How will you make your money last as long as you live?
Sun Life Financial's group product, my money for life(TM), offers certainty, security, and flexibility for retirement planning
my money for life(TM) is a guaranteed retirement income solution offering both insurance coverage and investment growth potential for the Canadian group retirement market. This product addresses new financial realities Canadians may face when they retire. One in five workers will be 55 to 64 years old in the next ten years,* and many are concerned about having enough income to fund a worry-free retirement in the face of market fluctuations, inflation, and increased longevity.
"We're hearing from many people as they approach retirement that they want at least part of their retirement income guaranteed," said
Findings released in Sun Life Financial's 2009 Unretirement(TM) Index - a commissioned, independent survey that measured what Canadians think about retirement - revealed that more than 70% of pre-retirees between ages 45 and 65 would like at least some of their retirement income guaranteed. "Sun Life Financial believes that a secure retirement is important to Canadians, and our primary goal is to help them achieve lifetime financial security," says Reid.
Plan members can guarantee their retirement income by adding my money for life to all or some of the group plan investments held in a Registered Retirement Savings Plan (RRSP), a Defined Contribution Pension Plan (DCPP), Deferred Profit Sharing Plan (DPSP), and Registered Retirement Income Plans.
Key features include:
- Start receiving money at age 65:
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members who have reached age 65 can immediately begin receiving their
lifetime annual income guarantee, no matter when they added my money
for life - an industry first.
- A simple guarantee formula:
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plan members 45 to 75 years old can add my money for life to their
group plan investments. The initial amount - plus any future
contributions - makes up the Benefit Base. The annual income
guarantee is equal to 5% of the Benefit Base and is payable annually
for life starting at age 65 (with no waiting period to receive
income). Most importantly, the Benefit Base and the annual income
guarantee will never decrease as a result of market declines.
- Automatic resets to capture market gains:
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the Benefit Base is reset every three years on the member's birthday
to capture and lock in any increases in market value. If the market
value is less than the Benefit Base, no adjustment is made. An
increase in the Benefit Base means an increase in the annual income
guarantee.
- Investment flexibility plus option to keep coverage after leaving an
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employer:
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my money for life is the first group product of its kind that allows
plan members to keep most, if not all, of their existing group plan
investment options. Plan members have the flexibility to insure up to
60% of their assets invested in equities. Also, plan members leaving
their employers have the option of maintaining coverage.
- Ability to leave a legacy:
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any remaining market value of the assets covered by my money for life
at the time of the plan member's death will be paid to the spouse,
named beneficiary, or estate at that time.
With guaranteed retirement income an area of concern for Canadians, Sun Life's my money for life provides a solution to the group market and complements what's already available for individual clients through segregated fund products, including SunWise Elite Plus.
Want to know more about my money for life?
- For information about all aspects of my money for life, Sun Life
Financial has launched a new, interactive website at
www.sunlife.ca/mymoneyforlife that features animation, video, and
helpful tools.
- Watch Tom Reid, Senior Vice-President, Group Retirement Services, Sun
Life Financial Canada, speak about this exciting new retirement
solution:
- The convenience of my money for life
(http://cdn.sunlife.com/static/global/files/digital_media/MarCom/My%20Money/mymoneyforlife_en_3.html)
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* Statistics Canada, 2006 Census.
Group retirement products and services are provided by Sun Life Assurance Company of
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
Sun Life Financial Inc. trades on the
For further information: Media Relations Contact: Paul Moser, Media and Public Relations, Sun Life Financial, (519) 888-3900 ext. 4041, [email protected]
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