Wealth management

In Brief: Income-Storage Product from Sun Life Arm

Published March 07, 2007, 2:00 a.m. EST

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Updated March 06, 2007, 5:28 p.m. EST

1 Min Read

The U.S. division of Sun Life Financial Corp. of Toronto has added an annuity with an income-storage benefit to its product lineup.

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Available for an additional cost with most Sun Life Financial Masters variable annuities, Income on Demand, announced Monday by the Wellesley, Mass., division, is designed to complement baby boomers' investment strategies of accumulating wealth by allowing them to defer part or all of the annual withdrawals permitted under the benefit and to "store" those withdrawals in the contract for future use.

The Sun Life Financial group of companies had $374.7 billion of assets under management as of Dec. 31.

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