The U.S. division of Sun Life Financial has introduced a new variable universal life product that combines protection with guarantees and the prospect for growth.

Sun Protector Variable Universal Life includes a limited-duration, no-lapse guarantee on the base policy face amount. It also offers an optional no-lapse protection rider guaranteeing coverage for a lifetime.

Sun Life, Toronto, says Sun Protector also presents growth opportunities through 44 investment options, which can be placed in 5 asset-allocation portfolios, ranging from conservative to aggressive.