TORONTO, April 16 2007 – Sun Life Financial (TSX/NYSE: SLF) and CI Investments Inc. today announced the launch of SunWise Elite Plus, an innovative new product that redefines retirement planning.
SunWise Elite Plus offers a Guaranteed Minimum Withdrawal Benefit (GMWB), providing investors with guaranteed, sustainable income during retirement, along with the potential for the guaranteed income to grow. SunWise Elite Plus policies are issued by Sun Life Assurance Company of Canada and managed by CI Investments. Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.
“At Sun Life Financial, we understand the changing retirement needs of Canadians,” said Kevin Dougherty, President, Sun Life Financial Canada. “That’s why we’re pleased to partner with CI Investments to bring SunWise Elite Plus to the marketplace – a product that offers Canadians guaranteed retirement income with the potential for continued growth.”
“SunWise Elite Plus provides a powerful combination of benefits that few other investments can match,” said Peter W. Anderson, Chief Executive Officer, CI Investments. “It allows investors and their advisors to meet the unique challenges of retirement planning and tailor an investment plan that will meet their needs and provide peace of mind.”
According to Statistics Canada, more than 3.6 million Canadians will reach age 65 over the next decade. As they retire, Canadians will face a new set of financial risks that include outliving their assets, keeping up with inflation and managing the impact of market fluctuations on their hard-earned savings.
To mitigate these risks, SunWise Elite Plus offers the Guaranteed Minimum Withdrawal Benefit, an optional rider that can be added to both new and existing SunWise Elite contracts, with a minimum investment per policy of $25,000. This allows investors to plan for and enjoy a predictable, sustainable, tax-efficient, guaranteed income while providing for growth through investment of up to 90 per cent of the portfolio in equity funds. While this guarantee protects investors in down markets, it remains valuable even if the markets perform well, because gains can be locked in through automatic resets every three years.
The Guaranteed Minimum Withdrawal Benefit also provides for growth in the period before retirement. Investors receive a five per cent bonus to their guaranteed income benefits for every year they do not make a withdrawal in the first 10 years following the initial deposit to the GMWB rider. This means if no withdrawals are taken in the first 10 years, investors can start retirement with a guaranteed income that is 50 per cent larger, regardless of the performance of their portfolio.
The launch of SunWise Elite Plus includes the introduction of a new optional 4% Annual Automatic Death Benefit Reset rider, designed for investors looking to maximize the payout to their beneficiaries, and the addition of eight new segregated funds.
The SunWise Elite Plus lineup now includes 47 segregated funds, diversified by region, asset class, investment style and portfolio manager. The lineup includes portfolio management teams from several leading fund companies, including CI, AIM Trimark, Dynamic Funds, Fidelity Investments, Mackenzie Financial, RBC Investments and TD Asset Management. The lineup also includes CI’s Portfolio Series, which allows investors to invest in a diversified portfolio that suits their individual investment objectives, with the convenience of purchasing and tracking one fund.
The new funds are:
- SunWise Elite CI Global High Dividend Advantage Fund
- SunWise Elite CI Harbour Foreign Equity Corporate Fund
- SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund
- SunWise Elite Dynamic Global Value Fund
- SunWise Elite Mackenzie Cundill Value Fund
- SunWise Elite RBC O’Shaughnessy International Equity Fund
- SunWise Elite RBC Canadian Dividend Fund
- SunWise Elite TD Canadian Bond Fund.
More information about SunWise Elite Plus is available through financial advisors or at www.ci.com.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies. As of December 31, 2006, the Sun Life Financial group of companies had total assets under management of CDN$436 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. www.sunlife.com
About CI Investments
CI Investments Inc. is a corporation controlled by CI Financial Income Fund (TSX: CIX.UN), an independent, Canadian-owned wealth management firm with approximately $83.4 billion in fee-earning assets as of February 28, 2007. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report