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
Latest news In Products
Product roundup: Capital Group Canada gets active on TSX
Asset manager launched its first four active ETFs on the stock exchange
- By: Jonathan Got
- October 24, 2024 October 24, 2024
- 16:52
New fixed-income ETFs aim to capitalize on lower interest rate environment
Launches from Evolve ETFs, BlackRock come as central banks ease
- By: Noushin Ziafati
- October 18, 2024 October 18, 2024
- 12:23
OSC looks to play the long game
Regulator details vision for retail funds that hold long-term assets
- By: James Langton
- October 10, 2024 October 10, 2024
- 17:01
How insurers extended life insurance coverage to cancer survivors
Despite fears to the contrary, cancer survivors can qualify for a standard rating on life policies
- By: Jonathan Got
- October 8, 2024 October 8, 2024
- 12:08
Today's top stories
It’s official: OBSI becomes sole external complaints body for banking
The move is expected to reduce delays, simplify the banking complaints system
- By: Noushin Ziafati
- November 1, 2024 November 1, 2024
- 13:33
Court to hear Binance challenge to OSC investigation
Appeal Court agrees to rule once and for all on path for quashing a summons
- By: James Langton
- October 31, 2024 October 31, 2024
- 17:19
CRA announces CPP maximum pensionable earnings for 2025
Increase to second earnings ceiling represents last step in CPP expansion plan
- By: Rudy Mezzetta
- November 1, 2024 November 1, 2024
- 13:06
Manulife cuts 2.5% of its global wealth and asset management staff
The cuts come just a year after the insurer cut 250 positions in its investment management division
- By: Jonathan Got
- October 30, 2024 October 30, 2024
- 17:18