A living benefit option for a line of variable annuities now allows a diversification strategy and the ability to increase the benefit base.
Called Sun Income Riser, the option is available with Masters VAs issued by Sun Life Assurance Company of Canada (U.S.), Wellesley Hills, Mass., and in New York, by Sun Life Insurance and Annuity Company of New York. Both insurers are units of Sun Life Financial Inc., Toronto.
Clients who purchase the option can diversify assets with a new investment category called “core retirement strategies,” the company says. The strategy is made up of 4 asset allocation fund–a portfolio from MFS Investment Management, Boston, and PIMCO, Newport Beach, Calif., and two portfolios from Ibbotson, Chicago–which use dynamic market-risk optimization strategies that reallocate regularly in response to changing market conditions, the company says.