'Beware the ‘Over 50 Sun Life Axa Plan’... blog discussion

rubicon15

I actually think the report on the over 50 life insurance plans is a little biased. Yes you may get less out than you put in. It seems to take an average of 14 years to break even give or take a few months, BUT many people are not good savers. It's pretty pointless telling people to put it in a poor interest savings account, when at the first crisis or spending spree they'll take it out. Also whilst inflation will make it worth less, the same applies to the fixed amount you're putting in. It will not seem much in 20 years time if you're still alive. Sure it's a gamble, die early the payment ( interest) will be good, die later, at least family get something. He particularly dislikes Sun Life. Why? Payout is 3rd highest in his table, pays out after one year not two, and no I don't work for them. I think when you consider people have Premium Bonds and other stuff they're not the bad deal he makes out. What I dislike about Sun Life is them bloody phoning you if you apply or their nominated agents. I suppose in a way, that shows they're taking the time and making sure you know what you want, but I simply don't need a 30 minute phone call at some inopportune moment.

jobzwo888

I have never been a fan of them. There are so many better ones out there.

LozDee

Please beware and keep an eye on yourself and your elders regarding all over 50s policies. 

My Dad died recently.  He had taken out three Over 50s policies with Sun Life/Aviva over time. He didn't expect to live to an old age having had a stroke at age 59 but he reached 90 years, unfortunately ending up with a few conditions including mixed dementia so he didn't/couldn't keep an eye on this and the diminished returns.  I reviewed the policies a couple of years ago but it was continue or get nothing in most cases.  This is a summary of the returns:

Start Date	Monthly   Premium	No of Months    to date of death	Amount             paid in	Sum Assured/     Amount Paid out
29/04/1994	£18.00	829	£14,928.00	£2,500.00
14/02/2005	£12.00	501	£6,008.00	£990.00
23/08/2010	£12.00	333	£3,992.00	£750.00
			£24,928.00	£4,240.00

Of course they tell you it's all in the small print but no-one except the financial institutions/perpetrators can see this is as anything but a cruel rip-off.  The operator I spoke to even doubted what I was saying regarding what I estimated had been paid in....  I suggested that they do some basic calculations themselves....

I so wish my Dad had spent the money on himself/my mum or just popped £30-£40 in a little account (or even under the mattress!) for the last 27 years of his life instead.... Not for me/my siblings to inherit but because he was not a wealthy man who wanted to avoid any burden on his family but not deserve to be handing his money over in this way.