TORONTO, April 16 /CNW/ - 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
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.
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
For further information:
For further information: Susan Jantzi, Senior Manager, External
Communications & Corporate Affairs, Sun Life Financial Canada, (519) 888-3160;
Murray Oxby, Director, Communications, CI Investments Inc., (416) 681-3254