For Sun Life policies with Dividends on Deposit (DOD) and Withdrawable Premium Fund (WPF), interest is earned daily and compounded annually. These rates can change from time to time. Effective June 21, 2024, we’re increasing certain credited rates including for DOD and WPF in response to rising interest rates.

Clients benefit from increased credited rates because they’ll receive a higher rate of return on the funds held in their eligible accounts. This may benefit Clients who prefer to overfund their policies using the WPF account because those funds will earn a higher interest rate, resulting in a lower out-of-pocket amount required to prepay the policy. It’s important to note that interest earned in the WPF is taxable and if the credited rate on the WPF account changes in the future, Clients should review the policy’s projected growth and funding requirements.

In-force Clients will see these new rates on their statements starting in the beginning of June.

See below for the rate changes by account. Some accounts listed are for policies no longer sold. Rates not listed will see no change.

Credited rates for DOD

*Subject to contractual minimums

Credited rates for WPF and other accounts

We’ll update in-force illustrations on June 21, 2024. Sun Life Illustrations for new business will be updated later this year. Until Sun Life Illustrations is updated, remind Clients about this increase and that they will see a higher credited rate on their policies than the illustration is currently showing.

Take this opportunity to review portfolios with Clients who have these options to ensure they’re aware of this increase, and that their selected options still meet their needs.

Contact: salesdesk@sunlife.com