Sun Life unveils retirement offering

Sun Life Financial Inc. of Toronto today released a new rider, the Retirement Income Escalator. The new offering joins its suite of living benefits, which cover a span of ages leading up to and into retirement. The Retirement Income Escalator rewards clients with a 7% annual bonus within a 10-year period if the client doesn’t make any withdrawals, according to a statement. This rider also gives clients automatic step-ups to help the benefit base grow. Clients get to withdraw incrementally higher amounts as they age, being able to pull 5% from their base between ages 59½ and 69. This grows to 6% between ages 70 and 79, and 7% beyond age 80. This feature costs 0.75% of the withdrawal benefit base and 0.95% for joint life coverage.