The U.S. division of Sun Life Financial Inc., Toronto, has launched a flexible-premium universal life product boasting economical death benefit protection plus high cash-value accumulation.

Sun Life U.S., Wellesley, Mass., says its new Sun Universal ProtectorPlus complements its no-lapse guarantee UL by appealing to clients seeking value and flexibility in a single product.

ProtectorPlus suits a variety of individual and business needs, including estate planning, executive benefit funding, supplemental retirement income, college savings, and debt reduction, according to Sun Life. It also offers riders providing loan lapse protection, flexible premium payments and an accelerated benefit to let customers have access to part of the policy’s face amount if they become terminally ill.

Another feature offers access to a worldwide network of medical professionals and reimbursement for any emergency medical expenses that policy owners or their dependants incur 100 miles or more from home.

Yet, another rider allows clients owning policies with a face amount of at least $1 million to designate a donation to a charity of their choice upon their death, equal to 1% of the death benefit, over and above the policy death benefit, up to $100,000.