On The Shelf: SunWise introduces lifetime withdrawal option

(March 6, 2008) CI Investments and Sun Life Financial have introduced a lifetime withdrawal option on CI SunWise Elite Plus segregated funds. The new option rider should be available March 24, 2008.

This new option builds on the existing SunWise Elite Plus guaranteed minimum withdrawal benefit by providing guaranteed income for life.

“Canadians are living longer and longer in retirement, and so they need help with the uncertainty of outliving their retirement nest eggs,” says Dean Connor, president of Sun Life Financial Canada. “This exciting enhancement to SunWise Elite Plus will relieve that uncertainty by paying a guaranteed income for life.”

The SunWise Elite Plus income for life is an optional rider that’s available for new and existing SunWise Elite contracts, with a minimum investment of $25,000 per policy.

According to Sun Life, the rider offers guaranteed, predictable income for life, starting at age 65 or later; the potential for growth, as investors can allocate up to 90% of their portfolio to equity investments; and flexibility, with Canada’s first income deferral feature on a GMWB, which allows the client to accumulate unused withdrawal room of up to 15%.

In addition, seven new funds are being added to the SunWise Elite lineup, including three new Cambridge Funds managed by Alan Radlo.

Some of the new funds include the Signature Global Income & Growth Fund, the Cambridge Canadian Asset Allocation Corporate Fund and the Manulife Global Monthly Income Fund.

(03/06/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.