Axa Sunlife

SkipClick

dunstonh wrote: »

A correct course of action by AXA. That way you cannot complain later that you didnt know that the payments had stopped. AXA have this letter logged on your file.

But the lady on the phone told me have to cancel direct debit to the bank not at their end of the line. :eek:

MizRub

Hi everyone, I also came across this site this week. What is the lastest on this SUNLIFE disaster Plan. I started on ein 1997 and it is my 10th year. Started paying in £20 and now to my maximum £40/month. My current total bonuses is £1200? not exact need to check my papers. but what i want to know is that whether it is possible to gain the GUARANTEED value they gave me back in 1997(still got the paperwork). I also rang up the FSA as soon as I saw this forum and asking for any advise. But because the plan was taken out before the misleading period i might not be able to get all my sum back plus the interest. So Do I now get in touch with SUNLIFE ASAP to get a surrender value? and do i take the surrender value they give me? I think i chechk the paper work that the surrender value for 10 years investment isn't so bad... I will only lose a hundred pounds or two. PLease HELP!!!!

baby_boomer

The guaranteed value is guaranteed - either in the event of your death or at the end of the Axa 15 year policy term.

Of course the guarantee has been set so low as to be almost worthless except in the event of your death .

Your policy has been going for longer than most, so get a current surrender value and post it here for us to look at. Only then will you be in a position to do the sums which are likely to confirm that you should cash in.

At the same time as you ask for a current surrender value, ask what the final value would be if continued to contribute and the underlying fund value grew at 6%.

MizRub

Thanks. Will be calling them ASAP to get a surrender value. But do u think they can give me the figure they quoted at the beginning of term if i continue with the plan providing the market is healthy? Since i will get a maturity bonus with it as well? OR will I be able to make a better return if i just take the sum in a 5% fixed interest bank account for the rest of the five year term?

baby_boomer

MizRub wrote: »

do u think they can give me the figure they quoted at the beginning of term if i continue with the plan providing the market is healthy?

There's more chance of the Natural Law Party winning the next general election.

You will be shocked at how low the figure is if the fund achieves 6% growth from now on in. This is the reality check which will take you out of fantasy land which you must ask for in order to be sure of your final decision.

AND they are unlikely to grow the fund at 6% even if the stock market rises because the shares content of the fund is very low - to "protect" investors :rolleyes:.

This fund is unfortunately a good example of what can go wrong if you combine with profits with the money men indulging in some cynical and inappropriate marketing on the back ( ) of Carol Smillie.

MizRub

Just got my surrender value: £4328

Current premium todate is: £4080 (started 10 years from £20)

My guaranteed value is £4428

and my current total bonus is : £1112.63

It seems tempting to cash in now since i will not lose any money but gain £300 more than what i've already paid in... but it will mean that i'll lose the £1112 bonus:mad:...

The bloke on the line also advise me that i could sell the plan to another company who might give me a better return? Is it worth it? Surely they are not going to give me £1000 more than what SunLife can offer me?

But anyway I need to cash in because of university fees but if i had the plan do u think it is good enough to have this £1112 bonus? at the end of term this could be a total of £1600(if they continuously give me the same bonus for the past 3 years of roughly £66).

Jo6673

Got my money back last Friday- £280, all helps!!

baby_boomer

MizRub wrote: »

It seems tempting to cash in now

Until you ask for the anticipated value after 15 years if the fund grows 6% from now to maturity you are still going on your gut feeling rather than hard facts from the AXA horse's mouth.

Get this figure and you can compare fairly accurately with the return you could get by putting your surrender value into a 6.5% 5 Year Fixed Rate Bond and investing the remaining monthly premiums into a Yorkshire BS Regular Saver.

I wouldn't focus on bonuses. They are usually there to give false reassurance or to confuse with profits policyholders. What matters is what they are likely to pay out a) now and b) on the policy's maturity.

MizRub

Know anywhere where I can get hold of these 6.5% fixed rate bonds?:D

georgiasmum

I have an AXA Sunlife policy that runs for 15 years and pays out if I don't die!!! (And a fixed sum if I do!!!!) I have paid a fixed sum of £20 per month since 1999 - 8 years now. Should I pursue them to get my money back or just leave it????? I can't remember what it's called but will dig it out and see. Thanks!!!