Sun Life Upgrades Business Succession Planning Program

Sun Life Financial Inc. announced enhancements to its program for succession planning.

The program is offered by the U.S. Retail Insurance and Annuity Division of Sun Life Financial Inc. and is marketed to give advisers the tools and education to guide small and family business owners through business succession planning.

The financial services provider said in a release that most businesses in the United States are closely held, and as this business sector grows, so does the opportunity for advisers to provide basic business protection. About one-fourth of closely held businesses have a succession plan in place. As a result, only 30% continue to the second generation, and less than 10% to a third, according to Sun Life.

“The number of small businesses in the U.S. is growing, but few of them have a plan that allows for an orderly transition of the business at the time of the owner’s retirement, disability, or death,’ said Janice A. Forgays, vice president, Advanced Markets at Sun Life. “Knowing that succession can be a difficult topic for many small business owners to discuss, Sun Life’s program provides the tools and advice that advisers need when talking to clients about the necessary financial and legal steps to take regarding business succession and protection.’

Sun Life said the program guides advisers through two traditional strategies—buy/sell agreements and key person insurance—while providing sales ideas, case studies, a fact finder, and new producer and business owner guides.

More information is available at