Sun Life Guaranteed Funeral Plans.
Sun Life Funeral Plans used to provide the option of buying a proper funeral plan. But now they seem to have gone backwards to an extent in offering the Sun Life Guaranteed Funeral Plan. As far as we can see, it has SOME of the advantages of a funeral plan but with the FATAL FLAW of Over 50s insurance. What is the problem? It is simply that you have to pay until you die, which may be 20, 30 or 40 years away. WORSE – if you miss payments, can’t afford it anymore, or the bank messes up or your relatives don’t realise what the payment is for and cancel it, then you lose the lot. Even worse – apparently premiums increase every year for the first 20 years.
As one of the dangerous Over 50s plans are concerned, it is a good one, so if you must go down that route, it is certainly worth considering. But most people can afford to pay a little more over a much shorter period, and then the plan is bought, end of story. No ongoing payments to go wrong!
Sun Life Funeral Plans used to offer two versions of the Coop Funeral Plan. But then they have changed to Golden Charter and now it seems to be Dignity! We are not entirely sure whether they still offer proper prepaid funerals, so the rest of this page may well be out of date!
Sun Life also offer their over 50s insurance plan. We don’t like that type of plan at all. Find our why we don’t here.
Sun Life Funeral Plans come in 3 flavours:
The Sun Life Standard Funeral Plan costs £3,625.
It is a basic plan – collection during office hours only, no bereavement advice, no family viewing.
The Sun Life Select Plan costs £3,995.
It adds a posher coffin, one limousine, family viewing, advice about bereavement counselling.
The Sun Life Premier Plan costs £4,540.
Adds a posher coffin and an additional limousine.
Sun Life Funeral plans cover most features of a traditional funeral. They do not include flowers, catering, order of service cards, burial plot or headstone. Unusually a service is NOT INCLUDED before the burial or cremation. Nor any specific requirements at the crematorium, such as an organist or choir. If you would like your funeral director to arrange any other services not already included in your plan, these can be arranged for an extra charge.
There are two different ways to pay for a Sun Life Funeral Plan.
You can pay in one go or you can pay monthly with a life insurance policy.
How is my money protected?
- If you pay in one go – When you take out a Funeral Plan from Golden Charter, you have the reassurance that the money is protected. The money you paid is held in the Golden Charter Trust, which is managed independently. The Trust ensures that the money to meet the cost of your funeral services is secure and that your funeral will be provided when the time comes.
- If you pay monthly with life insurance – You are protected by the Financial Services Compensation Scheme (FSCS) of which AXA Wealth Ltd is a member. This means that if AXA Wealth Ltd cannot pay the cash sum due when you die, your next of kin could claim 100% of the cash sum from FSCS, to pay towards your funeral. If there is a shortfall, any remaining costs will need to be met by your next of kin.