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Insurer Adds VA Living Benefit Option

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The U.S. arm of Sun Life Financial Inc. is starting to sell the Secured Returns for Life income guarantee with its Sun Life Financial Masters Variable Annuity contracts.[@@]

The new Secured Returns for Life option can provide principle protection and guarantee a lifetime stream of income, according to the Wellesley Hills, Mass.-based operation, which is a unit of Sun Life Financial Inc., Toronto.

Purchasers of the Secured Returns for Life option can choose 1 of 9 professionally allocated portfolios, including 3 aimed at investors with specific retirement dates in mind, or they can build their own portfolios by choosing from a list of 40 sub-accounts, Sun Life Financial says.

The Secured Returns for Life program offers a minimum accumulation guarantee, which guarantees principal and some gains, and a lifetime withdrawal benefit guarantee, which can guarantee a lifetime income stream starting at age 59.

Sun Life Financial’s U.S. life company is responsible for backing the guarantees.