Axa Sun Life Bonus Cash Builder

frenchy1502

Hi. I took my axa cashbuilder out in approx. 2003. Signed up for it via an ad in a paper/magazine. They have since changed hands to Friends Life.
I am looking to withdraw funds early (my maturity date is 07.11.2018) but from reading the above am worried that they may not pay me back what i've paid in!
I have written a letter requesting they send me a statement of what i have paid in so far and what bonuses/interest i have accrued. I have also asked that they confirm in writing how much i would get back should i withdraw funds now.
My question is: If they tell me it's going to be less than what i have paid in so far, what can i do? Would 2003 cashbuilder policies be included in the small print error that you've talked about? Can you advise me what i should write in further correspondence to them? What rights do i have?

Many thanks.

crackerjacker

Hiya, since the changeover from AXA cashbuilder, has anyone had a payout from Friends Provident yet?

If so what was the with profits bonus figure?

ancojo

I'm due my payout in February 2014.

I have been calling them nearly every month for a few years to see what my surrender value is just to keep a check on it, one month the interim bonus dropped over £200 pounds!

For the past few months they wont give me a quote over the phone as they say this type of policy cant be done over the phone so they need to send me my valuation by post, costing more money than an over the phone quote! I wonder why they now do this?

Its steadily been rising again but I do get worried that when its due to mature in Feb 2014 there will be some sort of issue that will drop the Interim Bonus value down! I still pay as it seems to be gradually rising more then the £20 per month I pay in.

The difference from Feb to March was £36, from Jan to Feb it rose £166! But that's all mainly the Interim Bonus which due to it not being guaranteed can drop!

Currently after saving at £10 per month rising to £20 my valuation is :-

Sum assured £2819
Interim Bonus £1140

No mention anymore of a terminal bonus that used to be added!

My sum assured is still less than the £3000 I have paid in over the past 14 years!

I will keep checking each month and Aprils should be interesting to see if the same drop that happened last year occurs again!

I still think I should just cash it in now before they get the chance to cut it! Any views?

fuzzgun19

I have an Axa 'Money back plan' taken out Jul 2001. I've paid £6 per month.
How do I know how much I may get back if I let it finish?

Would 'cashing it in' now be worthwhile?

eranou

fuzzgun19 wrote: »

I have an Axa 'Money back plan' taken out Jul 2001. I've paid £6 per month.
How do I know how much I may get back if I let it finish?

Would 'cashing it in' now be worthwhile?

At maturity you'll be getting back the sum assured plus attaching annual bonuses, interim & terminal bonus plus you may get a reorganization bonus as well.

You haven't said what the sum assured is or when the policy is due to finish so I cant give an idea of how much this would be.

Youd be easier just calling them to ask.

dunstonh

How do I know how much I may get back if I let it finish?

You dont. It is subject to unknown future investment returns.

Would 'cashing it in' now be worthwhile?

Impossible to say without a cost analysis. It would have been better to never buy one. They were obsolete at least 6 years prior to your purchase date. However, once you have one, often it is cheaper to continue than to surrender. But is is not possible to say without analysis.

eranou

Most Moneyback plans were written as 15 year terms

At present they are paying a 250% terminal bonus for 15 year term policies, 2% interim and 15% reorganisation bonus.

These rates are subject to change, the next bonus declaration will be around the 15th of January so are likely to change from then.

If you call them & ask for a surrender value this will give you an idea how much its worth now you can then decide if you want to continue with it.

fuzzgun19

This is some of the paperwork I received, is this what's needed?

This paperwork is from 2001. I do have the 'bonus' notice things, but never understand them

eranou

Just looked at a clients details with the same type of plan

Maturity date is Jan 2015

Premium was £6 per month, The maturity value is going to be £909.19 so is working out to be a loss of £170.81.

fuzzgun19

Thank you. Mine is maturing Jul 2016.

I assume it will be best to just let it run then.