Sun Life Financial's U.S. division launched Income ON Demand, an annuity with an income storage benefit.
Available for an additional cost with most Sun Life Financial Masters variable annuities, this option is meant to complements 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.
This feature is meant to address the need to ever-changing income. It combines the availability of annual withdrawals with the flexibility to store that income for future use. It allows an individual to secure lifetime income for themselves as well as their spouse. The income can increase automatically, depending on the market performance of the underlying investment options.
The Sun Life Financial group of companies had $374.7 billion of assets under management as of Dec. 31. Its U.S. arm, which is based in Wellesley, Mass., announced the new feature on Monday.
