Saturday, August 30, 2008

Sun Life ups bonus credit for VAs

The U.S. division of Toronto-based Sun Life Financial Inc. has introduced a 6% bonus credit for customers of its Masters Extra variable annuity.

Previously, the credit awarded to new clients was 5%.

New customers and existing clients who are purchasing new products or adding money may receive the 6% bonus upfront.

Customers have the choice of allocating the boosted interest to fixed-income investments or to add it to equities, taking advantage of a down market, the insurer said in a statement.

Customers need a minimum initial investment of $10,000 to get the Sun Life Financial Masters Extra VA, which comes with total annual expenses of 1.7% and a seven-year surrender period.

As an alternative to the 6% bonus credit, clients can opt to get a 2% upfront interest credit on all first-year purchase payments, plus 2% of the account value credit at the end of every fifth-year anniversary.

  • Study Finds High Mortgage Fees
  • NYLI launches five-year fixed annuity
  • New York Life hires retail chief
  • No comments: