Over 50 Life Insurance
Guaranteed Over 50 Plan
If you’re aged 50 – 85 you can leave a cash sum for your loved ones from as little as £4 a month.
We’re also offering a larger cash sum on all new Plans taken out – something that could really help in these tough times.
Questions and answers
Questions about the Plan
- Why should I consider a Guaranteed Over 50 Plan?
- How does it work?
- How do we compare in the market?
- 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?
- 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?
Questions about the company:
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. With premiums from just £4 a month, it’s the lowest premium available on the market for life cover plans of this type.
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 throughout your life, a fixed cash sum will be paid out when you die.
How do we compare in the market?
You can see an example of how our cash sum compares to our competitors below:
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.
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.
How much will it cost me?
You can choose from a range of premiums between £4 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.
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 paid out.
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 08458 35 36 37 or write to us at AXA Wealth Ltd, PO Box 446, Bristol, BS99 1DR.
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 08458 35 36 37.
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.
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.
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 interpretation 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.
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.
Questions about the company
Who are Sun Life Direct?
AXA Wealth Ltd, 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 in the UK**. Since the very first over 50s life cover plan was introduced in 1979, the team at Sun Life Direct have gained an unrivalled knowledge of over 50s customers and the past 30 years have seen us help thousands of people.
Source:
** Most popular whole of life guaranteed acceptance plan bought directly. ABI statistics, Q1 - Q3 2011.
If you have any questions call 0800 904 7674
