| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | 656 |
WELLESLEY, Mass.--(BUSINESS WIRE)--Sept. 24, 2007--The U.S. division of Sun Life Financial (NYSE: SLF, TSX: SLF) has launched two new life insurance products designed for small and mid-size business owners to fund non-qualified executive benefit plans. These products offer competitive cash value accumulation with flexible underwriting solutions and can be structured to provide compelling incentives for key employees.
Sun Executive Variable Universal Life and Sun Executive Universal Life each have high early cash value accumulation, zero net loans and flexible underwriting options including guaranteed-issue to benefit both owners and employees. This product feature combination is unique in the marketplace and critical to successful executive benefit plans.
Sun Life Financial's innovative multi-life Sun Executive VUL includes 44 investment subaccounts from leading global money managers, providing even greater potential cash value growth.
"The Sun Executive product series allows us to extend our existing expertise in the large end of the COLI market to all of our retail distribution market," said Michele Van Leer, Senior Vice President and General Manager, Individual Insurance Division for Sun Life Assurance Company of Canada (U.S.). "We are confident that our new small business COLI products coupled with stellar advanced markets support will deliver significant value to our distributors and their business owner clients."
Sun Life Financial sees substantial growth opportunity in the expanding 100 employee or less small business market. Currently, it is estimated that 98% of the 5.5 million businesses in the United States have less than 100 employees, and less than 100,000 of these have an executive benefit plan in place.(1)
Sun Executive UL and Sun Executive VUL offer clients two other unique benefits: the Charitable Giving Benefit Rider,(2) which at no additional cost, allows the insured to leave a separate legacy to charitable causes that they support, and Assist America,(2) which provides emergency travel assistance to insureds and their dependants, providing them with access to coordinated emergency medical care and case management services when traveling more than 100 miles from home.(2)
To recruit, retain and reward key employees in today's competitive market, more and more small businesses are adopting executive benefit plans funded by corporate-owned life insurance. Sun Executive UL and Sun Executive VUL can be very effective life insurance solutions that meet multiple needs and reward all participants.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2007, the Sun Life Financial group of companies had total assets under management of US $408 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial's website at www.sunlife-usa.com.
For an updated state availability list, producers can visit http://salesnet.sunlife-usa.com.
Universal life insurance products are issued by Sun Life Assurance Company of Canada, Wellesley Hills, MA, in all states but New York. Variable universal life insurance products are issued by Sun Life Assurance Company of Canada (U.S.), Wellesley Hills, MA, in all states but New York. In New York both universal life and variable universal life insurance products are issued by Sun Life Insurance and Annuity Company of New York, New York, NY. All guarantees are based on the claims-paying ability of the issuing company. Variable products are distributed through Sun Life Financial Distributors, Inc. Products, features and riders may not be available in all states. All of the companies mentioned above are members of the Sun Life Financial group of companies.
(1) LIMRA International.
(2) Features and riders not available in all states.
SLPC # 17984 09/07
Exp. 09/08
CONTACT: Sun Life Financial David Jacobson, 781-446-1955 david.jacobson@sunlife.com
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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