Sun Life Financial Inc. of Toronto has added guaranteed minimum accumulation and minimum withdrawal benefits as an option to its MastersVariable Annuity line.
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The option, called Secured Returns for Life, is meant to protect customers' investments from market downturns. The withdrawal benefit ensures income for life beginning as early as age 59.
Customers buying the rider must invest their premiums in one of two investment programs. One offers a choice of nine predesigned portfolios, including three target-maturity funds; the other offers a selection of 40 investments.
Sun Life announced the options Tuesday.
