Sun Life Financial expands wealth management business with solutions to help protect Canadians' retirement savings from market volatility (PR Newswire)

New products provide opportunities to grow with market gains while protecting investments with insurance guarantees

TORONTO, May 4, 2015 /CNW/ – Sun Life Assurance Company of Canada (“Sun Life”) announced today that the company is continuing to grow its wealth management business by launching Sun Life Guaranteed Investment Funds (GIFs) to help Canadians navigate the current economic climate.

Sun Life GIFs are designed to help Canadians reach their savings goals with an opportunity for gains similar to other investment vehicles but with a layer of protection to help safeguard retirement savings from market volatility. They combine the potential to benefit from market growth with the guarantees and flexibility of an insurance solution to help Canadians meet their changing needs at different stages of their lives. The new product lineup, which is manufactured and distributed by Sun Life, includes a first in the Canadian market – a guaranteed income product with an innovative feature that locks in market gains to grow retirement income.

“Ninety-eight per cent of Canadians feel it’s important to have some form of guaranteed income in retirement according to the most recent Sun Life Canadian Unretirement Index,” said Kevin Dougherty, President, Sun Life Financial Canada. “This type of benefit is especially important for close to 5 million Canadians who are within 10 years of retirement – they are looking for both investment growth and protection from market volatility that our new products will provide.” ( 4.7 M – Stats Canada July 1, 2014 est. table 051-0001)

Sun Life’s new product lineup was designed based on feedback from clients and advisors. The products address challenges currently facing Canadians including:

  • historically low interest rates and market volatility
  • the costs of living longer with nearly one-fifth of 65 year olds expected to live past 95 ( Canadian Institute of Actuaries, 2014)
  • managing the transfer of wealth between generations as $607 billion of assets will be transferred between generations over the next 10 years ( Investor Economics, 2014 Household Balance Sheet Report)

These new segregated fund products fit with Sun Life’s Money for Life approach to retirement planning by helping Canadians to build and protect their savings so that they are able to:

  • save for a particular long-term goal,
  • meet specific needs during different life stages, and
  • with the retirement income products, know what retirement income they’re guaranteed to have at a particular age

Sun Life GIFs will allow Canadians to save for the future, navigate retirement risks and access money when they need it. For more details on the Sun Life GIFs lineup, visit www.sunlifegifs.ca

“It’s fitting that we are introducing this innovative solution as we mark Sun Life’s 150 th birthday this year,” said Kevin Dougherty. “Our company’s longevity has been marked by listening to our customers as their needs have fuelled our evolution from an insurance company to a financial services company,” Dougherty continued. “With Sun Life Global Investments anchoring the broad suite of funds available through this new product line up, we bring best in class asset managers in our ongoing commitment to meet the needs of Canadians.”

Sun Life GIFs are issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies.

About Sun Life Financial

Celebrating 150 years in 2015, Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.

As of December 31, 2014 the Sun Life Financial group of companies had total assets under management of $734 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

SOURCE Sun Life Financial Canada

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