(March 6, 2008) CI Investments and Sun Life Financial have introduced a lifetime withdrawal option from CI SunWise Elite Plus segregated funds. The new option should be available from March 24, 2008.
This new option builds on the existing SunWise Elite Plus Guaranteed Minimum Payout Benefit and provides a guaranteed lifetime income.
“Canadians are living longer in retirement, and they need help as they face uncertainty about whether they will outlive their retirement potential,” says Dean Connor, president of Sun Life Financial Canada. “This exciting upgrade to SunWise Elite Plus will address this uncertainty by providing a guaranteed lifetime income.”
SunWise Elite Plus Lifetime Income is an optional add-on available on new and existing SunWise Elite policies, with a minimum investment of $25,000 per policy.
According to Sun Life, the passenger offers a guaranteed, predictable income for life, starting at age 65; growth potential, as investors can allocate up to 90% of their portfolio to equity investments; and flexibility, with a Canadian-first income deferral feature on GMWB that allows a customer to accumulate unused payout room up to 15%.
Additionally, seven new funds have been added to the SunWise Elite offering, including three new Cambridge funds managed by Alan Radlo.
Some of the new funds include the Signature Global Income & Growth Fund, Cambridge Canadian Asset Allocation Corporate Fund and Manulife Global Monthly Income Fund.
(03/06/08)
