The U.S. division of Sun Life Financial Inc. (NYSE: SLF) is rolling out a new current assumption universal life policy.

Called Sun AccumULator, the contract is designed to provide lifetime protection and cash value growth, according to Sun Life, Toronto.

The contract is being positioned as a product that can help consumers build significant cash values for future withdrawals–for retirement income or college funding purposes, for example–as well as to provide a tax-free legacy to beneficiaries, says Janet Whitehouse, senior vice president-individual life insurance in the company’s Wellesley, Mass., office.

The issuing company is Sun Life Assurance Company of Canada, Wellesley Hills, Mass., in most of the country and Sun Life Insurance and Annuity Company of New York, New York, in New York state. Both companies are part of Sun Life Financial, Toronto.

All guarantees are based on the claims-paying ability of the issuing company, Sun Life says.