Axa Sunlife

DUNDEEMAN

I cashed in two of these savings policies last year which had run for 7 years out of 15, I received back a little bit more than I had put in but was grateful for not losing any money, wouldn't touch them again!

ashley0611

DUNDEEMAN wrote:

I cashed in two of these savings policies last year which had run for 7 years out of 15, I received back a little bit more than I had put in but was grateful for not losing any money, wouldn't touch them again!

Thanks for all your advice - I will dig them out tomorrow and let you know. Would be happy if I broke even with them

ashley0611

Also it was the bonus cashbuilder, therefore I have calculated on my older one I have paid in approx £1300 and other one approx £800

Sorry above dates are wrong.

Policy 1 - Maturity Date 23/03/14 Sum Assured £2,214.00. Bonuses to date £320.89 (this is 2004 statement)

Policy 2 - Maturity Date 15/06/16 Sum Assured £2,400.00. Bonuses to date £157.17 (also 2004 statement).

Projected Value at 4% is £3870

Thanks for any advice that can be given

johnbhoy

Thanks for all the replies, ashley0611 your policy 1 is very similar in figures as currently mine, both mine & the wifes mature in November 21014 and figures are similar to what you quoted. Dundeeman you cashed in your policies as well again mine are currently running similar to when you cashed yours in, what were the penalties you incured? and how quick did it take to submit & get money back from cancelling your policy & how did you go about it? can it be done over the net???? Any more tips and advice on these and any advice on better savings policies let me know, or shall i just open up another seperate bank/building society account? cheers!

DUNDEEMAN

johnbhoy wrote:

Thanks for all the replies, ashley0611 your policy 1 is very similar in figures as currently mine, both mine & the wifes mature in November 21014 and figures are similar to what you quoted. Dundeeman you cashed in your policies as well again mine are currently running similar to when you cashed yours in, what were the penalties you incured? and how quick did it take to submit & get money back from cancelling your policy & how did you go about it? can it be done over the net???? Any more tips and advice on these and any advice on better savings policies let me know, or shall i just open up another seperate bank/building society account? cheers!

There are no direct penalties as such if you wish to cash in early. Just call them to get a cash-in quote which they will confirm by letter within a few days. My settlement was credited to my bank account within a couple of weeks but I think you can get a settlement cheque if you wish.

johnbhoy

Well just a little update here, well on March 3rd i e-mailed Axa sunlife, and have yet received a reply, not even a 'courtesy' reply back, so have re-sent same e-mail this morning about 10-15 times and still no reply back, suppose i will have to get on the INDIAN CALL LINE to cancel policies. thanks again for all helpful advice given to me to date. johnbhoy.

sylblake

I telephoned the call centre today and found them most helpful. They gave me a surrender figure & are forwarding the projections should I decide to keep the policy in the post and I will receive them in the next ten days.

ReportInvestor

DUNDEEMAN wrote:

There are no direct penalties as such if you wish to cash in early.

Anyone thinking of cashing in should get this surrender quote and post it on the board - with the time left to run, monthly contribution level, sum assured and guaranteed bonuses already added to the policy.

While DUNDEEMAN is technically correct, the surrender value will carry a hidden penalty in that you will be offered less than the value of the underlying assets in the Axa Sun Life with profits fund.

I suspect surrender may be a sensible option for most - but don't rush into it without us doing some sums for you.

To Ashley - Thanks for the info above. We now need that surrender value.

ashley0611

Ok here goes - Surrender Value for policy 1 - £1105.27 + bonuses of £36.69 - total £1141.96

Policy 2 - £535.83 + bonuses £3.42 - total £539.25

They are going to send me the forms out in the post

johnbhoy

Still no reply back from Axa sunlife, but as someonelse stated they are polite on the phone, when i rang last night i could barely here them, it was very quiete, i then asked have they the phone near there mouth as i could barely here, slight ajustment and i could here clear as a bell. Well my & the wifes policies run out in 2014 both November with a two week gap seperating them, one we were quoted was £911.40 with £31.36 'bonus' the other £919.90 with 'bonus' £32.21, they are sending on relevant forms to cash in which would be with me within 3-5 days, no penalties i would incurr were mentioned, suppose i should of asked, but glad i'm getting out of this. By the way i and the wife were paying £20 a month each.
Anyone to give me ideas of a better scheme? similar sort of savings of say combined £40 a month or just open a seperate Bank account or PO account?

ReportInvestor any idea of Penalty i will have to pay for 'getting out early'?