or excess withdrawals reduce it.
| Income starts at age | Contract year | Market Growth, single / joint | Market Growth with Rollup, single / joint |
|---|---|---|---|
| 59½ to 64 | All years | 5.50% / 5.00% | 5.25% / 4.75% |
| 65 to 74 | 1 to 5 | 6.25% / 5.75% | 6.00% / 5.50% |
| 65 to 74 | 11+ | 8.00% / 7.50% | 6.50% / 6.00% |
| 75+ | 1 to 5 | 6.50% / 6.00% | 6.25% / 5.75% |
| 75+ | 11+ | 8.25% / 7.75% | 6.75% / 6.25% |
Hypothetical, not a quote: $100,000 in the Rollup version with no withdrawals for 10 years has a Benefit Base of at least $150,000 (100,000 plus ten $5,000 rollups). Starting single-life income in contract year 11 at age 65 to 74 uses the 6.50% rate: $9,750 a year, while the 1.50% rider charge (about $2,250 a year on a $150,000 base) comes out of the account value. Compare that with a pure income annuity in the income rider vs annuitization calculator.
What the Shield does in a bad year
With a 10% Shield Rate and an index down 25% at the end of a term, the Shield absorbs the first 10% and the option loses 15%. With a 25% Shield Rate and the same 25% drop, the option loses nothing; at a 35% drop it loses 10%. The Shield applies on the term end date. Money taken out before then is valued at the Interim Value, which can be lower.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength (AM Best) | B | A (Excellent), under review with negative implications since 11/10/2025 (10-K filed 02/24/2026); Aquarian acquisition pending (10-Q filed 08/06/2026). |
| Rate or cap competitiveness | B+ | S&P 500 1-year cap with a 10% buffer: 16.00% (6-Year), 18.00% (Advisory), 16.25% (Pay Plus II), 11.00% (3-Year), eff. 10/01/2026. Prudential FlexGuard: 16% with a 10% buffer, eff. 10/01/2026 (Prudential Rate Center). |
| Guaranteed floor | B | Published minimum caps: 2.00% on 1-year terms, 6.00% on 3-year, 8.00% on 6-year (6-Year and Advisory, not CA/NY/OR). Pay Plus II: 2.00% minimum on 1-year Cap Rate options (Shield Level Pay Plus II SEC prospectus dated April 20, 2026). |
| Liquidity | C+ | 6-Year and Pay Plus II: 7, 7, 6, 5, 4, 3%. 3-Year: 6, 6, 5%. Advisory: none. 10% free after year 1. Mid-term values use the Interim Value, without full Shield protection. |
| Costs | B | No annual contract fee. 1.25% Shield Option Fee only on the Par Rate fee option. Pay Plus II rider 1.50% of the Benefit Base a year. Caps and the Shield act as implicit costs, per Brighthouse. |
| Transparency | A | Dated new-contract rate flyers, minimum-rate flyers, fact cards, withdrawal-rate flyer and prospectuses are public. |
| Complexity | C | Four versions, up to 4 indexes, 3 Shield Rates, 4 crediting types, Interim Value, Performance Lock and (Pay Plus II) two rider versions. |
| Guaranteed minimum cap (RILA) | 2.00% (1-year) | Shield Level Pay Plus II: 2.00% on 1-year Cap Rate options (Shield Level Pay Plus II SEC prospectus dated April 20, 2026); Shield Level II: 2.00% (1-year), 6.00% (3-year), 8.00% (6-year) (Shield Level II SEC prospectus dated April 20, 2026), checked October 4, 2026. |
| Overall | B | Weighted toward financial strength, guaranteed floor and liquidity for a buyer who wants a known result. |
How these contract minimums compare across products: guaranteed minimum caps across FIAs (October 2026).
Pros and cons
Pros: four versions let you match the withdrawal-charge period to your plans (none on Advisory, three years on the 3-Year); S&P 500 1-year caps of 16.00% to 18.00% with a 10% Shield on the 6-Year, Advisory and Pay Plus II versions as of 10/01/2026; minimum caps are published; no annual contract fee on the base contracts.
Cons: losses beyond the Shield are yours; the 3-Year version’s 1-year cap (11.00%) is well below the 6-Year’s; Pay Plus II costs 1.50% a year of a Benefit Base that is not cash; caps reset at each term end; the AM Best rating is under review while the sale to Aquarian is pending.
Who it’s for, and when to look elsewhere
Fits: someone who accepts a defined amount of index loss in exchange for higher caps than a fixed indexed annuity, and who will hold to term end dates. The 3-Year version fits a shorter horizon; Pay Plus II fits someone 50 or older who wants a lifetime withdrawal benefit and accepts the rider charge.
Look elsewhere if: you cannot accept any loss of principal, you may need the money mid-term, or you mainly want a known rate. A MYGA locks a declared rate for the term, with no index exposure. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: annuity surrender charge calculator · annuity calculator · MYGA growth calculator. Related reviews: Shield Level II 6-Year deep dive · Prudential FlexGuard RILA · Brighthouse Fixed Rate Annuity · how annuity crediting works.
Questions to ask your agent
- Which version is this (6-Year, 3-Year, Advisory or Pay Plus II), and is it the version approved in my state?
- What is the minimum guaranteed cap or Step Rate for each Shield Option I pick, in writing? Brighthouse publishes them for the 6-Year, 3-Year and Advisory versions; for Pay Plus II, ask for the prospectus page.
- Show me the full surrender (withdrawal charge) schedule by year, the 10% free amount, and how the Interim Value would treat a withdrawal in the middle of a term.
- For Pay Plus II: what is my Benefit Base, withdrawal rate and rider charge at the age I plan to start income, and what does the account value look like after the charge?
- How are you paid on this product? Commission comes from the insurer, is built into the product’s pricing and is not deducted from your premium. What percentage is it, and does the 6-Year pay more than the 3-Year or Advisory? (Background: how annuity commissions work.)
From my desk
I do not sell RILAs, but people bring me Shield Level illustrations to compare against a MYGA. The first thing I check is which version it is, because the same brand name covers a 3-year charge schedule, a 6-year schedule, a no-charge advisory version and an income version with a 1.50% rider.
The number buyers most often misread is the cap on a multi-year term. A 75.00% 3-year cap is for the whole three years, not per year, and the Shield on that option is tested only at the end of year three. The second is the Pay Plus II Benefit Base: it is a number for calculating income, not money you can withdraw.
My MYGA comparison is simple: what is the worst case on the Shield option at term end, and what would a MYGA from an A-rated insurer have credited over the same years? If the buyer cannot live with the worst case, the cap does not matter.
Frequently asked questions
Which Shield Level annuities does Brighthouse sell?
Brighthouse’s Shield Level page (checked October 4, 2026) lists Shield Level II 6-Year, Shield Level II 3-Year and Shield Level II Advisory annuities, and a separate page lists Shield Level Pay Plus II, which adds a built-in lifetime income rider. All are issued by Brighthouse Life Insurance Company (New York versions by Brighthouse Life Insurance Company of NY).
What is the difference between the 6-Year and 3-Year versions?
The 6-Year version offers 1, 2, 3 and 6-year terms, Shield Rates of 10%, 15% and 25%, and withdrawal charges of 7%, 7%, 6%, 5%, 4%, 3%, then 0%. The 3-Year version offers 1, 2 and 3-year terms, Shield Rates of 10% and 15%, and withdrawal charges of 6%, 6%, 5%, then 0%. Its caps are lower: the S&P 500 1-year cap with a 10% Shield is 11.00% versus 16.00% on the 6-Year (rates effective 10/01/2026 to 10/14/2026).
What does Shield Level Pay Plus II add?
A built-in income rider in two versions, Market Growth and Market Growth with Rollup, for an annual rider charge of 1.50% of the Benefit Base. The Rollup version adds 5% simple interest to the Benefit Base on each of the first 10 contract anniversaries with no withdrawals. Minimum issue age is 50 and income cannot start before age 59½. The Benefit Base is not cash value and is not paid as a death benefit.
Can you lose money in a Shield Level annuity?
Yes. The Shield Rate absorbs only the first 10%, 15% or 25% of an index loss at the end of a term; losses beyond it reduce your account value. Withdrawals before a term ends use an Interim Value, and withdrawal charges can apply on the 6-Year, 3-Year and Pay Plus II versions.
How low can Shield Level caps go?
Brighthouse publishes minimum guaranteed rates. For the 6-Year and Advisory versions (not for use in CA, NY or OR, effective 04/27/2026) the minimum Cap Rate is 8.00% on 6-year terms, 6.00% on 3-year terms and 2.00% on 1-year terms. For the 3-Year version (effective 03/01/2026) it is 6.00% on 3-year terms, 3.00% on 2-year terms and 2.00% on 1-year terms.
Does Hans Goldstein sell Shield Level annuities?
No. Shield Level annuities are registered index-linked annuities, which are securities. This page describes them from Brighthouse’s public documents. For money where you want a declared rate, compare a MYGA.
Sources (checked October 4, 2026)
- Brighthouse Financial, Shield Level II Annuities page: checked October 4, 2026
- Brighthouse Financial, Shield Level Pay Plus II Annuities page: checked October 4, 2026
- Brighthouse, Shield Level II 6-Year New Contract Rates: effective 10/01/2026 to 10/14/2026
- Brighthouse, Shield Level II 3-Year New Contract Rates: effective 10/01/2026 to 10/14/2026
- Brighthouse, Shield Level II Advisory New Contract Rates: effective 10/01/2026 to 10/14/2026
- Brighthouse, Shield Level Pay Plus II New Contract Rates: effective 10/01/2026 to 10/14/2026
- Brighthouse, Shield Level II 6-Year Minimum Guaranteed Rates: effective 04/27/2026
- Brighthouse, Shield Level II 3-Year Minimum Guaranteed Rates: effective 03/01/2026
- Brighthouse, Shield Level II Advisory Minimum Guaranteed Rates: effective 04/27/2026
- Brighthouse, Shield Level II 6-Year Fact Card: form 2606
- Brighthouse, Shield Level II 3-Year Fact Card: form 2606
- Brighthouse, Shield Level II Advisory Fact Card: form 2606
- Brighthouse, Shield Level Pay Plus II Fact Card
- Brighthouse, Shield Level Pay Plus II Withdrawal Rates: effective 02/23/2026
- Brighthouse Financial 2025 Form 10-K (ratings, AM Best review): filed February 24, 2026
- Brighthouse Financial Form 8-K (Aquarian merger agreement): filed November 6, 2025
- Brighthouse Financial Q2 2026 Form 10-Q (merger status): filed August 6, 2026
- Prudential, FlexGuard Rate Center (peer cap): rates effective 10/01/2026
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with Brighthouse Financial. Figures are copied from the sources named, as of the dates shown; confirm current terms and rates with the issuer before you buy. MYGA figures are market benchmarks, not quotes. Examples labelled hypothetical are illustrations, not quotes.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.