Client GuideClient Guide Rethinking Retirement Planning SWEP_CLIENTBRO_02/07E FRONT TAB SunWiseElite...

issued by Sun Life Assurance Company of Canadamanaged by CI Investments Inc.

Client Guide

Reth ink ing Ret i rement P lann ing

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SunWise Elite segregated funds combine the growth potential of mutual funds with the protective features of an

insurance contract and are backed by Sun Life Financial, a leading international financial services organization.

With SunWise Elite, Sun Life Financial offers a series of guarantees that can preserve your assets for you and your

loved ones. You can protect your savings, ensuring that you never lose your principal. You can protect the growth of

your money, by locking in your investment gains. SunWise Elite also gives you the potential to protect your hard-earned

savings from creditors.

In addition to all those benefits, SunWise Elite offers a new feature, SunWise Elite Plus, that can bring certainty to

planning your retirement income. SunWise Elite Plus, a new optional Guaranteed Minimum Withdrawal Benefit rider

can provide a secure annual income of up to 5% of your deposits that is guaranteed not to decrease for at least

20 years* and may even increase. In the years before retirement, the 5% annual bonus helps you to build your

guaranteed income.

Enjoy security and peace of mind with SunWise Elite Plus.

* Subject to legislated minimums and maximums and certain conditions.

For more information about the innovative features and benefits of SunWise Elite Plus,

please visit www.ci.com.

To the extent of any inconsistencies between this guide and the April 2007 SunWise Elite Information Folder and Individual Variable Annuity Contract, theterms of the Information Folder and Contract prevail. For full product details and disclosure refer to the Information Folder and Contract.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuitycontract providing for investment in SunWise Elite segregated funds. A description of the key features of the applicable individual variable annuitycontract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY GUARANTEES, ANY AMOUNT THAT ISALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE CONTRACT HOLDER AND MAY INCREASE OR DECREASE INVALUE. ®CI Investments, the CI Investments design and Harbour Advisors are registered trademarks of CI Investments Inc. ®SunWise is a registeredtrademark of Sun Life Assurance Company of Canada. TMAIM, the chevron logo and all associated trademarks are trademarks of AIM Management GroupInc., used under licence. *TRIMARK and all associated trademarks are trademarks of AIM Funds Management Inc. ®Fidelity Investments and the Fidelitydesign are registered trademarks of FMR Corp. ®RBC Asset Management is a registered trademark of Royal Bank of Canada. TMTD Asset Management isa trademark of The Toronto-Dominion Bank, used under licence.

Head Office2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7Tel: 416-364-1145Toll Free: 1-800-268-9374English Client Services Team: 1-800-563-5181French Client Services Team: 1-800-668-3528

Sun Life Assurance Company of Canada227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

Sales OfficesCalgary Tel: 403-205-4396 Toll Free: 1-800-776-9027Halifax Tel: 902-422-2444 Toll Free: 1-888-246-8887Montreal Tel: 514-875-0090 Toll Free: 1-800-268-1602Vancouver Tel: 604-681-3346 Toll Free: 1-800-665-6994CI Teleservice: 1-800-275-3672 Automated account informationE-mail: [email protected] • www.ci.com

If you’re saving and investing for retirement or some other goal,

you know there’s a lot of uncertainty. You may be asking

questions like:

> Will a drop in the market set me back?

> How can I protect and grow my money at the same time?

> Will I have enough income to be comfortable?

> How long will my money last when I retire?

You can find the answers, with SunWise Elite Plus.

The importance of professional advice

How much will you need for retirement? It’s a challenge to figure out, because you need to estimate what your

expenses and income will be in retirement, as well as make some assumptions about inflation and your future

investment returns.

That’s why SunWise Elite is only distributed through licensed advisors. We believe you benefit from the expert advice

of a financial professional. Your advisor can help you develop a savings and investment plan that’s appropriate for you,

and show you how SunWise Elite can help you to meet your goals.

Brought to you by two industry leaders

SunWise Elite Plus contracts are issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial

Group of Companies, a leading international financial services organization providing a diverse range of protection and

wealth accumulation products and services to individuals and corporate customers. As of December 31, 2006, the

Sun Life Financial Group of Companies had total assets under management of $436 billion.

SunWise Elite Plus is managed by CI Investments Inc., one of Canada’s largest investment fund companies with more

than $55 billion under management on behalf of two million Canadians. CI is controlled by CI Financial Income Fund

(TSX: CIX.UN), an independent, Canadian-owned wealth management firm with approximately $83 billion in fee-

earning assets as of February 28, 2007. CI is on the Web at www.ci.com.B

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Client Guide


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guaranteed income.










If you’re saving and investing for retirement or some other goal,

you know there’s a lot of uncertainty. You may be asking

questions like:

> Will a drop in the market set me back?

> How can I protect and grow my money at the same time?

> Will I have enough income to be comfortable?

> How long will my money last when I retire?

You can find the answers, with SunWise Elite Plus.

The importance of professional advice

How much will you need for retirement? It’s a challenge to figure out, because you need to estimate what your

expenses and income will be in retirement, as well as make some assumptions about inflation and your future

investment returns.

That’s why SunWise Elite is only distributed through licensed advisors. We believe you benefit from the expert advice

of a financial professional. Your advisor can help you develop a savings and investment plan that’s appropriate for you,

and show you how SunWise Elite can help you to meet your goals.

Brought to you by two industry leaders

SunWise Elite Plus contracts are issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial

Group of Companies, a leading international financial services organization providing a diverse range of protection and

wealth accumulation products and services to individuals and corporate customers. As of December 31, 2006, the

Sun Life Financial Group of Companies had total assets under management of $436 billion.

SunWise Elite Plus is managed by CI Investments Inc., one of Canada’s largest investment fund companies with more

than $55 billion under management on behalf of two million Canadians. CI is controlled by CI Financial Income Fund

(TSX: CIX.UN), an independent, Canadian-owned wealth management firm with approximately $83 billion in fee-

earning assets as of February 28, 2007. CI is on the Web at www.ci.com.

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Two decades ago, government retirement benefits such as the Canada and Quebec Pension Plans and Old Age Security

provided benefits equivalent to nearly 60% of the average Canadian wage in retirement. Today, CPP/QPP and OAS benefits

only provide about 40% of the average.

For many people, their personal savings will need to fill that gap in their retirement income. Typically, you will want your

retirement income to equal 60% to 70% of your working income.

That’s why it’s critical for you to protect your savings and position your portfolio for continued growth in the years before

and during retirement.

As you move into this stage of your life, you will also face a new set of risks:

LongevityThe longer you live, the greater your chance of outliving your

money during retirement. Today, there is a one in three chance

that a 65 year-old male will survive until he’s 85; for women, the

odds are about one in two. For many, retirement income will need

to last a minimum of 20 years.

Retirement – Do You Know The Risks?

see over

Probability that an average 65-year-old will live to…

Age Male Female At least one

80 55% 71% 87%

85 33% 53% 68%

90 15% 30% 41%

Source: Asset Allocation and the Transition to Income,Milevsky & Salisbury, September 2006.

InflationEven at the currently low level of about 2%, inflation can havea severe effect on your income over time. Many people willface a retirement of at least 20 years, so it's important to keepyour savings growing to help protect your purchasing power.

Market riskA significant market downturn near, or during the early years of retirement can significantly reduce your retirementportfolio and the income it produces.

For example, Jack and Jennifer both retire with a retirement portfolio of $200,000 and plan to withdraw an annual incomeof $18,000. Over three years, both experience a 7% average annual growth in their investments. While Jack’s portfoliogrows, Jennifer experiences market volatility beginning with a loss.

Assuming both retire at age 65, if this rate of growth and withdrawals continues, Jack will have an income until he is 86,but Jennifer will run out of money when she is 81.

Jack Jennifer

Annual Income Retirement Annual Income Retirementreturn withdrawal portfolio return withdrawal portfolio

$200,000 $200,000

Year 1 7% $18,000 $196,000 -13% $18,000 $156,000

Year 2 7% $18,000 $191,720 7% $18,000 $148,920

Year 3 7% $18,000 $186,140 27% $18,000 $171,128

Inflation’s effect on purchasing powerAssuming a 3% annual inflation rate, an individualwith $100,000 in annual expenses today will neednearly $200,000 after 20 years to pay for those sameexpenses.

For more information, please consult with your financial advisor.

SunWise Elite Plus is an optional retirement income guarantee called the Guaranteed Minimum Withdrawal Benefit

(GMWB)*. With this option, you will receive an income that will not decrease for at least 20 years.** Every year you will

know exactly how much money you will receive and for how long you will receive it. This allows you to plan your financial

future and lessens the risk of outliving your retirement fund.

> Regardless of the investment performance of your portfolio, SunWise Elite Plus offers a guaranteed income.

> This income will last for at least 20 years, until your principal is repaid.**

> And, if your investments perform well, your income may increase.

SunWise Elite Plus is tax efficient for non-registered accounts because income is return of principal and capital gains, which are taxed at a

much lower rate than regular income.

Is Your Retirement Income Secure?

* The GMWB rider requires a minimum investment of $25,000, and must be elected prior to the annuitant's 80th birthday. It is availablefor a separate annual fee, which is based on the risk of the funds and the value of the guaranteed income benefit.

**Subject to legislated minimums and maximums and certain conditions. Any withdrawals in excess of your annual guaranteedwithdrawal amount will reset the guaranteed income to 5% of the market value of the account after the withdrawal.

see over

Regardless of market performance, income is guaranteed

At 65 as David is about to retire, he invests $200,000 in SunWise Elite Plus and chooses the guaranteed minimum

withdrawal benefit.

For the next 20 years, he is guaranteed to receive an annual income of $10,000. His income, or the length of time he

receives it, may increase if his investments perform well because automatic market resets every three years lock in

investment gains.

The chart is a worst-case scenario for David. It assumes that markets decline sharply during his retirement. But even under

these circumstances, when his portfolio is reduced to zero after 15 years, David still receives an income for another five years.

*This chart is for illustrative purposes only. It is not intended to predict or project investment results. Illustration assumes a bear market,declining on average 2.4% per year. Remaining GWB means the total amount guaranteed for withdrawal. Annual withdrawals areassumed to be 5% of the guaranteed amount.

1

$200,000 Initial Investment (guaranteed over the next

20 years @ $10,000/yr)

>

Remaining GWB Annual Withdrawals Portfolio Value

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Year

Guaranteed Income over 20 Years*

$300,000

250,000

200,000

150,000

100,000

50,000

0

>

>

>

>

>

>

>

>

>


With the SunWise Elite Plus guaranteed income option, regardless of the performance of your portfolio, your guaranteed

income will grow during the first 10 years if you make no withdrawals. This protects your income from market declines.

> We will provide you an annual 5% bonus for each year there are no withdrawals.

> You receive this bonus for up to 10 years after you purchase SunWise Elite Plus.

> This means you are guaranteed to have up to 50% more in retirement income after 10 years.

> And, if your investments perform well, your income may increase even more.

Are Your Retirement Assets Guaranteed to Grow?

see over

For 10 years, a 5% bonus is added for every year without a withdrawal

At 54, Emma invests her retirement fund of $133,000 in SunWise Elite Plus. If she retires tomorrow, she would have a

guaranteed income of $6,650 for 20 years.

However, her retirement is 10 years away and she doesn’t plan to make any withdrawals over that time. So, for the next

10 years she will receive a 5% bonus for every year without a withdrawal.

After 10 years, Emma’s guaranteed withdrawal benefit has reached $200,000 and her annual income has risen to $10,000,

even though the markets have declined significantly. SunWise Elite Plus ensures the growth of Emma’s retirement income

in the critical years immediately before retirement.

*This chart is for illustrative purposes only. It is not intended to predict or project investment results. Illustration assumes a bear market,declining on average 2.7% per year. Annual withdrawals are assumed to be 5% of the guaranteed amount.

>

11

$133,000 Initial Investment

Remaining GWB Annual Withdrawals Portfolio Value

12 13 14 15 16 17 18 19 20 1 2 3 4 5 6 7 8 9 10 21 22 23 24 25 26 27 28 29 30

Withdrawal Years Pre-Withdrawal Years(5% bonus added yearly to the Remaining GWB)

5% Annual Bonus for up to 10 Years*

$300,000

250,000

200,000

150,000

100,000

50,000

0

5% Bonus

$200,000 guaranteed over the next 20 years @ $10,000/yr >

>

>

>

>

>

>

>

>


In addition to securing your retirement income with the Guaranteed Minimum Withdrawal Benefit and providing a

pre-retirement bonus, we lock in your investment gains every three years with automatic resets.

> In pre-retirement, this means as your investment grows, we automatically apply the 5% bonus to the new market

value, which will also increase your income.

> During retirement, when you are receiving income, we will either extend the length of time you receive it, to a

maximum 20 years, or increase the length of time and raise your annual income.*

This allows you to receive more income, longer.

Note: SunWise Elite Plus guaranteed income resets work independently from SunWise Elite principal protection resets.

*Excess withdrawals above the guaranteed withdrawal amount reset the guaranteed income to 5% of the GWB Adjusted Base Amountafter the withdrawal and may shorten the term.

Can You Lock In Your Investment Gains?

see over

Automatic resets can increase your term or your annual income

At 53, 10 years before Michael retires, he invests $133,000 in SunWise Elite Plus, which would provide an annual income

of $6,650. Over the next 10 years, he keeps his money invested and doesn’t make any withdrawals. His portfolio performs

well and he benefits from portfolio resets, as well as the 5% bonus.

After 10 years, his portfolio has grown so that his retirement income is double what he would have received initially.

During the next 20 years, his investments continue to do well and his portfolio is reset several more times. By year 30,

Michael still has a sizeable portfolio, his annual income has risen and he has more than a decade of guaranteed income.

*This chart is for illustrative purposes only. It is not intended to predict or project investment results. Illustration assumes a volatilemarket, gaining on average 8.2% per year. Annual withdrawals are assumed to be 5% of the guaranteed amount.

>

5% Bonus Resets Remaining GWB Annual Withdrawals Portfolio Value

Automatic Resets – Enhanced Income and Extended Withdrawal Term*

>

>

11 12 13 14 15 16 17 18 19 201 2 3 4 5 6 7 8 9 10 21 22 23 24 25 26 27 28 29 30 31

Pre-Withdrawal Years(5% bonus added yearly to the Remaining GWB)

Withdrawal Years

$400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

$133,000Initial Investment

$280,342 guaranteedover the next 20 years

@ $14,017/yr>

>

$315,897 extended over the next 20 years @ $15,795/yr>

>

$292,745 extended over the next 16 years

@ $18,276/yr>


@ $14,017/yr

>

>

$365,515 extended over the next 20 years @ $18,276/yr


@ $15,795/yr


Principal Protection GuaranteesWith SunWise Elite, you can guarantee the future value of your portfolio, so that:

> If the market value of the portfolio goes down, your principal is guaranteed.

> If the market value of the portfolio rises, gains can be locked in through the principal protection reset feature.

You can customize the level of principal protection with a choice of three guarantee options. Your advisor can help you

select the level of coverage that best meets your needs.

Do You Need Principal Protection?

see over

Option

Class A units – Full Guarantee

Class B units – Combined Guarantee

Class C units – Basic Guarantee

For investors withoutthe GMWB, who...

Are concerned about thefuture value of theirinvestments and want topreserve their capital.

Want to ensure maximumestate value for theirbeneficiaries, withminimum estatesettlement costs and delays.

Are professionals andself-employed businessowners looking forpotential creditorprotection, or otherslooking for a cost-effective way to preserve their estate.

Principal Guarantee

100% at deposit maturity (after 10 years)

100% at death


100% at death


75% at death

For investors with theGMWB, who...

Believe principal protectionmust be at the core of everyinvestment strategy.

Want to receive guaranteedincome while ensuringmaximum estate value fortheir beneficiaries, withminimum estate settlementcosts.

Who want to receiveguaranteed income and arenot planning to outlive theirsavings.

Principal Protection Resets

SunWise Elite allows you to reset the value of your principal protection guarantees to lock in the increases of your

investment gains.

Here’s how it works:

Principal protection resets are available on the death benefit once a year for Class A. Principal protection resets are

available on the death benefit and deposit maturity twice a year for Class B. Any Class B reset will reset both the death

benefit and deposit maturity guarantees simultaneously and start a new 10-year period. Resets are not available for

Class C. Principal protection resets, which are now available until age 80, are triggered at your request.

Note: SunWise Elite principal protection resets work independently from SunWise Elite Plus guaranteed income resets.

Portf

olio

Val

ue

Time

New 10-year Maturity Date

Original 10-yearMaturity DateDeath Benefit with No Reset

Reset

Deposit Additional Benefit with Reset

Effect of Reset on the Death Benefit and Maturity Guarantees


4% Annual Automatic Death Benefit Reset

This option is designed for investors who want to ensure their beneficiaries will receive the principal invested, plus a

minimum of 4% simple interest annual guaranteed return – regardless of the portfolio’s performance.

On each policy anniversary date, the death benefit will automatically increase by 4% simple interest and become the

minimum value that beneficiaries will receive.

This rider must be selected at time of application and has a separate annual fee. It is available for Class A and Class B

units only and replaces all client-triggered principal protection resets.

* Illustration assumes portfolio market value growth of 6% average annual compound total return. This chart is for illustrative purposesonly. It is not intended to predict investment returns.

Do You Require Estate Planning or Creditor Protection?

see over

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Deposit Maturity GuaranteePortfolio Market Value assuming 6% Average Annual Compound TR

4% Auto Death Benefit Reset Guarantee

4% Annual Automatic Death Benefit Reset*

250,000

200,000

150,000

100,000

50,000

0

Earnings Enhancement Benefit

The Earnings Enhancement Benefit (EEB) is an optional rider that pays a portion of the investment gains at death – up to

an additional 40% – resulting in a larger payout that can be used to pay taxes or provide more for your beneficiaries. The

EEB effectively increases the investment’s rate of return. The EEB rider must be selected at the time of application and has

a separate annual fee.

SunWise Elite provides for powerful estate planning benefits. The death benefits allow you to guarantee the minimum

amount that will go to your beneficiaries upon your death.

In addition, if you name a beneficiary, the proceeds pass directly to your beneficiaries, without the delay and expense of

becoming part of the estate settlement process. Estates are typically subject to legal and other costs, including probate fees.

(Probate fees are charged by most provincial governments to settle an estate and are typically based on its total value.)

Potential Creditor Protection

Because a segregated fund is an insurance contract, it carries the benefits of life insurance and is protected from creditors in

most circumstances.1 Owners of SunWise Elite contracts may be protected from creditors if two conditions are met:

> proper beneficiary designations are made, and

> the investment is made well before the time of insolvency.

1Creditor protection is intended to protect the rights of the beneficiaries under the contract. Investors should seek independent legaladvice on how this feature may apply in their personal circumstances.

$300,000

$200,000

$100,000

Dec 20

16

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05

Dec 20

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Last Client-Triggered Reset was $263,369

Account Value at Time of Death was $154,285

$285,083 to BeneficiariesAdditional 40% of Investment Gains = $21,714

Top-up (Downside Risk Protection) = $109,084


SunWise Elite is a multi-asset, multi-manager, multi-style lineup of segregated funds that gives you the flexibility to

tailor a portfolio to meet your individual needs. It offers some of the most prestigious managers from Canada’s top mutual

fund companies.

Choose from a select group of more than 45 funds that are diversified by asset class, geographic regions and economic

sectors, and different styles of portfolio management. This optimum diversification helps ensure long-term investment

success.

SunWise Elite enables you to pursue an investment strategy that’s right for you.

Leading portfolio managers:

Are You Looking for First-Class Investments?

see over

A D V I S O R S

Wide choice of funds:Income – Canadian and Global

Balanced – Canadian and Global

Equities – Canadian, U.S., International and Global

Managed Solutions

SunWise Elite Portfolio Series

SunWise Elite gives you access to Portfolio Series, a comprehensive investment program.

Portfolio Series is a family of seven strategic asset allocation funds designed to maximize returns for a

given risk tolerance. The seven funds are suitable for a range of distinct investor profiles, from income to

maximum growth. The portfolios achieve their objectives by investing in a mix of CI mutual funds, providing

diversification by asset class, region and economic sectors.

It provides you with the benefits of a fully diversified managed solution, with CI’s leading portfolio managers,

and the convenience of one fund to purchase and track.

Seven risk-adjusted portfolios to choose from

Retu

rn

Volatility

Income

Balanced

Balanced Growth

GrowthMaximum

Growth

Income 70% 55% 45% 35% 25% 20% 0%

Canadian Equities 20% 20% 22% 26% 31% 31% 40%

U.S. Equities 5% 16% 20% 24% 26% 28% 35%

International Equities 5% 9% 13% 15% 18% 21% 25%

Conservative

Conservative Balanced



Client Guide


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guaranteed income.










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