NU Online News Service, June 28, 2004, 2:12 p.m. EDT
Sun Life Assurance Company of Canada, Wellesley Hills, Mass., has introduced a survivorship universal life policy that offers an extra benefit for charitable customers.[@@]
A customer who buys a Sun Survivorship Universal Life LP2 policy with a face amount of at least $2 million will get a free Charitable Giving Benefit rider. The rider will pay a charity a special death benefit equal to 1% of the base policy’s face value, Sun Life Assurance says.
The base policy is designed so that the coverage 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 introduced a single-life version of the policy in January.
Sun Life Assurance is a unit of Sun Life Financial Services of Canada Inc., Toronto.