Axa Sunlife

iris1957

thanks for reply i am over 3 weeks now waiting for reply, told on thursday it culd take up to 4 weeks from complaints dept and if im still not satisfied with result of outcome after 4 week period result, it will be another 4 weeks again for final decision, soon as i hear i,ll let you know if theyve offered us morex iris1957

TheAircrashBureau80

Hi iris1957,
I phoned up to get a surrender value quote on the Bonus Cashbuilder policy which I started on 17th March 1999, paying in £30 then going up to £60 per month. Last payment due on 17th February 2014. The total paid to date is £8640, total bonuses are £1961.51 with a Terminal Bonus value currently at 170%.
Surrender value quoted was £11117.41 plus bonus of over £2900!
I requested the surrender forms to be sent to me, and I will confirm the figures when I get the paperwork. As many people on this forum who have been quoted a surrender figure less than what they have paid in I expected the same, only to be given a much bigger quotation. I should have asked the lady on the phone to repeat the quote as I wasn't expecting that much. One thing that I didn't ask for was the projected figures of 6% per annum for the underlying fund until the maturity date. Perhaps that will be included in the paperwork when I receive it.
I hope this information helps you and others who read this thread.

TheAircrashBureau80

A follow up to my last post;

I received my surrender value quote and form today and the surrender value is £8091.46 plus an interim bonus of £2926.03.
Total = £11017.49.

The money should be paid into my account within 10 to 14 working days. I'm pleased to come away with more than I paid in, plus not having to pay in £60 x 14 months ( £840 until Feb 2014.)
Until I did a Google search on AXA Sun Life Bonus Cashbuilder Plus plan which led me to this site, I had no idea how badly rated the policy was. Yes I was taken in by Michael Parkinson's TV ad as well as the Carol Smilie ad in my Daily Mirror newspaper back in 1999 (still got it!) but now being on long term sickness from my job meant I need the money now, but some of it will go into a savings account as well as the £60 per month which would otherwise have gone on the AXA policy.
Here's hoping my experience will encourage those policyholders who want to get the best outcome for themselves.

TheAircrashBureau80

iris1957

hi aircraftb, have you heard from axa sun yet with your policy early settlement figures? i havent yet thats a week over their 30 days now going to call them on monday if i dont get a letter in the post by then, keep you posted how i get on/

TheAircrashBureau80

Hi iris1957,
AXA Sun Life have received my paperwork on Friday 4th January as I sent it by Recorded Delivery, now it's a matter of waiting for the money to be paid into my account. I'll keep you informed as to when that happens.
You have to keep on to AXA regarding your complaint, hopefully they'll get fed up and decide to settle up in your favour. Good luck!
TheAircrashBureau80

TheAircrashBureau80

iris1957,
If you do write to AXA, send the letter by Recorded Delivery so that you can check online to see when it was received and signed for by them. That way it can't be disputed that your correspondence was not received.

iris1957

hi. aircrash. i phoned up axa sun yesterday only to be told it coukd take up to another 4 weeks for final reponse , so they are getting yet another payment from us, you not heard anything yet from them?? iris1957

TheAircrashBureau80

Hi iris1957,
To wait an extra four weeks for a decision is not on, surely they can decide sooner than that? I think you need to write to them to say that you're not happy with the wait and in view of this push for a cancellation of your policy and a full refund of all monies paid plus interest. A number of other people on this site have achieved this, whether it was during the misleading period in 2002 to 2004 or complaining about the surrender quotes being less than what they have paid in.
I'm still waiting for my payment to go into my bank account, being told on the phone that the payment takes 3 to 5 working days to arrive, yet the form stated within 10 to 14 working days. I'd prefer it to be the shortest period so that I can put it in a savings account and settle some bills. I'll keep you posted, good luck iris1957.
TAB80

vancenang

I took out an axa sunlife policy in 1998 it matures in april 2013,out of curiosity i had enquired about a surrender value and a preliminary maturity value i was totally shocked to find out i am only going to recieve 37000,i was expecting 48000. Ive paid in 32400 ! they are paying me approx 16000 in bonus so it appears that they have taken about a third of my premiums as charges thats 10400 is that legal?
In their letter of response to my complaint they emphasized the assurance aspect of the plan whereas the literature was all about savings and charges werent mentioned as i can remember.In a recent telephone conversation i asked if i had paid charges and was told no,so ive asked them to account for the missing 10400.Ive also lodged a complaint with the ombudsmen(has anyone explored this route)I have also asked them for a copy of the policy i signed they said they dont have one and that it is all on their system(very suspicious)
I suspect that the ombudsmen will come down in their favour so i was even thinking about taking them to court,is it worth it?Has this been tried?
I realise ive been totally gullible here but the thought of paying them 5yrs premiums to line their pockets while ive struggled to keep up the premiums has got me well:mad:
I would appreciate any advice and info concerning other peoples experiences of complaining to sunlife about these policies.Does any one have any contracts from the 1998 period that i could have a photocopy of showing the t&c
with regards IB

dunstonh

they are paying me approx 16000 in bonus so it appears that they have taken about a third of my premiums as charges thats 10400 is that legal?

It is legal. You agreed to it at the start. It isnt just charges though. It is the cost of life assurance. Only a proportion of your money goes towards the investment. Some of it goes to cost of life cover.

In their letter of response to my complaint they emphasized the assurance aspect of the plan whereas the literature was all about savings and charges werent mentioned as i can remember.

If you buy without advice, the disclosure requirements are lower and the consumer protection is lower.

Ive also lodged a complaint with the ombudsmen(has anyone explored this route)I have also asked them for a copy of the policy i signed they said they dont have one and that it is all on their system(very suspicious)

It will be difficult for the FOS to rule as there is no wrong doing here. Plus, as you bought the policy yourself, you cant blame anyone else.

Most insurers will not issue duplicate policy documents as they are technically legal documents. Insurers dont have copies on their files to generate on a whim either.

suspect that the ombudsmen will come down in their favour

So do I as you havent indicated any wrong doing.

so i was even thinking about taking them to court,is it worth it?Has this been tried?

Very foolish. You would lose and end up out of pocket. No laws broken. You have to prove a wrongdoing.