Firm says new feature designed to protect clients at each retirement phase. Sun Life Financial's U.S. division says it has improved the step-up feature in its "Secured Returns for Life Plus" variable annuity so that clients can lock in returns on an annual basis.

"Offering a one-year step-up option on Secured Returns for Life Plus allows customers to capitalize on the market's performance without incurring increased fees while continuing other product features," says Mary Fay, v.p. and general manager of annuities at Sun Life.

Secured Returns for Life Plus is Sun Life's optional living benefit for variable annuities, introduced earlier this year. The product had a three-year feature instead of an annual one. The new feature, says Fay, "protects our clients at each retirement phase and gives them another way to increase the growth of their payments."

Toronto, Canada-based Sun Life offers life insurance, wealth management, and protection products in the U.S., Canada, the U.K., Ireland, Bermuda, Hong Kong, the Philippines, Japan, Indonesia, India and China. -FWR

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