Insurer lowers premiums, adds long-term-care and charitable-giving riders. Sun Life Financial's U.S. division has launched enhancements to its ProtectorPlus life-insurance product, adding an optional long-term-care (LTC) rider and lowering premiums from 3% to 8% for non-tobacco users between the ages 35 and 65.

"Our first and foremost goal is to deliver competitive, innovative life-insurance products to our clients that help them address a variety of needs including estate planning, retirement savings and legacy creation," says Michele Van Leer, senior v.p. and general manager of individual insurance for Sun Life Assurance Company of Canada, the issuer. "Now within this same product they will also have the ability to address LTC concerns, as well as access emergency travel assistance and charitable giving."

Will travel

The LTC rider provides up to $20,000 per month for qualifying "insureds" on policies of $250,000 or more. LTC expenses are payable for up to 50 months. This provides for acceleration of the policy's death benefit and can be directed towards expenses like in-home care, adult daycare, assisted living and nursing homes.

Other new features include the removal of limitations on the accelerated death benefit, which pays up to 75% of the face value of the policy in the event of a terminal illness, and a "surrender-charge modification endorsement" that can result in the waiver of portions of the surrender charges in certain situations.

Sun Life has also extended its charitable giving benefit rider to policy amounts of $100,000 or more, rather than those of $1 million or more. Clients can thus leave a charitable legacy without any additional premium. Sun Life will also give a gift of 1% of death benefits to a charity of choice, over and above the policy's own death benefits.

Another feature gives clients a practical living benefit, reimbursing emergency medical care expenses while the insured is traveling anywhere more than 100 miles from home. This includes a choice of care providers, related interpreter services and evacuation transport home from overseas.

Toronto-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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