Sun Life Over 50 Plan Guaranteed.
Our comments are in italics. If you want the short version, it is a firm thumbs down! No because it is a bad plan, but because it is a bad funeral plan! For better advice, call us anytime or use the enquiry form.
The Guaranteed Sun Life Over 50 Plan is the UK’s No 1 choice for over 50 life insurance (note they don’t say funeral insurance – that is because it isn’t really suitable as funeral insurance!) It’s a simple and affordable way to leave a fixed cash sum on death for your loved ones. All Sun Life ask is that you keep paying your premiums for life, or your Plan will end and you’ll get nothing back.
(So pay it for 30 years, run out of cash and you lose the lot and your family get nothing! If you don’t run out of cash, a £3,000 plan will be worth £395 in 30 years time at the current 7% funeral plan inflation – probably not enough to pay for the coffin. To make matters worse, it may not get paid out until probate is granted, some months after your death.)
Axa Sun Life Over 50 Plan.
Premiums are from as little as £4 a month – that’s the lowest premium available anywhere in the UK for life cover plans of this type.
- The Plan provides a cash sum for loved ones, on your death after the first two years.
- If you’re aged 50-85 Sun Life guarantee to accept you, with no medical.
- Premiums start from just £4 a month, the lowest you’ll find in the market.
- Life-long cover as long as you pay your premiums for life.
How does the Sun Life Over 50 plan?
It couldn’t be easier to apply (but we don’t recommend it!!) If you’re aged 50 – 85 and a UK resident, you are guaranteed to be accepted. And there are no medical or health questions – we won’t even ask if you smoke. Then a fixed cash sum will be paid on your death, after the first two years. If you die during the first two years of your Plan, we’ll pay out all the premiums paid, plus half as much again unless you were to die in an accident when we’d pay out the full cash sum.
You’ll just need to be sure you’re happy with your monthly premiums as they are payable for life and if you stop paying your Plan at any time before you die – perhaps during a long illness – the insurance will end and you won’t get anything back. You should also be aware that depending on how long you live, you could pay in more than the cash sum paid out.
Sun Life themselves point out:
• Inflation will, over time, reduce the value of the cash sum paid out on your death.
• The Plan has no cash-in value at any time.
• Depending on how long you live, the total premiums paid may be greater than the cash sum payable on death.
The Sun Life Over 50 Plan is payable by monthly by Direct Debit.
After the first premium has been paid, if any subsequent premiums are not paid on the due date, we will write to you to let you know and will allow you 30 days to pay the outstanding premium.
If the outstanding premium is not received within this time, we will send you a reminder letter and will allow you an additional 14 days to pay. If the premium is paid within this time the Plan will remain in force. If any outstanding premium(s) are not paid within this time the Plan will be cancelled and you will not get anything back. If the Plan has been cancelled because a premium has not been paid you can choose to continue the Plan within 6 months of the date of the first unpaid premium. To do this you will need to pay all the premiums that you haven’t paid. The Plan will then continue for the same cash sum and premium.
What about tax on the proceeds of the Sun Life Over 50 Plan?
The amount paid on your death will normally form part of your estate, so may be subject to inheritance tax, unless you write your Plan subject to an appropriate trust.
Tax information is based on our interpretation of current law and HM Revenue