The U.S. division of Sun Life Financial Inc. has enhanced the purchase payment interest rate for its Masters Extra Variable Annuity product.

The company, part of Sun Life Financial Inc., Toronto, increased the rate from 5% to 6% for all new accounts and for add-on payments from existing clients for all new purchase payments, regardless of the amount of the payment or the issue date of the contract.

As an alternative to its enhanced interest credit option, Masters Extra also offers a purchase payment interest option that pays a 2% upfront interest credit on all first-year purchase payments and an interest credit of 2% of the account value at the end of every fifth-year anniversary.