Sun Life Financial Inc. is marketing an investment product designed for small U.S. bank-owned life insurance programs.
The product gives regional and community bank BOLI program managers a chance to use the same kind of Pooled Stable Value Option that large banks typically use, according to Sun Life Financial United States, Wellesley Hills, Mass., which is part of Sun Life Financial, Toronto.
Smaller banks can use the option, which is offered through Sun Life’s Large Case Private Placement Variable Universal Life product, to put $1 million to $20 million of cash into a variety of managed accounts.
Choices include a mortgage-backed securities account and a fixed-income securities fund, according to Sun Life.
The option provides a way for smaller banks to obtain BOLI investment choices usually available only to large banks, including a mortgage-backed securities strategy and a fixed-income securities fund, according to Sun Life, Toronto. The company’s U.S. unit in Wellesley Hills, Mass. is offering the product.