Axa Sunlife

glitter58

sylblake wrote:

I am sure the 'experts' will be able to give much sounder advice than me. After weighing up the pros & cons from the previous posts I decided to withdraw my money & put it straight into an ISA. I am still adding the monthly payment I would have paid to it each month.

At least I know my money will still be there in a few years time, ISA is tax free so no tax deducted, & will have a bit of interest each year.

Hi thanks for the reply,I am having the same thoughts but I just wanted to hear someone else agree with me Lol I dont trust my own judgement anymore since discovering this site.
I tend to check on here whatever my question is these days.
My husband called me in work this week to ask what did I want for tea " or do you want to ask on martins money first" he asked, cheeky begger.
J

Gambit

Been meaning to post this for a while but havent been on the site for a bit. Basically I started getting worried about my AXA life policy after reading all the comments on here and so wanted to close the account. But as I mentioned in previous posts I was offered very little for my policy.

However as I took out the policy before they were fined for mis-selling the policy I told them that I wasnt made aware of this fact when it happened and for that reason I should be able to close my policy with all the monies I put in being returned to me. To my shock I was sent a letter a few weeks later which agreed to this fact and then a few weeks after that I got back all the money I put into both policies.

Therefore for anyone else that may be in my position I would suggest writing to AXA about their situation to see if you can get a better deal for yourself.

Thanks again to all that have given advice and comments on this subject!

BONJOEY

hi i have 2 cash builder bonus plus agreements,
after reading these stories i decided to ring up to see what i would get back
i was shocked!!
i have 2 policies, both started october 2001
starting with 10 pound per month increasing by 2 pound per year , so next month i will be paying 20 a month for 10 years,

i have paid in approx year 1, 120
year 2, 144
year 3, 168
year 4, 192
year 5, 216
so by next month i would have paid in 840 pound in each policy and they said i can surrender for 511 each!!!

what a con, i have 161 pound bonus for 5 years!!!
does any one know what the projection value was, ans i remember having an estimate of what you would recieve back if you surrender early, is it better for me to surrender in a couple of years time! or lose even more or surrender now, ?
im so confused and angry
bonjoey

ReportInvestor

I'm afraid a projection is just a projection.

Falling stock markets and falling yields on bonds have rendered it meaningless.

One thing that has not fallen in the last five years will be the Axa charges.

BONJOEY

so do you think cash in?:cool:

ReportInvestor

Ask Axa for the projected value based on a future fund growth of 6%.

Then you will be in a position to do the sums rather than act on guesswork or bulletin board comments.

frisbee

I HATE AXA SUN LIFE
I deceided to cash in my 15 years with profit policy last year, they advised me it would be in my interest to keep the policy running but to take out a loan from them against the surrender value. In april this year i paid them back £500 of the loan, only to find out a month later that they had no record of me paying this money back. I had to send copies of my bank statement twice ( they said they never received first time) to prove i had paid them and made numerous phone calls to the company to try and sort it out. After all this i lost faith in the company and decided they werent getting another penny of my money. So again i arranged to cancel , but the settlement figure they offered me second time around was less than expected , taking into account what my first offer was and how much i have paid in since. So in fact it was not in my interest to take the loan. I complained to the company but did not get any where.

catyxx

Hi there - I've just been doing some research on my Axa Bonus Cashbuilder Plus Policy and came across this thread! I'm really shocked! I wanted to see if someone could please give me some advice on whether I should cash it in now or leave it as i'm not sure what to do.

Policy Start Date: 07/05/2003, starting at £20 and increasing by £4 every year until 2006 then it will be £40 month until the maturity date 07/05/2018.
I was payed back half the premium in the first year (£120)
Year 1 - £240 (bonus: £36.90)
Year 2 - £288 (bonus: £55.82)
Year 3 - £384 (bonus: £56.51)
Year 4 - £128 (so far)

Guaranteed sum assured £4428
Guaranteed sum assured if rates grow by 4% £7140
6% £8050

Any advice on what to do with this would be much appreciated.

Thanks

C

scottishcolin_2

I had exactly the same problem. I started the policy in April 2003 paying in £10 in the first year and rising 20% every year thereafter etc. Last month I decided to find out what the surrender value was and was told it was £177 (having paid in over £400). Then, I came across an article that stated that Axa were fined £0.5m in Jan 04 as a penalty for misleading advertising (you can find the article on the FSA website) for the over 50 plan and the bonus cashbulider from 2002 to 2004. Thus anyone who took a policy out in this time would be entitled to a full refund of their premiums as they have been swizzed. So last week I recieved £463 (all of my premiums + 1% interest) - hooraay. My advice would that anyone that can should take this route and invest in a high interest cash isa etc.

dunstonh

My advice would that anyone that can should take this route and invest in a high interest cash isa etc.

That isnt investing. That is saving.

By chosing the AXA plan you had the idea to invest but you just chose the wrong product and wrong investment funds to do it with. Equity ISA would have been cheaper, more flexible and offered far better investment options.