Axa Sunlife

mum24kidz

lil_raine wrote: »

i recieved a letter from the complaints department today and surprise surprise i m not getting any money back!apparently the plan i took out is more of a life insurance than a savings plan.it will only just start earning me money now after 10 years and the earliest i can cash it in is july 2009.thats 11 years of paying in £6 pm-total £792 and all i will recieve back if i cash in next year is £137 :mad:

Hi evry1 , I like you lil raine took out the cash if you die cash if you don't policy with axa which has been running now for 10yrs (£8.00 per month premiums) Total paid to date £960. Plus there's supposed to be profits added and a reorganisation bonus. Called them today to find out surrender value and spoke to indian callcentre :mad: only to be told the grand sum of £12.45!!!
nearly spent more than that on the bleeding phonecall!!!!

I wish I had never bothered with them, my only option now is to continue paying for another 5 yrs and hopefully get something back cos if I surrender now I lose it all!

wishicouldaffordit

tattooangel71 wrote: »

well had letter today saying i can have all my premiums back that i have paid £1800 interest at bank of england base rate + 1% , less tax at 20%
total payment £2,012.00 so just sent form back to cancel it and get my money back thankyou soooo much WISHICOULDAFFORDIT for theletter that did it thankyou

only just saw this - so glad you are getting all of it back

:beer:

Nephy08

I’ve been reading through this thread with interest. I have an Axa Sunlife policy which I took out in 2001 through a company called Save from Pay. The scheme was described as an Axa Civil Service Save from Pay Plan but in the illustration was called Endowment Insurance With Profits. I pay £30 per month which is deducted directly from my salary and have now paid in a total of £2520.

The original illustration I was provided with does contain a warning stating that if I was to cash it in during the “early years” I could get back less than I have paid in. As I am now in year 7, out of a 10 year policy, I don’t consider this to be early so rang Axa this week to request a surrender value. This is £2206.66 meaning I will lose £313.34.

I have now received a maturity value illustration from Axa. At 1.10.2011 I will then by then have paid in £3600. The total if growth is at 4% = £3530 and at 8% = £3880. On the original illustration these were £3880 at 4% and £5250 at 8%.

I have come across a letter I received from Axa dated April 2005 referring to an error in the illustration relating to the charges and expenses taken out of my policy and it should have in fact quoted reduced growth of 3.10%. Hopefully this means I have a case for grounds for complaint and I am now going to write to attempt to cancel my policy and request the return of my premiums.

dunstonh

I have come across a letter I received from Axa dated April 2005 referring to an error in the illustration relating to the charges and expenses taken out of my policy and it should have in fact quoted reduced growth of 3.10%. Hopefully this means I have a case for grounds for complaint and I am now going to write to attempt to cancel my policy and request the return of my premiums.

It is not grounds for complaint. All illustrations much have the reduction in yield in place and the charges are not something you can complain about.

I’ve been reading through this thread with interest. I have an Axa Sunlife policy which I took out in 2001 through a company called Save from Pay. The scheme was described as an Axa Civil Service Save from Pay Plan but in the illustration was called Endowment Insurance With Profits. I pay £30 per month which is deducted directly from my salary and have now paid in a total of £2520.

It is an endowment generically. For future note, never buy anything that has been marketed by your union. The only ones to benefit are the union.

Nephy08

Dunstonh - Thanks for explaining this, I certainly will steer clear of anything promoted through my union in future. I believed at the time that this was a just a straight forward savings scheme endorsed by my employers and didn't understand that I risked getting back less than I paid in.

I will still make a complaint, but if that fails will cancel anyway and cut my losses.

Trying_to_be_good

Nephy08 - this does sound like the product I had, and was reimbursed (with interest) all my contributions. Worth a try - you have a PM with the text from my complaint letter.

Nephy08

Thanks. Have sent off my letter today, will let you know how I get on.

SkipClick

Don't for get to put a block on this company from your bank account otherwise they will still take money out after once you have close this account you have been warned!.

Nephy08

Thanks Skipclick will do that. In fact its a "save from pay" scheme and payments are deducted straight from my monthly salary. Will contact Pay Section to sort this out.

sunros

strapped101 wrote: »

I also took out my Sunlife policy in July 1993 and was led to believe that I would receive a much higher return. However I have just received my maturity documents through and the maturity amount is only £1900 (this includes my bonuses and terminal bonus) when I have paid in £2700, really not happy. Wrote to them and received the reply 4 weeks later stating that the amount was correct and that the markets have not performed well in the last 15 years therefore the amount paid is less, also as this was a with death benefits that is why the maturity payout is so low. I would recommend anyone who is thinking of taking out a policy with AXA dont bother and if you already have see what you can get back out of them

I took mine out in august 2003 £10 per month for 15 years total return with bonuses is £1160 I cant find the relevant paperwork but im sure it guaranteed back what id payed in plus bonus.
i havent accepted it yet i hope an ombudsman can get the policy and check the wording exactly.