Sun Life Introduces Annuity Options

The Retirement Income Solutions division of Sun Life Financial has launched the Sun Life Solutions Variable Annuity and the Sun Income Vision Living Benefit. 

Sun Life offers a range of investment options and cost effective choices to achieve guaranteed lifetime income, the company says. 

The Sun Income Vision living benefit (available for an additional annual fee) allows investors to lock in a benefit base used to calculate income. This benefit base can annually increase with market gains, but won’t decrease due to market declines. Choices of investments, withdrawal charge periods, and death benefits meet a range of income, liquidity, and estate planning needs.

“With the phase-out of defined benefit plans and the growing volatility of the stock market, a variable annuity with a living benefit can help investors who max out on their qualified retirement plans to not only secure guaranteed retirement income, but also lock in potential market gains,” said Steve Deschenes, Senior Vice President and General Manager of the firm’s Retirement Income Solutions division.

Highlights of Sun Life Solutions variable annuity include:

•  Tax-deferred growth on any investment earnings;

•  Over 20 money managers to choose from;

•  Annual mortality and expense charges as low as 1% (depending on the withdrawal charge option elected); and

•  Range of death benefit options at various price points (ranging from a default option at no additional charge, to an enhanced benefit for an annual fee of 0.60% of daily net assets in the subaccounts).

Highlights of the Sun Income Vision living benefit include:

•  Guaranteed lifetime income with living benefit;

•  Up to 70% equity participation;

•  Possible annual step-ups in guaranteed lifetime income if underlying account value rises; and

•  Annual benefit cost of 0.35% single, 0.5% joint life (as a percentage of the income benefit base).