Sun Life Over 50 Plan 787,000 people can be wrong!
Sun Life Over 50 plans are just life insurance policies which pay out a fixed amount on death. The longer you live (and paid in) the worse value they get until after a time you had paid in more than they would pay out. The advantage of the Sun Life Over 50 plan is that there is no need for a health check as long as you will last 2 years. Others offer better terms generally, and shorter period before they will pay out.
Worse still, there is no way out of a Sun Life Guaranteed Over 50 plan as after the 2 year initial period where the death benefit is to get you back what you have paid in there are no refunds. You have to be dead to qualify for any refund! If you can no longer afford the premiums, you lose what you have paid in.
So the Sun Life Direct Over 50 plans are fairly poor value unless you die fairly soon after the 2 years. Just work work out the annual premium and divide that into the sum paid on death to find how long it will be before you have already paid more than the death benefit.
But, as is the nature of insurance, the spread of risk means that those who die early (but after 2 years) will make a profit!
“Sun Life Over 50 plans do NOT pay for a Funeral”
But the main drawback of the Sun Life Over 50 plans is that they do not pay for a funeral (as many people seem to think they will), they just pay a fixed amount TOWARDS a funeral. As each year passed and funeral price inflation grew, the plan would pay for a smaller and smaller proportion of the cost of the funeral.
As the the Axa Sun Life Over 50 plan is a life insurance policy, it is a regulated product and we are not able to advise on individual policies. Our generic advice to holders of the Sun Life Over 50 plan would be to keep them and, if you can afford it, contact us to buy a full prepaid funeral plan to run alongside the Sun Life Direct Over 50 plan. The Sun Life Direct plan can then be used to pay the wake, for extras or odd bills.
Money Saving Expert has a lot to say about Axa Sun Life Direct Over 50 Plans.
Please contact us urgently if you are considering buying a Sun Life Over 50.
Sun Life Over 50 Plans.