Life Changes: When to Re-Evaluate Your Insurance Needs

So the Insurance Information Institute (III) recommends that you review your insurance policy every 6 months. However, in reality, if you are happy with your premiums and insurance provider you may not think to do this twice a year. The truth is, checking your policy when you have an insurance need change is probably the most important time to check coverage. Typically, if you have made any changes to your home or auto or experienced any major  life changes you should check your various insurance policies to make sure you are covered adequately. So how do you know what constitutes a change in your insurance needs? Read on…

Newlyweds: Once the hustle and bustle of wedding planning is over and you are home from that honeymoon it’s time to start thinking about your insurance coverage.

First, if you haven’t already combined your auto insurance policies this would be the time to do so. Call your car insurance agent and let them know about your change in marital status. Especially if you are moving in together for the first time, your agent will want to know about this change. They can help you update your policy accordingly. Hopefully your new spouse doesn’t have a batch of old speeding tickets they haven’t told you about as this can affect your rate. On the other hand, married persons typically qualify for lower auto insurance rates so you may benefit from this new arrangement.

Also, now that you are married, check to see if it would benefit you to combine your health insurance policies. You may be able to save some money if one of your employers offers coverage for your family members.

Finally, if you are moving in together for the first time or especially if you are buying a new home, start to rethink your rental/homeowners insurance coverage needs.

A New Baby: If you are getting ready to welcome a new baby into the family, especially if this is your first, you might want to start thinking about how this affects your insurance needs especially health and life coverage.

Most mothers’ insurance will provide coverage for a new baby for a certain period of time after the birth. However, this coverage may be extended for a very limited amount of time and you might want to have a health insurance plan in mind before the birth to cover anything your policy won’t.

Especially if this is your first child, you may want to think about life insurance coverage if you don’t already have it. Life insurance coverage protects your surviving family members in the event of your death. This may be particularly important for a couple where one parent is the primary wage earner while the other stays at home with the children.

Moving Day: If you are getting ready to move into a new home there are a lot of insurance considerations to take into account.

First, if you are renting or buying you will need coverage for your personal belongings and in the event of a home purchase, for your dwelling. Check with your insurance agent to see if you can package your home and auto insurance which can save you a lot of money.

Secondly, you will need to update your auto insurance policy. Your rates may be affected especially if you are moving to a new state. If you are acquiring new roommates in the move you might also be required to add them as “drivers” on your auto policy.

Also, be sure to update all insurance policies (health, life, etc) with your new residence and mailing address information.

Career Change: If you have recently made a career change you might want to consider the difference this may make on your insurance needs.

For example, check with your new HR department about any health insurance benefits that they offer.  You may be eligible for lower rates or better yet- have additional coverage for family members that you weren’t offered before. If you are in the unfortunate situation where your new employer does not offer medical benefits- start looking into your own plan or getting added onto a spouses plan.

Be sure to let your auto insurance agent know about your career change as some professions are eligible for auto insurance discounts. Also, if your driving type/frequency has changed be sure to let them know about that too. For example, if you now operate a business vehicle or if your daily commute has changed considerably- be sure to find out how this will affect your policy.

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Sun Life Financial Introduces Two Innovative Living Benefits for Masters® Variable Annuities to Address Key Retirement Income Planning Needs

{"s" : "slf,slf.to","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: Sun Life Financial Inc. On Monday December 13, 2010, 11:07 am EST

WELLESLEY, Mass.--(BUSINESS WIRE)-- Sun Life Financial Inc. (TSX/NYSE:SLF) announced today two solutions designed to address key risks Americans face when planning for withdrawing income from their retirement savings. The new Sun Income MaximizerSM and Sun Income MaximizerSM Plus living benefits are designed to help investors protect and maximize their retirement income in any financial market environment. Sun Income Maximizer Plus offers many of the same features as Sun Income Maximizer, plus the benefit of protecting the purchasing power of retirement income from rising costs.1 Both living benefits are available with the Masters variable annuities for an additional cost.

“The phase-out of guaranteed pensions demands a new approach to retirement income planning,” said Steve Deschenes, Senior Vice President and General Manager for annuities at Sun Life Financial (U.S.). “Today’s retiring Baby Boomer generation have few options to guarantee they don’t outlive their money, to protect against adverse market events and to ensure their ‘retirement paycheck’ increases steadily to help meet rising costs over time. We believe these riders directly address those needs.”

Sun Income Maximizer protects retirement income in the event of down markets, and provides lifetime income growth through one of the following two guarantees:

an 8% simple interest bonus, available during the first 10 contract years for each year prior to taking withdrawals, is added to the benefit base (the amount used to calculate lifetime income); or an increase of the benefit base equal to at least 200% of the first year’s purchase payments if the client waits until age 70 (or 10 years from issue, if this date is later) to take lifetime income payments.

The guarantee that results in a higher benefit base is used to determine the yearly amount of lifetime income.

Using these guarantees allows investors to maximize the growth of their income later on when they reach their retirement date.

In addition to providing many of these same benefits, Sun Income Maximizer Plus helps investors to keep pace with rising costs. When the withdrawal of retirement income begins, both the investor’s benefit base and lifetime income automatically increase each year at a compounded rate of 2.50%. This provides the client with a dependable, increasing cash flow every year for life—even if markets decline.

Terry Mullen, President, Sun Life Financial Distributors, added: “These benefits will allow the financial advisors to provide powerful retirement income solutions to a wider group of clients—those that are more risk averse and are focused on preserving their wealth. We think this is a win-win for both advisors and their clients.”

Sun Life’s popular optional living benefit Sun Income Riser® has been renamed Sun Income Riser III and is still available for sale along with the two new living benefits. Clients now have three choices with the Masters variable annuities to personalize a retirement income plan that is guaranteed for life.

To learn more, go to https://www.sunlifedistributors.com/prodline/public/annuity/va/masters/living-benefits/en/living-benefits_home.cfm

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. In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligations of its insurance company subsidiaries. Product offerings may not be available in all states and may vary depending on state laws and regulations.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. As of September 30, 2010, the Sun Life Financial group of companies had total assets under management of US$442 billion. For more information, please visit www.sunlife.com/us.

1. Both benefits are available with Masters variable annuities for an additional cost, and only one may be selected when the client purchases the variable annuity. Sun Income Maximizer costs 1.10% annually of the benefit base (1.30% for joint life coverage), and Sun Income Maximizer Plus costs 1.25% annually of the benefit base (1.45% for joint life coverage). The cost can decrease or increase at any time, but will never exceed 1.75% annually of the benefit base (1.95% for joint life coverage). Costs are assessed quarterly and deducted from the contract value of the annuity.

Please note that the benefit base used to calculate withdrawals under all of these living benefits is not a cash value, a surrender value, or a death benefit. It is not available for withdrawal, it is not a minimum return for any investment option, and it is not a guarantee of contract value.

Sun Income Maximizer, Sun Income Maximizer Plus, and Sun Income Riser III are not available in New York. These optional living benefits have conditions, limitations, and investment restrictions. Please note that the timing and amount of withdrawals from these living benefits may significantly affect rider guarantees, and in some instances could severely reduce benefits.

Annuities are long-term financial vehicles designed for retirement purposes. Variable annuities provide tax deferral, a lifetime income stream, and a death benefit. All withdrawals of taxable amounts, including earnings, are taxable as ordinary income and, if taken prior to age 59½, may be subject to a 10% federal tax penalty. Withdrawals may also be subject to possible withdrawal charges.

All product guarantees are subject to the claims-paying ability of the issuing insurer. Products and features may not be available in all states.

Investors should carefully consider the investment objectives, risks, charges, expenses of an investment in a variable annuity. The prospectus contains this and other important information. Prospectuses for both the variable annuity product and the underlying investment options may be obtained from your financial professional or by visiting www.sunlife.com/us. Please read all prospectuses carefully before investing or sending money.

Sun Life Financial annuities are issued by Sun Life Assurance Company of Canada (U.S.) (Wellesley Hills, MA) in all states except New York. In New York, the annuities are issued by Sun Life Insurance and Annuity Company of New York (New York, NY). Variable annuities are distributed through Sun Life Financial Distributors, Inc. All three companies are members of the Sun Life Financial group of companies.

SLPC 22693 (11/10)
(Exp. 11/15)

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