For those looking for a new option to guarantee lifetime income, Sun Life Financial has both a new variable annuity and a new living benefit rider. A company press release introduces the variable annuity, Sun Life Solutions, and the living benefit rider, Sun Income Vision. Sun Life says that these products will help advisors customize retirement plans in a cost effective way.
There are many investment options from which to choose with the Sun Life Solutions variable annuity. The Sun Income Vision rider lets you lock in your benefit base and any annual increases in your benefit base without worrying about any decreases in the market. In addition to your investment choices, there are also choices for death benefits and withdrawal charge options.
Sun Life highlighted some of the top benefits of their variable annuity: earnings grow tax-deferred, there are 20 different money managers from which to choose, expense and mortality charges can be down to 1%, and options for death benefits at many different prices. Some highlights of the living benefit rider are guaranteed lifetime income, equity participation up to 70%, yearly increases in your income if the underlying account increases, and low annual benefit costs.
Speak with an expert at Annuity FYI if you have any questions about this new variable annuity product.
Written by Rachel Summit
