NU Online News Service, June 18, 12:41 p.m. – Sun Life Financial, Wellesley Hills, Mass., a unit of Sun Life Assurance Company of Canada, Toronto, has added two new universal life policies to its product portfolio.

The company has also added a charitable rider for customers interested in adding a bequest to either policy.

The two universal life policies, Sun Universal Protector and Sun Survivorship Universal Life, offer extra death benefit guarantees.

Sun Life guarantees that the death benefits will not lapse, no matter what happens to interest rates or insurance costs, as long as the premium amount and payment schedule selected are sufficient to provide lifetime coverage.

The charitable rider lets policy owners add a death benefit for an accredited 501(c) charitable organization. Sun Life says the rider will provide a benefit of 1% of the policy’s face amount, on top of the policy’s death benefit.

The charitable rider is available on Sun Universal Protector policies carrying a minimum face amount of $1 million and Sun Survivorship policies with a minimum of $2 million. The maximum benefit for either product is $100,000.

Both policies also offer lapse protection and a catch-up provision that lets the policy owner restore the no-lapse guarantee if payments are missed or if the owner takes out a loan or partial withdrawal.

Sun Universal Protect policies in force when the insured reaches age 100, and Sun Survivorship policies in force when the younger insured reaches age 100, will continue the full death benefit thereafter, with no additional insurance or expense charges, and will be paid regardless of how long the policy owners live, Sun Life says.