The US division of Sun Life Financial has launched a current assumption universal life product 'Sun AccumULator', which is designed to provide lifetime protection and cash value growth through a guaranteed minimum interest crediting rate.

The Sun AccumULator offers tax-advantaged cash accumulation potential, income tax-free withdrawals and loans to help meet supplemental retirement income needs, college expenses, or other income needs, said the company.

According to the company, the new universal life product will offer consumers with an additional income source to consider when looking to accumulate funds for future income needs. It will als allows consumers to build an efficient cash value for future withdrawals and provide a tax-free legacy to their beneficiaries.

Janet Whitehouse, SVP and general manager of individual life insurance division at Sun Life Financial’s US operations, said: “This product’s cash accumulation feature and Sun Life’s highly rated financial strength differentiates us in the marketplace. This addition to our product offerings expands the wide range of comprehensive solutions we offer clients.”