Axa Sun Life Policy - should I get out whilst I can

aetius

Hi,

I've read a lot of bad things about the axa sun life policy, but was pleasantly surprised when I checked my figures today. I'm not sure whether I should get out now whilst I can or stay:

I started paying 10 gbp pcm in jan 2003, then 12, 14, and incrementing each additional year up to 20 gbp (total paid to date is 1200).

Axa said my surrender value is 1,208 (with a non guaranteed bonus of 45gbp).

In 2018 the mininum payment will be 2,200 with estimates at 3,320 (4% growth) and 4070 (8% growth)

At this point I'm happy to break even considering the financial turmoil lately, just wanted to get some other opinions of whether it's worthwhile keeping with the policy...

thx

opinions4u

Welcome to the forum!

What type of policy is it?

Where are the funds actually invested?

Is £1,208 a surrender value, or a reflection of the underlying fund?

What would you do with the money if you surrendered?

Why did you take the plan out in the first place?

What other financial calls are likely to hit you prior to 2018?

Impossible to tell you without a bit more information.

dunstonh

assuming the 10-15 year cashbuilder/bonus builder......

I started paying 10 gbp pcm in jan 2003

What made you buy it in 2003? The plan is no more obsolete today than it was in 2003 (it was mostly obsolete by 1995 with even AXA themselves stopping their own agents from recommending it around 1998).

aetius

Thanks,

It's a life policy with profits , invested are

55% shares UK, 25.4% fixed interest, 12.8% property, 6.3% money market

1208 is the actual surrender value,, which surprises me as I'd thought it'd be a lot less. I took the plan out initially as life insurance for my mortgage, however I no longer have that mortgage, so just a pension at the moment.

I took the policy out on my dads advice back then without knowing much about it, but have only recently started to look at the policy closer - I'm just wondering if it's worthwhile. If I took the money out, I'd more than likely put it in the back or under my carpet....