Form 497VPU Brighthouse Separate

April 23, 2025 12:10 PM EDT
 
PrimEliteSM Annuity
ISSUED BY
BRIGHTHOUSE LIFE INSURANCE COMPANY
Updating Summary Prospectus
April 28, 2025
A Flexible Premium Variable Annuity Contract
The prospectus for PrimEliteSM Annuity, a flexible premium variable annuity contract issued by Brighthouse Life Insurance Company (the Company, or We, Us, or Our), is available and contains more information about the Contract including its features, benefits, and risks. You can find the current prospectus and other information about the Contract online at https://dfinview.com/BHF/PUFT/BHF82. You can also obtain this information at no cost by calling (888) 243-1932 or by sending an email request to [email protected]. We no longer actively offer the Contracts to new purchasers, but We continue to accept new Participants under existing Contracts previously issued to Plans.
Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Glossary
Contract Value — Purchase Payments, plus or minus any investment experience on the amounts allocated to the variable funds or interest on amounts allocated to the Fixed Account, adjusted by any applicable charges and withdrawals.
Contract Owner (you) — the person named in the Contract (on the specifications page) as the owner of the Contract.
Contract Years — twelve month periods beginning with the Contract Date.
Fixed Account — an account that consists of all of the assets under this Contract other than those in the Separate Account. The Fixed Account is part of the general assets of the Company.
Purchase Payment — any premium paid by you to initiate or supplement this Contract.
Separate Account — a segregated account registered with the Securities and Exchange Commission (“SEC”), the assets of which are invested solely in the Underlying Funds. The assets of the Separate Account are held exclusively for the benefit of Contract Owners.
Underlying Fund — a portfolio of an open-end management investment company that is registered with the SEC in which the Subaccounts invest.
You, your — "You" is the Contract Owner and a natural person, a trust established for the benefit of a natural person or a charitable remainder trust.
Updated Information You Should Consider About the Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the Updating Summary Prospectus dated April 29, 2024. This may not reflect all of the changes that have occurred since you entered into your Contract.
Changes Affecting the Underlying Funds
Trust/ Underlying Fund Reorganization
The following Former Underlying Fund was reorganized into the New Underlying Fund of the New Trust. 
Former Trust/Underlying Fund
Pioneer Variable Contracts Trust
Victory Variable Insurance Funds II
Pioneer Mid Cap Value VCT Portfolio
Victory Pioneer Mid Cap Value VCT Portfolio
3
Important Information You Should Consider About the Contract
 
 
Fees and Expenses
Location in
Prospectus
Charges for Early
Withdrawals
 
If you withdraw money during the first 8 full Contract Years following a
Purchase Payment , you may be assessed a withdrawal charge of up to 8% of
the Purchase Payment withdrawn, declining to 0% over that time period.
For example, if you make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
Fee Table and
Examples
 
Charges and
Deductions –
Withdrawal
Charge
Transaction
Charges
In addition to charges for early withdrawals, You may also be charged for
other transactions. There may be taxes on Purchase Payments.
Fee Table and
Examples
 
Charges and
Deductions
Ongoing Fees and
Expenses (annual
charges)
The table below describes the fees and expenses that you may pay each
year, depending on the options you choose. Please refer to your Contract
specifications page for information about the specific fees you will pay each
year based on the options you have elected.
Fee Table and
Examples
 
Charges and
Deductions
 
Appendix A:
Available Under
the Contract
Annual Fee
Minimum
Maximum
Base Contract1
1.46%
1.46%
Investment options
(Portfolio Company fees
and expenses)2
0.52%
1.13%
1 As a percentage of average daily net assets of the Separate Account. The charge shown also
includes the annual Contract administrative charge.
2 As a percentage of fund assets before temporary expense reimbursements and/or fee waivers.
 
 
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal
charges that substantially increase costs.
Lowest Annual Cost
$1,770
Highest Annual Cost
$2,192
Assumes:
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive Portfolio Company
fees and expenses
●No additional Purchase Payments,
transfers, or withdrawals
●Investment of $100,000
●5% annual appreciation
●Most expensive Portfolio
Company fees and expenses
●No additional Purchase
Payments, transfers, or
withdrawals
4
 
Fees and Expenses
Location in
Prospectus
 
Risks
 
Risk of Loss
You can lose money by investing in this Contract including loss of principal.
Principal Risks
Not a Short-Term
Investment
This Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
Withdrawal charges may apply for the first 8 years following a Purchase
Payment . Withdrawal charges will reduce the value of your Contract if you
withdraw money during that time period.
The benefits of tax deferral and living benefit protection also mean the
Contract is more beneficial to investors with a long time horizon.
Principal Risks
Risks Associated
with Investment
Options
●An investment in this Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract (e.g., Underlying Funds).
●Each investment option, including the Fixed Account, has its own unique
risks.
●You should review the prospectuses for the available funds and the
prospectus disclosure concerning the Fixed Account before making an
investment decision.
Principal Risks
Insurance
Company Risks
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account), or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject to
our claims-paying ability. If we experience financial distress, we may not be
able to meet our obligations to you. More information about the Company,
including our financial strength ratings, is available by contacting us at
(888) 243-1968.
Principal Risks
 
Restrictions
 
Investments
●The Fixed Account is currently not available for new investments, except
through our Special Dollar Cost Averaging Program.
●Currently, we allow unlimited transfers without charge among investment
options during the accumulation phase. However, we reserve the right to
impose a charge for transfers in excess of 12 per year.
●We reserve the right to limit transfers in circumstances of frequent or
large transfers.
●We reserve the right to remove or substitute the Underlying Funds
available as investment options under the Contract.
Transfers
 
Appendix B:
Optional Benefits
●You must select a specific Annuity option to exercise the Variable
Liquidity Benefit during the annuity period.
●We may stop offering this optional benefit at any time for new sales.
Payment Options
– Variable
Liquidity Benefit
 
Taxes
 
Tax Implications
●Consult with a tax professional to determine the tax implications of an
investment in and payments received under this Contract.
●If you purchase the Contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
●You will generally not be taxed on increases in the value of the Contract
until they are withdrawn. Withdrawals will be subject to ordinary income
tax, and may be subject to tax penalties if you take a withdrawal before
age 59½.
Federal Tax
Considerations
5
 
Conflicts of Interest
Location in
Prospectus
Investment
Professional
Compensation
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. This conflict of interest may
influence your investment professional to recommend this Contract over
another investment for which the investment professional is not
compensated or compensated less.
Other
Information –
Distributor
Exchanges
If you already own an insurance contract, some investment professionals
may have a financial incentive to offer you a new contract in place of the
one you own. You should only exchange a contract you already own if you
determine, after comparing the features, fees, and risks of both contracts,
that it is better for you to purchase the new contract rather than continue to
own your existing contract.
Other
Information –
Exchanges
6
Appendix A
Underlying Funds Available Under the Contract
The following is a list of Underlying Funds under the Contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended from time to time and can be found online at https://dfinview.com/BHF/PUFT/BHF82. You can also request this information at no cost by calling (888) 243-1932 or sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund’s past performance is not necessarily an indication of future performance.  
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1
Year
5
Year
10
Year
Seeks both capital
appreciation and current
income.
Invesco V.I. Equity and Income Fund —
Series II
Invesco Advisers, Inc.
0.82%
11.91%
8.12%
7.09%
Seeks long-term growth of
capital.
American Funds Global Growth Fund —
Class 2#
Capital Research and Management
CompanySM
0.66%
13.68%
9.76%
10.74%
Seeks long-term growth of
capital.
American Funds Global Small
Capitalization Fund — Class 2#
Capital Research and Management
CompanySM
0.90%
2.33%
3.01%
5.81%
Seeks growth of capital.
American Funds Growth Fund — Class 2
Capital Research and Management
CompanySM
0.59%
31.61%
18.83%
16.58%
Seeks long-term growth of
capital and income.
American Funds Growth-Income Fund
— Class 2
Capital Research and Management
CompanySM
0.53%
24.23%
13.01%
12.20%
Seeks as high a level of
current income as is
consistent with the
preservation of capital.
American Funds The Bond Fund of
America — Class 2#
Capital Research and Management
CompanySM
0.48%
1.16%
0.32%
1.67%
Seeks long-term capital
appreciation.
Brighthouse Small Cap Value Portfolio —
Class B††
Brighthouse Investment Advisers, LLC
Subadviser: Allspring Global
Investments, LLC
1.08%
8.10%
7.00%
7.82%
Seeks long-term capital
appreciation.
Brighthouse/Wellington Large Cap
Research Portfolio — Class E††
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
0.69%
21.51%
13.34%
12.29%
Seeks total return through
investment in real estate
securities, emphasizing
both capital appreciation
and current income.
CBRE Global Real Estate Portfolio —
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: CBRE Investment
Management Listed Real Assets LLC
0.90%
0.40%
1.62%
3.13%
A-1
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1
Year
5
Year
10
Year
Seeks capital growth and
income.
Invesco Comstock Portfolio — Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
0.82%
14.73%
11.42%
9.39%
Seeks capital appreciation.
Invesco Global Equity Portfolio —
Class B††
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
0.83%
16.15%
9.43%
9.82%
Seeks long-term growth of
capital.
Loomis Sayles Growth Portfolio —
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company,
L.P.
0.55%
34.47%
18.33%
12.15%
Seeks capital appreciation.
MFS® Research International Portfolio —
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
0.89%
2.95%
3.87%
5.23%
Seeks long-term capital
appreciation by investing in
common stocks believed to
be undervalued. Income is
a secondary objective.
T. Rowe Price Large Cap Value Portfolio
— Class E#
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
0.68%
11.18%
8.52%
8.55%
Seeks a competitive total
return primarily from
investing in fixed-income
securities.
BlackRock Bond Income Portfolio —
Class E††
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
0.54%
1.35%
-0.20%
1.50%
Seeks long-term growth of
capital.
BlackRock Capital Appreciation Portfolio
— Class E††
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
0.71%
31.81%
15.83%
14.90%
Seeks a high level of current
income consistent with
prudent investment risk and
preservation of capital.
BlackRock Ultra-Short Term Bond
Portfolio — Class E#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
0.52%
4.95%
2.19%
1.55%
Seeks to provide a growing
stream of income over time
and, secondarily, long-term
capital appreciation and
current income.
Brighthouse/Wellington Core Equity
Opportunities Portfolio — Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
0.87%
8.37%
8.70%
9.88%
Seeks maximum capital
appreciation.
Frontier Mid Cap Growth Portfolio —
Class D††
Brighthouse Investment Advisers, LLC
Subadviser: Frontier Capital Management
Company, LLC
0.79%
17.64%
8.45%
9.80%
Seeks long-term growth of
capital.
Jennison Growth Portfolio — Class B††
Brighthouse Investment Advisers, LLC
Subadviser: Jennison Associates LLC
0.79%
30.00%
17.24%
16.08%
Seeks a favorable total
return through investment
in a diversified portfolio.
MFS® Total Return Portfolio — Class F#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
0.82%
7.57%
5.94%
6.29%
A-2
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1
Year
5
Year
10
Year
Seeks long-term growth of
capital.
T. Rowe Price Large Cap Growth
Portfolio — Class B#
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
0.81%
29.98%
13.12%
13.61%
Seeks to maximize total
return consistent with
preservation of capital.
Western Asset Management Strategic
Bond Opportunities Portfolio — Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company LLC
0.56%
4.88%
1.01%
2.95%
Seeks to maximize total
return consistent with
preservation of capital and
maintenance of liquidity.
Western Asset Management
U.S. Government Portfolio — Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company LLC
0.50%
2.34%
0.24%
1.19%
Seeks reasonable income.
The fund will also consider
the potential for capital
appreciation. The fund’s
goal is to achieve a yield
which exceeds the
composite yield on the
securities comprising the
S&P 500® Index.
Equity-Income Portfolio — Service
Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.72%
15.06%
9.80%
8.94%
Seeks long-term growth of
capital.
Mid Cap Portfolio — Service Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.82%
17.18%
11.06%
8.94%
Seeks to maximize income
while maintaining
prospects for capital
appreciation.
Franklin Income VIP Fund — Class 2#
Franklin Advisers, Inc.
0.72%
7.20%
5.29%
5.27%
Seeks capital appreciation,
with income as a secondary
goal.
Franklin Mutual Shares VIP Fund —
Class 2
Franklin Mutual Advisers, LLC
0.94%
11.27%
5.75%
5.83%
Seeks long-term capital
appreciation.
ClearBridge Variable Appreciation
Portfolio — Class I
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.70%
22.65%
12.78%
11.99%
Seeks dividend income,
growth of dividend income
and long-term capital
appreciation.
ClearBridge Variable Dividend Strategy
Portfolio — Class I††
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.75%
16.85%
10.85%
10.64%
Seeks dividend income,
growth of dividend income
and long-term capital
appreciation.
ClearBridge Variable Dividend Strategy
Portfolio — Class II
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
1.00%
16.69%
10.69%
10.47%
A-3
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1
Year
5
Year
10
Year
Seeks long-term growth of
capital.
ClearBridge Variable Large Cap Growth
Portfolio — Class I
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.74%
27.89%
14.75%
14.58%
Seeks long-term growth of
capital as its primary
objective. Current income
is a secondary objective.
ClearBridge Variable Large Cap Value
Portfolio — Class I
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.72%
8.08%
9.11%
8.63%
Seeks long-term growth of
capital.
ClearBridge Variable Mid Cap Portfolio
— Class I
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.81%
10.01%
6.61%
7.29%
Seeks long-term growth of
capital.
ClearBridge Variable Small Cap Growth
Portfolio — Class I
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.80%
4.50%
5.39%
7.93%
Seeks a balance of growth
of capital and income.
Franklin Multi-Asset Variable
Conservative Growth Fund — Class I‡
Legg Mason Partners Fund Advisor, LLC
Subadviser: Franklin Advisers, Inc.
0.75%
11.79%
6.35%
6.29%
Seeks capital appreciation.
Franklin Multi-Asset Variable Growth
Fund — Class I‡
Legg Mason Partners Fund Advisor, LLC
Subadviser: Franklin Advisers, Inc.
0.83%
17.64%
9.98%
8.67%
Seeks long-term growth of
capital.
Franklin Multi-Asset Variable Moderate
Growth Fund — Class I#‡
Legg Mason Partners Fund Advisor, LLC
Subadviser: Franklin Advisers, Inc.
0.86%
15.46%
8.58%
7.75%
Seeks to maximize total
return, consistent with
prudent investment
management and liquidity
needs, by investing to
obtain a dollar weighted
average effective duration
that is normally within 30%
of the average duration of
the domestic bond market
as a whole.
Western Asset Core Plus VIT Portfolio —
Class I
Legg Mason Partners Fund Advisor, LLC
Subadvisers: Western Asset Management
Company, LLC; Western Asset
Management Company Limited; Western
Asset Management Company Ltd;
Western Asset Management Company
Pte. Ltd.
0.52%
-0.42%
-1.16%
1.47%
Seeks capital appreciation
by investing in a diversified
portfolio of securities
consisting primarily of
common stocks.
Victory Pioneer Mid Cap Value VCT
Portfolio — Class II
Victory Capital Management Inc.
1.01%
10.64%
9.02%
6.91%
#
Certain Underlying Funds and their investment advisers have entered into temporary expense reimbursements and/or fee waivers, which are reflected in the Current Expenses. Please see the Underlying Funds' prospectuses for additional information regarding these arrangements.
‡
This Underlying Fund is a fund of funds and invests substantially all of its assets in other underlying funds. Because the Underlying Fund invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including the management fee.
A-4
††
Closed to new investments except under dollar cost averaging and rebalancing programs in existence at the time of closing.
A-5
 
The prospectus and statement of additional information ("SAI") include additional information. The prospectus and SAI are dated the same as this summary prospectus and are incorporated by reference. The prospectus and SAI are available, without charge, upon request. For a free copy, call us at (888) 243-1932 or send an email request to [email protected]. You can also access the prospectus, SAI and other information about the Contract online at https://dfinview.com/BHF/PUFT/BHF82.
Reports and other information about the Separate Account are available on the SEC’s website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
EDGAR Contract Identifier No. is C000068846

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