Product overview - Liberty Life

Liberty Life Assurance Company of Boston
Product overview
Build with us
Maximize your business
For agent use only. Not for distribution to the public.
Liberty Life Assurance Company of Boston, a Liberty Mutual company,
is a vibrant organization, leveraging strong products, marketing, and
service capabilities to support our business partners.
1
Build with us
Liberty Life Assurance Company of Boston, a Liberty Mutual company, is building partnerships
and thinking independent. We offer a broad spectrum of fully underwritten and simplified issue
life insurance products, as well as fixed annuities.
We provide foundation and balance
We provide security for partners and customers by maintaining a strong and stable financial
position. A high quality investment portfolio and disciplined investment strategy helps ensure
our ability to keep promises.
Maximize your business
We want our partners to succeed. By providing exceptional service and innovative products,
we can help you exceed your goals. Maximize your business with Liberty Life.
10-minute approval
Along with a strong product portfolio,
we offer an innovative submission and
underwriting process on eligible simplified
issue sales. This process provides:
• Approval decision in 10 minutes
• Thirteen or fewer medical questions
• Choice of traditional and
e-submission process
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Description
Issue Ages
(age last
birthday)
Estate Maximizer
Next Generation®
Page 7
50 - 85
Simplified Issue
Whole Life
Page 8
15 days - 65
Minimum face amount: $15,0001
Minimum premium: $150/year
$250,000
Simplified Issue
Life Paid-up at 65
Page 8
15 days - 55
Minimum face amount: $15,0001
Minimum premium: $150/year
$250,000
Simplified Issue
20 Payment Life
Page 8
15 days - 65
Minimum face amount: $15,0001
Minimum premium: $150/year
$250,000
Simplified Issue
Passport 10 Term
Page 9
18 - 65
Minimum face amount: $50,000
Minimum premium: $150/year
$250,000
Simplified Issue
Passport 15 Term
Page 9
18 - 65
Minimum face amount: $50,000
Minimum premium: $150/year
$250,000
Simplified Issue
Passport 20 Term
Page 9
18 - 60
Minimum face amount: $50,000
Minimum premium: $150/year
$250,000
Simplified Issue
Passport 30 Term
Page 9
18 - 50
Minimum face amount: $50,000
Minimum premium: $150/year
$250,000
At a glance
Minimum face amount/
Minimum premium
Maximum
face amount
$15,000 (single premium)1
Varies by age
and premium
Term
Whole Life
SPWL
Simplified Issue
3
1
Must meet $25,000 face minimum in WA
Death Benefit
Interest/
Contract Credits
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Guaranteed rate of
3.00% reduced by
cost of insurance and
expense charges.
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Contract credits may be
declared in advance for
each contract year.
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Contract credits may be
declared in advance for
each contract year.
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Contract credits may be
declared in advance for
each contract year.
Will never be less than
the guaranteed death
benefit.
Will never be less than
the guaranteed death
benefit.
Will never be less than
the guaranteed death
benefit.
Will never be less than
the guaranteed death
benefit.
NA
NA
NA
NA
Optional modules
or riders
Rate enhancements
Access to cash
NA
Up to 10% of account
value available
free of withdrawal
charges each year
beginning with year
two.
Liberty’s Living Benefit, Waiver
of withdrawal charge for
qualifying
medical stay
NA
Yes, through policy
loans and
withdrawals.
Children’s protection rider,
Disability waiver of premium,
Accidental death &
dismemberment, Liberty’s Living
Benefit, Payor death & disability
NA
Yes, through policy
loans and
withdrawals.
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit, Payor death & disability
NA
Yes, through policy
loans and
withdrawals.
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit, Payor death & disability
NA
NA
NA
NA
NA
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit
NA
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit
NA
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit
NA
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit
4
At a glance
Description
Issue Ages
(age last
birthday)
Minimum face amount/
Minimum premium
Maximum face
amount
Whole Life
Page 10
15 days - 80
Life Paid-up at 65
Page 10
15 days - 55
Annuities
5
2
Minimum face amount:
Ages 0-65: $250,001
Ages 66+: $15,000
Minimum premium: $150/year
Minimum face amount:
Ages 0-55: $250,001
Minimum premium: $150/year
Minimum face amount:
Ages 0-65: $250,001
Ages 66+: $15,000
Minimum premium: $150/year
Over $1,000,000 must
receive home office
approval
Over $1,000,000 must
receive home office
approval
Over $1,000,000 must
receive home office
approval
20 Payment Life
Page 10
15 days - 90
Passport 10
Page 11
18 - 70
Minimum face amount:
Ages 18-65: $250,001
Ages 66+: $50,000
Minimum premium: $150/year
Over $1,000,000 must
receive home office
approval
Passport 15
Page 11
18 - 65
Minimum face amount:
Ages 18-65: $250,001
Minimum premium: $150/year
Over $1,000,000 must
receive home office
approval
Passport 20
Page 11
18 - 60
Minimum face amount:
Ages 18-60: $250,001
Minimum premium: $150/year
Over $1,000,000 must
receive home office
approval
Passport 30
Page 11
18 - 50
Builder
Page 12
18 - 85
$15,000 (single premium)
Over $1,000,000 must
receive home office
approval
Balance
Page 13
18 - 85
$10,000 (single premium)
Over $1,000,000 must
receive home office
approval
Foundation
Page 14
18 - 85
$10,000 (single premium)
Over $1,000,000 must
receive home office
approval
Term
Whole Life
Fully Underwritten
Minimum face amount:
Ages 18-50: $250,001
Minimum premium: $150/year
Over $1,000,000 must
receive home office
approval
After the first contract year, up to 10% of the beginning-of-year account value may be withdrawn without withdrawal charges. Withdrawals taken before age 59 ½ may be subject to 10% federal tax penalty as well as tax on any gain in the contract. Clients should consult a tax advisor regarding any tax implications.
Death Benefit
Interest/
Contract Credits
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Contract credits may be
declared in advance for
each contract year.
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Contract credits may be
declared in advance for
each contract year.
Will never be less than
the guaranteed death
benefit unless loans or
withdrawals have been
made.
Will never be less than
the guaranteed death
benefit.
Will never be less than
the guaranteed death
benefit.
Will never be less than
the guaranteed death
benefit.
Contract credits may be
declared in advance for
each contract year.
NA
NA
NA
Rate enhancements
Access to cash
Optional modules
or riders
NA
Yes, through policy
loans and
withdrawals.
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit, Payor death & disability,
Guaranteed Insurability option
NA
Yes, through policy
loans and
withdrawals.
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit, Payor death & disability,
Guaranteed Insurability option
Yes, through policy
loans and
withdrawals.
Children’s protection
rider, Disability waiver of
premium, Accidental death &
dismemberment, Liberty’s Living
Benefit, Payor death & disability,
Guaranteed Insurability option
NA
NA
NA
NA
NA
Children’s protection rider,
Disability waiver of premium,
Accidental death &
dismemberment, Liberty’s Living
Benefit
NA
Children’s protection rider,
Disability waiver of premium,
Accidental death &
dismemberment, Liberty’s Living
Benefit
NA
Children’s protection rider,
Disability waiver of premium,
Accidental death &
dismemberment, Liberty’s Living
Benefit
NA
Children’s protection rider,
Disability waiver of premium,
Accidental death &
dismemberment, Liberty’s Living
Benefit
Will never be less than
the guaranteed death
benefit.
NA
In the event of owner’s
death, their annuity’s
account value will be
paid directly to the
beneficiary.
Guaranteed credited rate
initially for four years,
and resets annually after
initial period.
0.15% additional interest
for values of $100,000+
Yes, through partial
and systematic
withdrawals3 and
annuitization.
In the event of owner’s
death, their annuity’s
account value will be
paid directly to the
beneficiary.
Guaranteed credited rate
initially for one or five
years, and reset annually
after initial period.
0.15% additional interest
for values of $100,000+,
1.00% extra interest
in the first year, Return of
Premium can be waived
for an added 1.00% first
year interest bonus
Yes, through partial
and systematic
withdrawals2 and
annuitization.
NA
In the event of owner’s
death, their annuity’s
account value will be
paid directly to the
beneficiary.
Guaranteed credited rate
initially for one or five
years, and resets
annually after initial
period.
0.15% additional interest
for values of $100,000+,
0.25% extra interest
in the first year, Return of
Premium can be waived
for an added 1.00% first
year interest bonus
Yes, through partial
and systematic
withdrawals2 and
annuitization.
NA
3
NA
• Extra access
• Extra care & protection
• Extra assurance
May vary by state. Up to 5% of the beginning-of-year account value may be withdrawn without withdrawal charges. Withdrawals taken before age 59 ½ may be subject to 10% federal tax penalty as well as tax on any gain in the contract. Clients should consult a tax advisor regarding any tax implications.
6
The Liberty Series Estate Maximizer Next Generation® is a single payment, interest-sensitive whole life
insurance policy.4 It is one of the most efficient asset transfer products available today.
• 100% return of principal guarantee5
• Access to cash value through withdrawals and policy loans6
• Accelerated death benefits are available in the event of a chronic or terminal illness8
• Cash value grows income tax-deferred
• Death benefit bypasses the hassle of probate7
• Death benefit passes income tax-free, under current tax law
• Current interest rate is locked in for one year (guaranteed rates also apply)
Estate Maximizer Next Generation is
a simplified issue product.
Target market includes clients who are:
• 60 to 85 years of age
• Seeking safety and guarantees
• In possession of idle assets to reposition
• Planning to leave money to beneficiaries
• In no immediate need for income or ready
access to funds
4
Liberty Life Assurance Company of Boston, a Liberty Mutual company,
issues Liberty Series Estate Maximizer Next Generation, a single
payment interest-sensitive whole life insurance contract, on policy
forms SPWL-2010157, ICC10-SPWL-2010157 as applicable
(SPWL-2010157 NY in New York) and state variations identified by
state code. Contract availability, terms, conditions, and issue limitations
may vary by state.
5 Unless loans or withdrawals have been taken.
6
Withdrawals and loans are subject to tax on any gain in the contract
and, if taken before age 59½, may be subject to a 10% federal tax
penalty. Loans, if not repaid, and withdrawals will reduce the death
benefit and account value. Clients should consult a tax advisor.
7 Provided estate is not the beneficiary of the contract
8 Availability and features may vary by state
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Liberty Series
Simplified Issue
Whole Life Insurance
SM
Liberty Series Whole Life Insurance
offers level premiums, strong guarantees,
and valuable protection. These policies
provide:
• A guaranteed death benefit that will
never decrease5
• Access to guaranteed cash values
through policy loans9
• The ability to tailor coverage with a
variety of add-on riders, like Liberty‘s Living Benefit, an accelerated death benefit rider10
• The opportunity to earn contract credits that increase the policy’s cash value and death benefit11
Products available:
• Whole Life
• 20 Payment Life
• Life Paid-up at 65
Target market includes clients who are:
• 15 days to 65 years of age
(available issue ages vary by product)
• In need of permanent life insurance
• Seeking safety and guarantees
• Purchasing a new home, adding a new family member,
or in need of income replacement
Min face amount/
Min premium
Max face
amount
Simplified Issue
Simplified Issue
Whole Life
Minimum face amount:
$15,0001
Minimum premium:
$150/year
$250,000
Simplified Issue
Life Paid-up
at 65
Minimum face amount:
$15,0001
Minimum premium:
$150/year
$250,000
Simplified Issue
20 Payment
Life
Minimum face amount:
$15,0001
Minimum premium:
$150/year
$250,000
Liberty Life Assurance Company of Boston, a Liberty Mutual company, issues Liberty Series Simplified Issue Whole Life, Liberty Series Simplified Issue Life Paid-Up at 65 and Liberty
Series Simplified Issue 20-Year Payment Life on policy form WL-2005022 (WL-2008055 NY in New York and WL-2005022 NJ in New Jersey) and state variations identified by state code.
Contract availability, terms, conditions, and issue limitations may vary by state.
5 Unless loans or withdrawals have been taken.
9 Loan value will accrue interest, which if not repaid will reduce the death benefit and cash value.
10 Liberty‘s Living Benefit, an Accelerated Death benefit rider, will be added to the contract at no additional charge unless it is declined at time of application. Availability and features may vary by state.
11 Contracts in NY are participating and receive dividends.
8
Liberty Series
Simplified Issue
Passport Term Life Insurance
Liberty Series Passport Term Insurance provides coverage for 10, 15, 20, or 30 years. Your client’s premiums
are guaranteed to remain level for the length of the term. Features include:
• Built-in conversion guarantee
• Your client can convert to a permanent policy without evidence of insurability within an allotted time
period (Time period varies by product)
Min face
• A conversion credit
amount/
• In the first five policy years, the client can receive a conversion
Min premium
credit equal to the premium paid in the last 12 months
Simplified Issue
• A choice of riders
• Liberty’s Living Benefit, an accelerated death benefit10
• Children’s Protection
• Disability Waiver of Premium
• Accidental Death and Dismemberment12
• An option to continue coverage
• Premiums will increase annually, but coverage can continue
to age 908
Products available:
• Passport 10
• Passport 15
• Passport 20
• Passport 30
Target market includes clients who are:
• 18 to 65 years of age (available issue ages vary by product)
• Looking for more affordable life insurance
• Providing their survivors with lost income in the event of their death
• In need of coverage for a certain period of time
Max face
amount
Simplified Issue
Passport 10 Term
Minimum face
amount: $50,000
Minimum premium:
$150/year
$250,000
Simplified Issue
Passport 15 Term
Minimum face
amount: $50,000
Minimum premium:
$150/year
$250,000
Simplified Issue
Passport 20 Term
Minimum face
amount: $50,000
Minimum premium:
$150/year
$250,000
Simplified Issue
Passport 30 Term
Minimum face
amount: $50,000
Minimum premium:
$150/year
$250,000
Modal factors for
Liberty Series policies
Semi-annual
.5200
Quarterly
.2650
PAC
.0900
Liberty Life Assurance Company of Boston, a Liberty Mutual company,
issues Liberty Series Passport 10 Simplified Issue, Series Passport 15
Simplified Issue, Series Passport 20 Simplified Issue, and Liberty Series
Passport 30 Simplified Issue term life insurance contracts on policy form
TERM- 2005057 (TERM-2005057 NY in New York and TERM-2005057
NJ in New Jersey) and state variations identified by state code. Contract
availability, terms, conditions, and issue limitation may vary by state.
8 Availability and features may vary by state.
10 Liberty‘s Living Benefit, an Accelerated Death benefit rider, will be added to the contract at no additional charge unless it is declined at time of application. Availability and features may vary by state.
12 In NY: Accidental Death Only.
9
Liberty Series
Whole Life
Insurance
SM
Liberty Series Whole Life Insurance
offers level premiums, strong guarantees,
and valuable protection. These policies
provide:
• A guaranteed death benefit that will
never decrease5
• Access to guaranteed cash values
through policy loans9
• The ability to tailor coverage with a
variety of add-on riders, like Liberty‘s Living Benefit, an accelerated death benefit rider10
• The opportunity to earn contract credits that increase the policy’s cash value and death benefit11
Products available:
• Whole Life
• 20 Payment Life
• Life Paid-up at 65
Target market includes clients who are:
• 15 days to 90 years of age
(available issue ages vary by product)
• In need of permanent life insurance
• Seeking safety and guarantees
• Purchasing a new home, adding a new family member,
or in need of income replacement
Min face amount/
Min premium
Max face
amount
Fully Underwritten
Whole Life
Minimum face amount:
Ages 0-65: $250,001
Ages 66+: $15,000
Minimum premium:
$150/year
Over $1,000,000
must receive home
office approval
Life Paid-up
at 65
Minimum face amount:
Ages 0-55: $250,001
Minimum premium:
$150/year
Over $1,000,000
must receive home
office approval
20 Payment Life
Minimum face amount:
Ages 0-65: $250,001
Ages 66+: $15,000
Minimum premium:
$150/year
Over $1,000,000
must receive home
office approval
Liberty Life Assurance Company of Boston, a Liberty Mutual company, issues Liberty Series Whole Life, Liberty Series Life Paid up at 65, and Liberty Series 20 Payment Life on policy form
WL-2005022 (WL-2008055 NY in New York and WL-2005022 NJ in New Jersey) and state variations identified by state code. Contract availability, terms, conditions, and issue limitations
may vary by state.
5 Unless loans or withdrawals have been taken.
9 Loan value will accrue interest, which if not repaid will reduce the death benefit and cash value.
10 Liberty‘s Living Benefit, an Accelerated Death benefit rider, will be added to the contract at no additional charge unless it is declined at time of application. Availability and features may vary by state.
11 Contracts in NY are participating and receive dividends.
10
Liberty Series
Passport Term
Life Insurance
Liberty Series Passport Term Insurance provides coverage for 10, 15, 20, or 30 years. Your client’s premiums
are guaranteed to remain level for the length of the term. Features include:
• Built-in conversion guarantee
• Your client can convert to a permanent policy without evidence of insurability within an allotted time
period (Time period varies by product)
Min face amount/
Max face
• A conversion credit
Min premium
amount
• In the first five policy years, the client can receive a
conversion credit equal to the premium paid in the
Fully Underwritten
last 12 months
Minimum face amount:
• A choice of riders
Over $1,000,000
Ages 18-65: $250,001
must receive
10
Passport 10
Ages 66+: $50,000
• Liberty’s Living Benefit, an accelerated death benefit home office
Minimum premium:
approval
• Children’s Protection
$150/year
• Disability Waiver of Premium
Minimum face amount:
Over $1,000,000
• Accidental Death and Dismemberment12
Ages 18-65: $250,001
must receive
Passport 15
Minimum premium:
home office
• An option to continue coverage
$150/year
approval
• Premiums will increase annually, but coverage can
continue to age 908
Minimum face amount:
Over $1,000,000
Products available:
• Passport 10
• Passport 15
• Passport 20
• Passport 30
Target market includes clients who are:
• 18 to 70 years of age (available issue ages vary by product)
• Looking for more affordable life insurance
• Providing their survivors with lost income in the event of
their death
• In need of coverage for a certain period of time
Passport 20
Passport 30
Ages 18-60: $250,001
Minimum premium:
$150/year
must receive
home office
approval
Minimum face amount:
Ages 18-50: $250,001
Minimum premium:
$150/year
Over $1,000,000
must receive
home office
approval
Modal factors for
Liberty Series policies
Semi-annual
.5200
Quarterly
.2650
PAC
.0900
Liberty Life Assurance Company of Boston, a Liberty Mutual company, issues
Liberty Series Passport 10, Liberty Series Passport 15, Liberty Series Passport
20, and Liberty Series Passport 30 term life insurance contracts on policy form
TERM-2005057 (TERM-2005057 NY in New York and TERM-2005057 NJ in
New Jersey) and state variations identified by state code. Contract availability,
terms, conditions, and issue limitation may vary by state..
8 Availability and features may vary by state.
10 Liberty‘s Living Benefit, an Accelerated Death benefit rider, will be
added to the contract at no additional charge unless it is declined at
time of application. Availability and features may vary by state.
12 In NY: Accidental Death Only.
11
Freedom Series
Builder Annuity
The Builder Annuity is a single premium fixed deferred annuity
with a transparent modular design that allows customers to
choose features based on their needs.
• Purchasing one or more of the following Builder Annuity
modules will lower the initial interest rate while providing
the extra coverage that is right for your client
• Extra access module8
• Return of premium guarantee – Upon surrender, your client
is guaranteed to receive no less than the premium paid less
prior withdrawals
• Penalty-free withdrawals – After the first year, your client
can withdraw 10% of his or her account value per year
A withdrawal of 5% is allowable without selecting this module.
• Extra care and protection module8
• Certain serious health conditions allow for withdrawals or
surrenders, without withdrawal charges, if:
• Your client or client’s spouse becomes ill and requires a
qualifying medical stay for 45 days out of any continuous
60-day period
• Your client or client’s spouse is diagnosed as terminally ill
• Your client or client’s spouse becomes unable to perform
two of the six activities of daily living
• Extra assurance module8
• Account value withdrawal – If declared interest rate before any rider charges are applied drops below the minimum threshold determined at time of contract issue, your client can withdraw any or all of the
account value without a withdrawal charge. In addition, withdrawal charges will not be assessed on any withdrawal up to 60 days after the rate returns above the minimum threshold
Target market for fixed annuity products includes clients who are:
• 50 to 80 years of age
• Looking for long-term accumulation
• Interested in flexible features
• Ready to put a portion of assets into retirement savings
• Looking for guaranteed growth and tax deferral
Liberty 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. Home office: Boston, Mass. Service center: Dover, N.H.
8 Availability may vary by state.
12
Freedom Series
Balance Annuity
The Balance Annuity is a single premium fixed deferred annuity that provides a first-year interest rate bonus
that will help jump start your client’s annuity earnings.
• Pays an extra 1.00% interest in the contract’s first year
• Currently, credits an additional 0.15% interest for account values of $100,000 or greater
• Provides a choice of guarantee period: initial rate schedule is guaranteed for either one or five years
• Pays an additional 1% interest in the first year if the return of premium guarantee is waived
Target market for fixed annuity products includes clients who are:
• 50 to 80 years of age
• Looking for long-term accumulation
• Interested in flexible features
• Ready to put a portion of assets into retirement savings
• Looking for guaranteed growth and tax deferral
13
Freedom Series
Foundation Annuity
The Foundation Annuity is a single premium fixed deferred annuity for those looking to build retirement
income with the power of tax deferral.
• Pays an extra 0.25% interest in the contract’s first year
• Currently, credits an additional 0.15% for account values of $100,000 or greater
• Choice of guarantee period: initial rate schedule is guaranteed for either one or five years
• Pays an additional 1% of interest in the first year if the return of premium guarantee is waived
Target market for fixed annuity products includes clients who are:
• 50 to 80 years of age
• Looking for long-term accumulation
• Interested in flexible features
• Ready to put a portion of assets into retirement savings
• Looking for guaranteed growth and tax deferral
Liberty Life Assurance Company of Boston, a Liberty Mutual company,
issues: Freedom Series Balance Annuity and Freedom Series Foundation
Annuity on policy forms SPDA-2010090, ICC10-SPDA-2010090 as
applicable (SPDA-2010090 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. Home office: Boston, Mass.
Service center: Dover, N.H.
14
Liberty Life Assurance Company of Boston
About us
At Liberty Life Assurance Company of Boston, a Liberty
Mutual company, we’re committed to providing a relationship
built on partnership, value, and trust. We’ll work with you to
define the best solutions to meet your client’s needs. From our
comprehensive portfolio of products to our customer service,
we’re dedicated to you.
Visit our website at
https://LifeMadeEasy.LibertyMutual.com
or give us a call at 800-749-3620
for more information.
Home office: Boston, Mass.
Service center: Dover, N.H.
© 2014 Liberty Mutual Insurance
IND 2014350 6/14