Imagine you're building a home - an exciting project offering you the freedom to choose only the things you want for your home, making it perfect for you. You'll make your choices based on your needs and budget, and when the construction is finished, you'll have a house that was built just for you.
Liberty Life's Freedom Series Builder Annuity,1 a single premium deferred annuity, works much the same way. It offers you transparency and choice, allowing you to build the coverage that's right for you.
Unlike typical annuities that come prepackaged with options you may not need, the Builder Annuity lets you choose the features that are important to you. This means you only pay for the features that you want - nothing more.
How does it work?
Just like a house, you start with a foundation. The foundation of your Builder Annuity is your one-time premium payment, which will earn tax-deferred interest at an annual interest rate. Once the foundation is laid, you can add modular features to your annuity. Purchasing one or more of the modules will lower your interest rate while building the coverage that's right for you.Modules
This module has two features:
|Extra care and protection3||
This module allows for withdrawals or surrenders without withdrawal charges in the event of certain serious health conditions:
|Extra assurance||This module allows you to withdraw any or all of your account value if the declared interest rate on the annuity, before any rider charges are applied, drops below the minimum threshold determined at time of contract issue. Additionally, you will not incur withdrawal charges if you decide to withdraw your account value any time up to 60 days after the rate returns above the minimum threshold.|
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Life insurance and annuities issued by:
Liberty Life Assurance Company of Boston, a Liberty Mutual company
Home office: Boston, Mass. Service center: Dover, N.H.
1Liberty Life Assurance Company of Boston, a Liberty Mutual company, issues Freedom Series Builder Annuity on policy forms SPDA-2010023, ICC10-SPDA-2010023 as applicable (SPDA-2010023 NY in New York) and state variations identified by state code. Product availability may vary by state. Features and benefits may vary based on state approval.
2May vary by state. After the first year, up to 5% (10% if module is selected) of the beginning of the year value may be withdrawn without withdrawal charges. Withdrawals taken before age 59½ may be subject to a 10% federal tax penalty as well as tax on any gain in the contract. Clients should consult a tax advisor.
3Does not apply to pre-existing conditions. May not be available in all states.