Guaranteed Over 50 Plan

Questions about the Plan

• Why should I consider a Guaranteed Over 50 Plan?
• How does it work?
• What if I haven’t had my Plan for 2 years when I die?
• Do I need to have a medical?
• How much will it cost me?
• Why does cover vary for men and women?
• Will my premiums and cover ever change?
• How are claims dealt with?
• Does the Plan have a cash-in value?
• When does the Plan pay out?
• What about tax?
• Can I cancel the Plan?
• What else does the Plan give me?

 

Questions about the Funeral Benefit Option:

• Why The Co-operative Funeralcare?
• Is there a Co-operative Funeralcare funeral home near me?
• How will the £250 Contribution work?
• If I choose the Funeral Benefit Option am I still entitled to Travel Accident Death Benefit?
• What happens if I change my mind about the Funeral Benefit Option?
• What if my loved ones want to use the cash sum with another Funeral Director?
• What happens if the contract between us and The Co-operative Funeralcare is terminated? Or The Co-operative Funeralcare goes out of business?
• Can I ‘charge’ an existing Plan?
• Can I ‘charge’ more than one plan?
• What about tax?

Questions about the company:

• Who are Sun Life Direct?

 

Questions about the Plan

 

Why should I consider a Guaranteed Over 50 Plan?

Guaranteed Over 50 Plan is an easy way to leave a fixed cash sum for your family after you’ve gone, either as a gift or to help towards funeral expenses.

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How does it work?

The Guaranteed Over 50 Plan is a whole of life policy - you choose a fixed monthly premium at the start and provided you keep paying them throught your life, a fixed cash sum will be paid out when you die.

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What if I haven’t had my Plan for 2 years when I die?

If you die within the first 2 years of taking out your Plan, we’ll pay back all the premiums paid, plus half as much again.

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Do I need to have a medical?

No. There are no health questions to answer and no medical whatsoever. Provided you're aged 50 – 85 you’re guaranteed to be accepted.

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How much will it cost me?

That depends on how much cover you’d like or how much you'd like to pay each month. You can choose from a range of premiums between £6 and £74 per month (subject to a maximum life cover of £20,000). When choosing your level of cover, please bear in mind that because the cash sum is fixed, over time, inflation will reduce its value.

As this is a whole of life plan, you need to choose a monthly premium you are confident you’ll always be able to afford because if you were to stop paying your premiums, your plan would be cancelled and you wouldn’t get anything back.

To help get your plan underway, the first premium is free.

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Why does cover vary for men and women?

Because on average women live longer than men, we offer women up to 25% more cover than a man of their age would receive for the same monthly premium. The actual percentage of extra cover depends on your age.

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Will my premiums and cover ever change?

No. Your premiums and level of cover are guaranteed, so will never change regardless of how long you live or your state of health. Depending on how long you live, the total premiums paid may be more than the fixed cash sum.

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How are claims dealt with?

When the time comes for your loved ones to let us know that they’ll be making a claim, they can call us on 08457 322 223 or write to us at AXA Sun Life plc, PO Box 1810, Bristol BS99 5SN.

To process the claim, we will need:

• The Policy Schedule and Endorsements to be returned
• The name of the person making the claim and evidence of their entitlement to the policy proceeds
• The name and date of birth of the policyholder
• The original death certificate
• A copy of the policyholder's Will if there is one.

It is important that you keep the policy documents safe and let your next of kin know where to find them.

If these documents are not available, the person making the claim should contact our policy helpline on 08457 322 223.

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Does the Plan have a cash-in value?

No. The Plan has no cash-in value so if you cancel your Plan or stop paying your premiums, your life cover will end and you won’t get anything back. You need to be totally comfortable that you can keep up your premiums when you take out the Plan.

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When does the Plan pay out?

Once you’ve been paying into the Plan for 2 years and as long as you keep paying your premiums for life, we will pay the full fixed cash sum on your death.

If you die within the first two years, we’ll pay out one and a half times the premiums paid in.

At any time after your Plan has started, if you were to die in a travel accident, or within 3 months of an accident as a result of your injuries, we will pay three times the fixed cash sum.

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What about tax?

The amount paid out 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 understanding of current law and HM Revenue & Customs practice. How taxation could affect you will depend upon your individual circumstances. Tax legislation may change in the future.

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Can I cancel the Plan?

You have 30 days from the day you receive your policy documents during which you can cancel your Plan and have any premiums paid refunded in full.

After that, you can cancel your Plan at any time by notifying us in writing. Remember, if you do cancel, your life cover will end and you wouldn’t get anything back. As long as you continue to pay your monthly premiums, your Plan cannot be cancelled by us for any reason.

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What else does the Plan give me?

You will have 24 hour access to Careline, a professional health information helpline, 365 days a year. This confidential telephone service offers care and counselling, guidance about men's and women's health and healthy living and is staffed by highly experienced healthcare professionals and counsellors.

We may review this service from time to time and reserve the right to withdraw it without any advance warning.

Full details of Careline will be sent to you with your policy documents.

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Questions about the Funeral Benefit Option

 

Why The Co-operative Funeralcare?

With over 70 years’ experience in arranging funerals and a network of over 1,000 funeral homes across the country, The Co-operative Funeralcare is a name people know and trust. By entrusting your funeral to The Co-operative Funeralcare you can be confident that everything will be done in the right way and that your loved ones will have the support they need when it matters most.

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Is there a Co-operative Funeralcare funeral home near me?

Find out by calling 0845 602 0075. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 1pm (excluding public holidays).

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How will the £250 Contribution work?

To receive the £250 Contribution, your loved ones will need to present the Certificate of Entitlement to the Funeral Director. You will receive this with your documents folder from The Co-operative Funeralcare. The £250 Contribution is only valid for your funeral and only applies when the funeral is provided by a Co-operative Funeralcare nominated funeral home. There is no cash alternative.

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If I choose the Funeral Benefit Option am I still entitled to Travel Accident Death Benefit?

Yes, provided you continue to pay your premiums when due. Any Travel Accident Death Benefit would be paid to your estate. If your loved ones decided to use The Co-operative Funeralcare for your funeral, they would still be entitled to the £250 Contribution.

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What happens if I change my mind about the Funeral Benefit Option?

If you change your mind about the Funeral Benefit Option in the future, don’t worry. You can remove it at any time, and the cash sum will be paid to your estate instead. However the £250 Contribution will no longer apply and the option cannot be reinstated.  You will not be entitled to ‘charge’ any other Plans.

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What if my loved ones want to use the cash sum with another Funeral Director?

Your loved ones simply need to inform Sun Life Direct in writing. We will then inform The Co-operative Funeralcare and the cash sum will be paid to your estate. The £250 Contribution will no longer apply.

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What happens if the contract between us and The Co-operative Funeralcare is terminated?  Or The Co-operative Funeralcare goes out of business?

The Co-operative Funeralcare will provide the funeral wherever possible. However, if The Co-operative Funeralcare were unwilling or unable to do so your Guaranteed Over 50 Plan would continue as normal, but the £250 Contribution would not apply. The Co-operative Funeralcare would release the ‘charge’ and Sun Life Direct would seek an alternative Funeral Director for your funeral arrangements. If Sun Life Direct were unable to find another appropriate Funeral Director, the cash sum would be paid to your estate on your death.

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Can I ‘charge’ an existing Plan?

If you already have a Guaranteed Over 50 Plan you can ‘charge’ that instead. Simply call the customer service team on 0800 904 7604, with the policy number of the Plan you want to ‘charge’ to hand.

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Can I ‘charge’ more than one plan?

You may have several Guaranteed Over 50 Plans, but only one can be ‘charged’ to a Funeral Director.

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What about tax?

Where the cash sum is paid to the estate instead of The Co-operative Funeralcare it  may be subject to Inheritance Tax. Tax information is based on AXA Sun Life’s understanding of current law & HM Revenue & Customs practice. How taxation could affect you will depend upon your individual circumstances. Tax legislation may change in the future.

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Questions about the company

 

Who are Sun Life Direct?

AXA Sun Life plc, which trades as Sun Life Direct, is one of the UK’s leading providers of life cover and the Guaranteed Over 50 Plan is the most popular Plan of its type**. Our extensive experience spanning over 30 years has enabled us to develop a range of life cover solutions to meet the differing needs of our customers.

We’re proud that, today, over 725,000*** people enjoy the peace of mind that our Plans can offer.

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Source:

* The Co-operative Funeral Home List 2009.
** Most popular Whole of Life plan bought directly. ABI Statistics, Q1 - Q3 2009.
*** As at 1st October 2009.