Sun Life Financial is hoping to reach out to Boomers scared off by the “use it, or lose it” nature of guaranteed annuity income with a new program that allows investors to “store” their income, tax-deferred.

The pioneering”Income ON Demand” program allows investors to store income they earn from annuities, or stop and start payments as they see fit. Designed with Baby Boomers’ changing income needs in mind, the program allows clients to suspend payments, for example, for a decade, and then take that income as a lump sum to pay for a home, for example. Also, payment amounts are guaranteed so that if the contract value drops in the first 10 years, and the client has suspended payment during that time, when they eventually withdraw, they are paid the initial amount.

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