Axa Sunlife- Cashbuilder Plus

longleggedhair

dunstonh wrote: »

Again, yours is way above the typical expectation for this plan. So, it appears you are getting lucky with timing. People that had theirs maturing a year ago were getting peanuts above the amount paid.

Thank you both of you.

I don't think this is correct, a close relative has one of these plans and the terminal bonus has been in the 100s of % for the last few years, as they are disturbing the excess assets in the estate of the fund.

dunstonh

An artificial increase because of estate distribution would explain the short term boost in value over what you would normally see.

WelshGal68

Hi - I've got one of these Bonus Cash Builder 15 year Plans which matures in August. I've had a letter from Friends Life as they are now with an "approximate" maturity figure but I'm only getting back half of my invested sum (I was paying £10.00 per month = £1800) plus bonuses. Doesn't seem right to me. I know the plan is rubbish but I just looked at it as putting a few quid away per month and at least getting back what I'd put in?

Malthusian

Am I right in thinking that these plans had a life cover element (i.e. if you'd died within the 15 years, AXA would have paid out more than the value of what you'd paid in so far)? If so, this partly explains why you aren't guaranteed to get the total of your initial premiums back. Some of your premiums were used to pay for the life cover and only the remainder was invested.

However, that explanation notwithstanding, the plans were still terrible value. It is worth having a read through this whole thread because it appears that AXA have been compensating clients in order to head off misselling complaints.

WelshGal68

Malthusian wrote: »

Am I right in thinking that these plans had a life cover element (i.e. if you'd died within the 15 years, AXA would have paid out more than the value of what you'd paid in so far)? If so, this partly explains why you aren't guaranteed to get the total of your initial premiums back. Some of your premiums were used to pay for the life cover and only the remainder was invested.

However, that explanation notwithstanding, the plans were still terrible value. It is worth having a read through this whole thread because it appears that AXA have been compensating clients in order to head off misselling complaints.

Thanks Malthusian - I've been reading threads for months that go back years. There is some mention of mis-selling in 2003 but my policy was taken out in 2001 so not sure if I'd be entitled to anything. The policy wasn't sold or advised to me - it was one of those out of a magazine things I filled in. I think I'll write to them for an explanation (always like to put things on paper rather than over the phone - paper trail and all that). Many thanks again.

dunstonh

WelshGal68 wrote: »

Thanks Malthusian - I've been reading threads for months that go back years. There is some mention of mis-selling in 2003 but my policy was taken out in 2001 so not sure if I'd be entitled to anything. The policy wasn't sold or advised to me - it was one of those out of a magazine things I filled in. I think I'll write to them for an explanation (always like to put things on paper rather than over the phone - paper trail and all that). Many thanks again.

There was no mis-selling. These types of plans had long gone from the advice channel. However, there was an error on some of their data during a limited period. It is a bit of a get out of jail free card as it was in an area that virtually no-one would have read or it would have made no difference. If you bought within that window, you can request the plan is voided. Although you may get less than the value if you do that near the end of the term.

The example value supplied for maturity may be the current position not including the final bonus. Does it say whether it includes the final bonus?

WelshGal68

dunstonh wrote: »

There was no mis-selling. These types of plans had long gone from the advice channel. However, there was an error on some of their data during a limited period. It is a bit of a get out of jail free card as it was in an area that virtually no-one would have read or it would have made no difference. If you bought within that window, you can request the plan is voided. Although you may get less than the value if you do that near the end of the term.

The example value supplied for maturity may be the current position not including the final bonus. Does it say whether it includes the final bonus?

Thanks Dunstonh - it does include the final bonus so it's still less than what I put in even with the bonuses attached!

longleggedhair

My mother had just received her maturity payout. The premium was beginning at £10 rising to £20- total paid in was £3240. Maturity came in at £5981. Seems to be higher than the earlier maturities mentioned here, seems they must have increased the terminal bonus again. Needless to say she's very happy!

13Kent

Anyone had any recent payouts? Have got a policy that ends later this year, just wondering what the payouts have been like this year.

lolliplop

13Kent wrote: »

Anyone had any recent payouts? Have got a policy that ends later this year, just wondering what the payouts have been like this year.

Hi, my policy matured in February. Total paid in £6480, total received £11,125. Was happy with that!