Sun Life Financial Targets Public Sector Employee Benefits Market
Wellesley, MA (May 18, 2009) - The U.S. division of Sun Life Financial (NYSE: SLF, TSX: SLF) today announced a new focus on providing a full range of employee benefits to the public sector. This initiative features a new Group Life plan designed specifically for public sector entities, including schools and municipalities. Understanding that state and local governments have unique needs, Sun Life offers a plan that specifically supports public sector employers and employees, including, public works, police and fire personnel. The plan calls for enhanced Waiver of Premium provisions to cover older employees and extended Leave of Absence coverage to meet the needs of teachers. The plan also offers an optional Felonious Assault AD&D Rider that covers public sector employees such as safety officials and school district personnel.
"Sun Life has a long history of servicing public sector groups. We sold a Group Life contract to a municipality in 1927 and still have that customer today," said Michael Shunney, Senior Vice President and General Manager of Sun Life Financial Employee Benefits Group. "There is a great need among numerous state and local governments for benefit plans that better align with their circumstances. We've identified our competencies serving these customers over the years, understanding their unique needs, and giving them customized plans they need rather than offering them a standard contract tailored for the private sector."
In addition to a Group Life plan, Sun Life offers Disability and Dental plans to the public sector. Eligibility requirements have been enhanced to include more part-time employees, and employees are not required to use accumulated sick leave while on long-term disability. Long-term disability plans come standard with Sun Life's Retro Disability BenefitsTM and Zero Day Residual Benefit. Optional benefits such as a Pension Contribution Benefit and a Child Care Benefit are also available. Dental plans are offered with optional Vision Insurance, Adult Orthodontia, a Cosmetic Rider and more.
As with all customers, public sector groups have access to Sun Life's robust online services for employers and employees, and all customers are backed by Sun Life's money-back service guarantees.
This program is part of an ongoing initiative to deliver specialized benefits to segmented markets. Sun Life Financial currently provides customized life and disability products to physicians, attorneys, and financial institutions.
Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, MA) in all states, except New York, under Policy Form Series 93P-LH, 98P-ADD, 02P-STD TDBPolicy-2006, 02-SL, 07-SL, and 01C-LH-PT. In New York, group insurance policies are issued by Sun Life Insurance and Annuity Company of NewYork (New York, NY) under Policy Form Series 93P-LH-NY, 06P-NYDBL, 02P-NYSTD, 98P-ADD-NY, 02-NYSL, 07-NYSL, and 01NYC-LH-PT. Group insurance policies are issued by Sun Life and Health Insurance Company (U.S.) (Wellesley Hills, MA) in all states under Policy Forms Series GP-A and GP-D (or appropriate state edition). Product offerings may not be available in all states and may vary depending on state laws and regulations.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of US $297.5 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial's website at www.sunlife-usa.com.
Sun Life Financial
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