Liberty Offers Annuity Geared To Net Surfers

Liberty Financial Cos. has introduced what it claims to be the first investment product specifically designed and priced for users of the Internet.

Officials at Boston-based Liberty Financial said its new WebSaver Annuity uses the Internet to attract and educate investors, thus lowering its sales and operating costs.

Offered by Liberty Financial's Independence Life and Annuity Co. subsidiary, the WebSaver Annuity is a guaranteed return annuity that allows customers to order a policy on-line. However, due to the Internet's security concerns, investors still must fund their policies by sending a check through traditional mail.

The WebSaver Annuity is exclusively available on the Internet's World Wide Web at http://www.websaver.com.

"The WebSaver Annuity is the first of a new breed of financial products that will be designed for the on-line consumer," said Kenneth R. Leibler, president and chief executive of Liberty Financial Cos. "A growing number of consumers are already involved in gathering personal finance and investment information using the Internet."

"The WebSaver Annuity is offered directly to the on-line consumer, allowing us to lower sales and operating costs and then pass those savings on to the customer in the form of higher guaranteed rates," said Jacob M. Herschler, vice-president of strategic marketing at Independence Life. "For example, WebSaver relies on highly trained annuity specialists to respond to customers using efficient e-mail instead of the telephone. Because the Internet is accessible 24-hours a day, consumers can now plan for their retirement and purchase an annuity whenever it's convenient for them."

The WebSaver Web site includes product information on the four rate plans available for the WebSaver Annuity, interactive tools designed to provide basic guidance regarding tax-deferred annuities, and e-mail capabilities for sales or customer service support. In addition, a personal rate notification service allows visitors to sign up to automatically receive e-mail whenever WebSaver Annuity rates change.