Sun Life Financial Launches New Life Insurance Product Designed to Provide Accumulation, Protection, and Income
WELLESLEY, Mass. (June 2, 2010) – The U.S. Division of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) is announcing the launch of a current assumption universal life product designed to provide lifetime protection and competitive cash value growth through a guaranteed minimum interest crediting rate. Sun AccumULatorSM offers tax-advantaged cash accumulation potential, income tax-free withdrawals and loans to help meet supplemental retirement income needs, college expenses, or other income needs.
"This new universal life product offers consumers an additional income source to consider when looking to accumulate funds for future income needs,” said Janet Whitehouse, Senior Vice President and General Manager of the Individual Life Insurance Division of Sun Life Financial’s U.S. Operations. “Sun AccumULatorSM brings the best of both worlds to consumers allowing them to build a significant cash value for future withdrawals and provide a tax-free legacy to their beneficiaries,” added Whitehouse.“It is also attractive for consumers with younger children who recognize the need to build up sufficient funds for college education. This product’s cash accumulation feature and Sun Life’s highly rated financial strength differentiates us in the marketplace. This addition to our product offerings expands the wide range of comprehensive solutions we offer clients,” added Whitehouse.
Universal life insurance is issued by Sun Life Assurance Company of Canada (Wellesley Hills, MA) and in New York, by Sun Life Insurance and Annuity Company of New York, (New York, NY). Both are members of the Sun Life Financial group of companies. All guarantees are based on the claims-paying ability of the issuing company.
Life insurance is medically underwritten. A change in policy may require a physical examination. You should not cancel current policy coverage until new coverage is in force. Surrender charges may be due on an exchange of one contract for another. Surrendering a policy may be a taxable event. This press release contains references to concepts that have legal, accounting, and tax implications. It is not intended to be legal, accounting, or tax advice. Please consult an attorney and/or accountant for legal and tax advice for your particular situation. Policy loans and withdrawals will reduce the policy’s death benefit and cash surrender value and may have tax consequences if the policy should lapse.
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, 2010, the Sun Life Financial group of companies had total assets under management of $428 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Alexi A. Maravel
SLPC 21935 (5/10 Exp. 5/15)