NU Online News Service, May 27, 2003, 12:37 p.m. EDT – Sun Life Assurance Company of Canada (U.S.), Wellesley Hills, Mass., is introducing the Secured Returns principal-protection rider for variable annuities.
Customers who buy the rider can choose between a guaranteed minimum accumulation benefit or a guaranteed minimum withdrawal benefit.
The guaranteed minimum accumulation benefit guarantees that, after a 10-year period, the client’s account value will be no less than the original investment.
The guaranteed minimum withdrawal benefit guarantees that, if a client makes annual withdrawals of no more than 7% of the original investment, these withdrawals will continue until the original investment is returned, regardless of market performance, Sun Life says.
Sun Life is selling the Secured Returns rider with the MFS Regatta, MFS Regatta Masters, Futurity and All-Star variable annuities.
Sun Life Assurance is a unit of Sun Life Financial Services of Canada Inc., Toronto.