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Insurer Develops Annuity For Sovereign Customers

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NU Online News Service, Jan. 13, 2004, 1:13 p.m. EST – U.S. units of Sun Life Financial Inc., Toronto, will be selling a new fixed retirement annuity to customers of Sovereign Bancorp Inc., Philadelphia.[@@]

Sovereign controls $41 billion in assets and has 526 branch offices.

Sun Life Assurance Company of Canada (U.S.) will be issuing the new Lantern Retirement Advantage annuity, and Independent Financial Marketing Group, another Sun Life subsidiary, will be distributing the annuity.

Customers who buy the annuity can choose from a menu of options for term length and guarantee period, Sun Life Financial says.