An insurer has unveiled a variable annuity feature that will permit owners to postpone using guaranteed withdrawal rights.
The Wellesley, Mass., U.S. division of Sun Life Financial Inc., Toronto, has introduced the Income ON Demand “income storage benefit.”
The option, available with most Sun Life Financial Masters variable annuity contracts except the Masters Access contract, permits Financial Masters holders to defer part or all of the annual withdrawals permitted under the benefit and to “store” withdrawals in the contract for future use, Sun Life says.
Storing withdrawal capacity can help a VA holder increase total withdrawal capacity during a year when a holder needs more income, Sun Life says.