Sun Life Financial Inc. and The Phoenix Companies Inc. have introduced new universal life insurance policies.[@@]

The Wellesley Hills, Mass.-based U.S. arm of Sun Life, Toronto, is adding the Sun Value Single Premium Universal Life Insurance policy, a single-premium, “instant issue” life insurance policy designed for sales through banks and other financial institutions.

Features include a 10-minute application review process; access to policy loans during any policy year; and access to withdrawals of up to 10% of the cash surrender value at the last policy anniversary after the first policy year.

Phoenix, Hartford, is releasing the Phoenix Estate Legacy IV policy, a flexible-premium, survivorship universal life insurance policy.

The Phoenix policy is aimed at wealthy estate-planning and business-planning customers. One option, a Phoenix LifePlan Options rider, can help owners cope with changes in estate tax laws, Phoenix says.