NU Online News Service, Oct. 21, 2003, 12:52 p.m. EDT – Sun Life Insurance and Annuity Company of New York, New York, has introduced a group of variable universal life insurance products in New York state.
Sun Life Insurance already sells several group life and individual annuity products in New York state, but the new VUL products are the first individual life insurance policies that the company has introduced in the state, Sun Life Insurance says.
Sun Life Insurance is a unit of Sun Life Financial, Wellesley Hills, Mass., which, in turn, is a unit of Sun Life Financial Services Inc., Toronto.
The new VUL products include Futurity Protector II, a product designed for clients who are interested mainly in life insurance protection; Futurity Accumulator II, a product designed for clients who want a combination of life insurance coverage and asset growth; and Futurity Survivorship II, a second-to-die product designed for the estate-planning market.
One option is a supplemental insurance feature that clients can use to increase a policy’s face amount. A second option, a lapse-protection feature, will ensure that a policy stays in force for up to 20 years.
Each policy offers buyers a choice of 15 fund managers and 49 investment options.