Bermuda-headquartered Sun Life Financial International has launched a new universal life insurance product for high-net-worth clients.

Sun Global Optima is described as a flexible premium indexed universal life insurance product, which differs from traditional models where the interest rate is declared in advance and the company sets the rates. Instead, it features interest accumulation based in part on movement of three major stock market indices.

The company claims this model offers greater interest potential.

Paul Courtney, chief commercial officer of Sun Life Financial International, said: “All of our offerings are designed for global clients who seek to protect and grow their legacy for future generations. In particular, Optima is designed for those clients who seek potentially higher cash accumulation value with the protection of minimum guarantees and death benefit.”

Niall O’Hare, chief executive officer of Sun Life Financial International, said: “We will continue working to bring competitive products to the market, creating more product choices for our high-net-worth clients.”

However, Sun Global Optima is not available for citizens or residents of Bermuda, Canada or the US.

Sun Life Financial focuses on high-net-worth life and wealth solutions for families in Asia, Latin America, the Middle East and Africa. It has operations in the UK, Ireland, Canada, the US, Australia and a number of Asian countries, and has total assets under management of $986 billion.

In Bermuda, Sun Life Financial International has offices at Washington House, above the Washington Mall on Church Street.