According to a news release, Lantern Retirement Advantage is issued by Sun Life Assurance Company of Canada (US), offered through IFS Agencies, Inc., a licensed insurance agency, and distributed by Independent Financial Marketing Group (Independent Financial), all members of the Sun Life Financial group of companies.
It will be sold through Sovereign Bank, which has 525 offices in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.
According to the announcement, Lantern Retirement Advantage is a private labeled fixed rate annuity with bonus options. As a long-term investment it has the advantages of tax-deferred earnings, plus 100% return of principal. Lantern Retirement Advantage offers clients a variety of choices among term length and rate guarantee periods, coupled with bonus rate options.