An insurer is updating its list of variable annuity investment options.

Sun Life Assurance Company of Canada (U.S.), Wellesley Hills, Mass., a unit of Sun Life Financial Inc., Toronto, has started selling the 90/10 Masters Model allocation model to customers who buy Masters Variable Annuity contracts.

The model is designed for annuity holders who want to put 90 percent of their assets in stock funds.

The company also has added the Franklin Founding Allocation Fund and made more funds available through the Build Your Own Portfolio option.

A sister company, Sun Life Insurance and Annuity Company of New York, issues the annuities in New York.

The insurance companies issuing the annuities are responsible for backing the product guarantees.