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Rule 424(b)(1)
File No. 333-09141
SUPPLEMENT DATED JANUARY 15, 1999 TO PROSPECTUS DATED MAY 1, 1998
REGATTA GOLD NY
COMBINATION FIXED AND VARIABLE ANNUITY CONTRACTS
ISSUED BY SUN LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK
The Section of the Prospectus entitled "Amount of Death Benefit" beginning
on page 27 is hereby deleted in its entirety and replaced by the following:
AMOUNT OF DEATH BENEFIT
The death benefit is determined as of the effective date or deemed effective
date of the death benefit election and is equal to the greatest of: (a) the
Accumulation Account value for the Valuation Period during which the death
benefit election is effective or is deemed to become effective; (b) the excess
of (i) the sum of all Purchase Payments made under the Contract over (ii) the
sum of all partial withdrawals; (c) the Accumulation Account value on the Seven
Year Anniversary immediately preceding the date the death benefit election is
effective or is deemed to become effective, adjusted for any subsequent Purchase
Payments and partial withdrawals and charges made between the immediately
preceding Seven Year Anniversary and the date the death benefit election is
effective or is deemed to become effective; (d) the amount that would have been
payable in the event of a full surrender of the Contract on the date the death
benefit election is effective or is deemed to become effective; or (e) the
maximum Accumulation Account value on any Contract Anniversary prior to the
Annuitant's attaining age 81, adjusted for any subsequent Purchase Payments and
partial withdrawals and charges made between such Contract Anniversary and the
date the death benefit election is effective or deemed to become effective.
If (b), (c), (d), or (e) is operative, the Accumulation Account value will
be increased by the excess of (b), (c), (d), or (e), as applicable, over (a) and
the increase will be allocated to the Sub-Accounts based on the respective
values of the Sub-Accounts on the date the amount of the death benefit is
determined. If no portion of the Accumulation Account is allocated to the
Sub-Accounts on that date, the entire increase will be allocated to the
Sub-Accounts invested in the Money Market Series of the Series Fund.
GOLDNY-SUPP-99-1
