Liberty Mutual unveils customizable annuity designed for boomers nearing or at retirement

By Chris Reidy, Globe Staff

Liberty Mutual, a Boston-based company known for home, auto, and business insurance, is looking to raise awareness for a new product it recently rolled out --- a highly customizable annuity that the company claims is ideal for baby boomers nearing or at retirement.

The product is called the “Freedom Series Builder Annuity,” and options include a menu of features that offer extra safeguards and access to a customer’s money, the company said. This new annuity, according to Liberty Mutual, is a “guaranteed way” to accumulate and protect retirement funds. The annuity is being sold by the company’s life insurance subsidiary, Liberty Life Assurance Co. of Boston.

In a statement,  Mark McVeigh, the subsidiary’s senior vice president of marketing and distribution, said: “Boomers researching safe options for their nest eggs should note that, at its core, the Builder is a fixed deferred annuity, a form of annuity that protects retirement funds from principal loss, while growing the funds tax-deferred.”