NU Online News Service, Jan. 15, 2004, 3:54 p.m. EST – Sun Life Assurance Company of Canada (U.S.), Wellesley Hills, Mass., is introducing the Sun Universal Protector LP2 universal life insurance policy.[@@]
The product is designed so that the policy will stay in force during the no-lapse guarantee period as long as the premium is paid as planned. A policy owner younger than 40 can choose a lapse-protection period of up to 60 years. Older policy owners can protect their policies from lapsing up to age 100.
Sun Life Assurance will continue the full death benefit for policies in force when the insured turns 100 without collecting any additional insurance or expense charges.
Sun Life Assurance also is offering a Charitable Giving Benefit Rider, which lets policy owners give an additional death benefit to a qualified charitable organization, to owners of policies with a face amount of at least $1 million. The rider provides a benefit of 1% of the policy’s face amount, over and above the base policy death benefit.
Sun Life Assurance is a unit of Sun Life Financial Services of Canada Inc., Toronto.