Axa Sunlife

ashley0611

There are no penalties - the figure they quote is the figure you receive. I was also told I should have the paperwork in 3 - 5 days time.

aliasojo

I've got this policy too.

My first payment was for £10 on the 5th Feb 1997 and increased (in the same way as the OP's) to the £20 payment I make every month now.

It is supposed to run until Jan/Feb (?) 2012 and my guaranteed life cover amount is £2430. (Don't think the kids will do me in for that, lol.)

Guaranteed minimum cash sum is £2214.

The projected value after 15 years was listed as £4080, assuming growth at 5%

Just called today and the surrender value has been quoted as £1,606.16 plus bonuses of £71.90, making a total of £1678.06.

If I've calculated correctly, I've paid in £1840, so far.

What do you reckon? Keep or surrender?

aliasojo

Have I killed this thread?

sylblake

My policy is almost exactly the same terms as the previous poster just matures one year earlier, so I would be grateful for any advice as to what to do with this policy also.

Thanks

johnbhoy

aliasojo wrote:

Have I killed this thread?

Not sure what you mean by that comment? my advice SURRENDER going on what earlier threads have said, that remark is also to you as well Sylblake

Well today my papers came through for me to surrender policies, filled them both in and have sent off today, will let you all know when money is paid into my account.

Still no reply back from AXA SUNLIFE from my numerous E-MAILS, think i'm glad i'm getting out of anything to do with them.

ps Still awaiting advice on saving similar amount in other savings account with high interest?????????????????

ReportInvestor

OK aliosojo. You haven't killed the thread. I was just putting off facing the spreadsheet .

If you cash in now with the surrender values indicated and invest both the surrendered money AND future contributions you would have paid to Axa into a mini-Cash ISA that gives a tax free return of 4% pa you could expect your investment to grow as follows to the date your Axa policy was due to end.

ashley - Policy 1 ending on 23/3/14 - Surrender value £1,141.96 - ISA return £3,841
ashley - Policy 2 ending on 15/6/16 - Surrender value £539.25 - ISA return £3,847
I assume that you are paying in £20pm for the last 10 years of each policy.

There is obviously a risk that interest rates go down (which might have helped the Axa policy). Equally interest rates could go up (helping your ISA and probably worsening the potential Axa return.

You should also make alternative provision for any essential Life cover that you are losing by surrendering your Axa policy.

ISAs are due to be reviewed in 2010. In theory they could be abolished, meaning you don't have a tax free vehicle for savings made after 2010. I personally think this is unlikely, whatever party is in power.

aliasojo - Policy ending 5/2/12 - Surrender value £1678.06 - ISA return £3,680.

johnbhoy - Policy ending Nov 2014 - Surrender value £952.11 - ISA return £3,774.
I've assumed you have already paid your March 2006 £20 contribution to Axa.

The mysterious workings of the infamous with profits concept is illustrated by the fact that DUNDEEMAN surrendered in 2005 and got back more than he paid in. And yet all these surrenders in 2006 (after a stock market surge) are well under the amounts paid into the policies :mad: .

Any other requests? Have I missed anyone? The spreadsheet is up and running so it's very little extra effort.

MSE - Top paying ISAs

Alliance & Leicester still lead the way with 5.2% (includes 0.7% bonus).

aliasojo

johnbhoy wrote:

Not sure what you mean by that comment?

It was a throw away jokey remark as the thread was going well and was fairly quickly posted on until I posted....then it seemed to go quiet. :rotfl: I was just having a paranoid jokey moment, that's all.

Thank you for advice, and thank you to ReportInvester for his hard work. I appreciate you taking the time.

I'm debating taking the money and chucking it at my mortgage rather than re-investing. Mortgage is only 5.5k now and is at 5.45% - the end is in sight, lol. Decisions, decisions.

ashley0611

Thanks for all the advice. The surrender forms came for 1 policy today (the small one) so Ive popped it off in the post and will let you know when I hear anything.

davelewis

Oh God - how depressing this forum is. I have the same policy - started in 1999 at £10 increasing to £20 for the rest of the term (ends 2014).

Oh well, I'll be 40 in 2014 so if i only get the £2,000 poor payout - at least i can go to Butlins for a weekend to celebrate/comisirate my 40th!!!!!!!! (I was hoping to spend the money on a fabulous 40th trip!!!).

Brown_suga

i recenty cancelled my policy after hearing such bad reviews of it, i cashed in after 8 years, it was due to mature in 2013. I got £6896, used some to pay off some debt and put the rest in an isa.

Must be disciplined enough to put the same amount of money each month into the isa