Sun Life ups bonus credit for VAs

The U.S. division of Toronto-based Sun Life Financial Inc. has introduced a 6% bonus credit for customers of its Masters Extra variable annuity. Previously, the credit awarded to new clients was 5%. New customers and existing clients who are purchasing new products or adding money may receive the 6% bonus upfront. Customers have the choice of allocating the boosted interest to fixed-income investments or to add it to equities, taking advantage of a down market, the insurer said in a statement. Customers need a minimum initial investment of $10,000 to get the Sun Life Financial Masters Extra VA, which comes with total annual expenses of 1.7% and a seven-year surrender period. As an alternative to the 6% bonus credit, clients can opt to get a 2% upfront interest credit on all first-year purchase payments, plus 2% of the account value credit at the end of every fifth-year anniversary.