Sun Life Financial Corp. (TSX:SLF) is adding two new participating, permanent life insurance products to its suite of life and health insurance and wealth management products available to Canadians, the insurer said Monday.



“Our Sun Par products are two powerful life insurance products that can help clients protect their family and assets,” says Kevin Strain, senior vice-president, individual insurance and investments, Sun Life Financial.

“These new products give clients the opportunity to generate long-term growth through policyholder dividends from a leader in the Canadian insurance industry,” he adds.

Both protection products offer the strong foundation of guarantees, including minimum guaranteed death benefit and cash value. Both products also offer clients lifetime protection, choice from a variety of dividend options, and a wide range of additional features to customize the product.

Sun Par Protector is designed for longer-term needs, including estate protection, coupled with the flexibility to enhance their retirement through access to the cash in the policy if their needs change.

Sun Par Accumulator offers higher early cash values for clients needing $500,000 or more of lifetime coverage, in exchange for modestly lower long-term growth.

Sun Life says the products will appeal to Canadians looking for effective solutions to protect their families, innovative ways to save for retirement, or an effective cornerstone in their estate planning needs. Business owners, professionals, and executives will be a particularly strong fit for the product.

“These products have proven through the years that they can be a valuable, tax efficient part of a client’s financial plan,” says Strain. “Canadian consumers are demonstrating a renewed interest in participating whole life insurance, and Sun Life is the company to provide it.”

The products will be available later this month through Sun Life Financial advisors and a select group of advisors partnering with Sun Life.

IE