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Insurer Introduces N.Y. UL Policies

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NU Online News Service, Sept. 23, 2004, 5:23 p.m. EDT

Sun Life Insurance and Annuity Company of New York, Wellesley Hills, Mass., has introduced a pair of universal life policies with no-lapse guarantees in New York state.[@@]

The company, a unit of Sun Life Financial Inc., Toronto, will be issuing a single-life version of the policy and a survivorship version.

Customers can choose a lapse-protection period of up to 60 years for issue ages up to 40 or up to age 100 for issue ages over age 40. Neither policy matures at age 100, and that means that the full death benefit can continue past age 100 if the policy is in force at that time, Sun Life Insurance says.

The company introduced variable universal life products in New York state in 2003.