Sun Life of Canada (U.S.) has introduced a variable annuity with flexible features.

The Futurity Focus Variable Annuity, unveiled last week, does not charge a penalty on withdrawals of purchase payments that have been invested for at least one year. Withdrawals of payments made less than a year previous are subject to a 1% surrender charge.

The annuity has a 115-basis-point annual charge to cover the insurance of the benefits and the flexible-withdrawal option.

The annuity has 33 underlying investment portfolios. Investors may shift money between the portfolios without incurring tax consequences.

Sun Life of Canada (U.S.), a subsidiary of Sun Life of Canada, offers four annuities in the United States.

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