Axa Sunlife

baby_boomer

The policies may have different terms & conditions but they are both with profits policies.

I think the "plus" element is probably the taxable cashback available after 12 months on one tranche of policies - those advertised by Carol Smillie, if I recall. This difference would obviously make performance comparisons between the policies more difficult but they are essentially the same animal. The other difference is that sleepy's policy is a flat rate premium of £18 pm rather than a rising premium.

Forget the bonuses added etc. These are primarily Life Company babble to confuse the public.

Write to Axa asking for a) a current surrender value and b) the estimated payment if the underlying with profits fund in which the policy is invested was to grow at 6% pa to maturity - and with all future monthly contributions made.

You will then have then hard sums on which to base a decision, which I suspect will be pretty obvious to you at that stage.

wishicouldaffordit

sleepy184 wrote: »

Thanks Wishicouldaffordit, I have sent you a Pm

The only thing is, your's was a cashbuilder plus policy and mine is a with profits policy, Not too sure what the difference is.

hi

i haven't received any pm from you - wonder if it has gone astray

i also printed out copy of the fsa ruling and sent that with my correspondence to them

sleepy184

OK. I contacted Axa yesterday and they told me that they would send me out a projected payment upon maturity of my policy.
I also asked for a surrender value but they told me that with this policy, there is no surrender value before 10 years. so I have to wait until dec 09 before they will give me a surrender value.

baby_boomer

Do you mean that, in addition to the crap investment "returns" that you can't withdraw money in the first ten years?

Or that Axa is just stalling you to hang on to your money by hook or by crook?

Are no withdrawals in the first ten years in your original terms and conditions or not? If you can't withdraw, these guys are even bigger pariahs than we thought .

Get them to spell it out. Don't take it lying down. And if you can withdraw, then there must be a surrender value.

sleepy184

It does say in the bonus statement that there is no surrender value in the first 10 years. Not sure if it said that when I first took the policy out though.

My Maturity value illustration has come today.
Assumed Rate of Growth. 4%P.A
Guaranteed cash Sum £1214
Compound Bonuses existing now £218
Illustrated Future Bonuses 0

Total = £1432

Assumed Rate of Growth. 8% P.A.
Guaranteed cash Sum £1214
Compound Bonuses existing now £218
Illustrated Future Bonuses £118

Total = £1550

Total paid in at the end of the policy = 3240:mad:

rockjacket

wishicouldaffordit wrote: »

if you want copy of letters which we wrote please get in touch

"wishicouldaffordit", i have sent you a PM

ahmedz123

Hi.Like many others I am lost by the financial jargon and only took put my cashbuilder plus policy in 2003 because it was made to look so tempting. However, recently i stumbled across this forum and read up on how rubbish this policy actually is. I started my policy in November 2003 and have paid in to date £1340. I phoned AXA and they told me my surrender value of the policy is £752. Should i accept this or is there a way of getting more money from them?

FairyElephant_2

Can't believe I missed this thread before, with all the time I have spent on MSE.

Finally got my surrender figures from AXA by hanging on the phone for ages....lucky my boss not in today! (1st wrote to them beginning of Jan with no reply up to now).

I started paying at £10 month, at the beginning of 2004, increasing every year by £2, so just started paying £18 month. I calculate that I paid in £642. I think that I had half the first year back - so that would be £60, menaing I have paid in £582.

This is now worth - wait for it - £309.57, plus £32.84 in bonuses - making a whopping total of £342.41!
Even worse - I talked DH (DBF at the time) into doing one as well, so our losses are double this.....

Think I need to write to them ASAP and ask for all my payments back. I took out the policy in Jan 2004, but they didn't take my first payment until 1st Feb 2004, so don't know if I will come under the 'error in marketing', but guess it is worth a try?

Really mad now!:mad:

FE

wishicouldaffordit

FairyElephant wrote: »

Can't believe I missed this thread before, with all the time I have spent on MSE.

Finally got my surrender figures from AXA by hanging on the phone for ages....lucky my boss not in today! (1st wrote to them beginning of Jan with no reply up to now).

I started paying at £10 month, at the beginning of 2004, increasing every year by £2, so just started paying £18 month. I calculate that I paid in £642. I think that I had half the first year back - so that would be £60, menaing I have paid in £582.

This is now worth - wait for it - £309.57, plus £32.84 in bonuses - making a whopping total of £342.41!
Even worse - I talked DH (DBF at the time) into doing one as well, so our losses are double this.....

Think I need to write to them ASAP and ask for all my payments back. I took out the policy in Jan 2004, but they didn't take my first payment until 1st Feb 2004, so don't know if I will come under the 'error in marketing', but guess it is worth a try?

Really mad now!:mad:

FE

as i understand it you do fall within the right time frame for mis selling

how they can justify keeping half your money - i wonder how many people have accepted their paltry settlement figures without realising they could have the lot back - they tried to tell me they had written couple of years back i think offering full refund due to under-performance or something i think - oddly enough we didnt get this letter for either of our policies

they are such a disgrace !

ahmedz123

I wrote to AXA requesting my full monies to be paid back to me. They have now sent me a letter saying my complaint is being investigated and is in the system. They will get back to me within 4 weeks.