AXA Sunlife Bonus Cashbuilder Plan

sunlife_loser

I have saved on the cashbuilder for the last 15 year £30 per month, and have received on completion £5733,00 a grand total profit of £333. What a complete con, the only saving grace was that I actually got more back than what I put in just!

dunstonh

sunlife_loser wrote: »

I have saved on the cashbuilder for the last 15 year £30 per month, and have received on completion £5733,00 a grand total profit of £333. What a complete con, the only saving grace was that I actually got more back than what I put in just!

It isnt a con. It was just an obsolete investment when you bought it and even more so today. A bit like buying a black and white tv when everyone else had moved to colour.

norn_irn

today i recieved my maturity figures from my 15 year with profits policy with sunlife. £22 a month. matures nx month
Total i paid in polices £3960
THEY ARE OFFERING ME

sum assured £1483 (where did they get that figure from)
bonus already allocated £517.19
interim bonus £36.67
terminal bonus £526.17

Total £2563
Without bonuses they are offering me 37% of what i paid in and with bonuses only 60% roughly.
Please somebody tell me they cant do this

mollycat

norn_irn wrote: »

today i recieved my maturity figures from my 15 year with profits policy with sunlife. £22 a month. matures nx month
Total i paid in polices £3960
THEY ARE OFFERING ME

sum assured £1483 (where did they get that figure from)
bonus already allocated £517.19
interim bonus £36.67
terminal bonus £526.17

Total £2563
Without bonuses they are offering me 37% of what i paid in and with bonuses only 60% roughly.
Please somebody tell me they cant do this

As Dunstonh, (and many others have said over the years), these products are awfull.

I can't understand why you're so surprised.

Haven't you been getting regular updates?

opinions4u

Low premium.

High charges.

Expensive life cover.

Poor investment returns.

The only promise made was "sum assured". You beat it.

dunstonh

Please somebody tell me they cant do this

The product was obsolete when you bought it. You really shouldnt buy financial products via mailshots. Very often obsolete products that can no longer be retailed via the advice channels (as advisers wont touch them) continue to be retailed direct to consumer in mailshots and adverts as the average consumer doesnt know good or bad and without an adviser to put them off they can get away with it as long as what they say is correct.

ernie-money

I am really sorry to post this again, as I had already posted it on another Axa thread, but there doesn't seem to be much activity on it, so thought I'd try my luck here.

I would just like to clarify that i'm not moaning about the plan etc, I know it's my own fault for taking it out, but I was only about 20 and financially clueless at the time. I thought I was doing something good, saving for the future, I've learned to research my options since...

Basically since 27/9/01 I've paid in £2340. Today's surrender value is £2471.94, including a £348 not guaranteed bonus. (Not quite sure what the not guaranteed bit means?)
If I keep the policy until maturity in 2016, pay in another £900, making the total paid in £3240, they predict a payout of £2714 plus estimated bonuses of £1026 = £3740.

I was thinking of cashing it in, and paying the money into a Santander 2 year fixed ISA, paying 3.3% interest, (or is there a better option?) and hopefully find something similar after that, in which case I would be looking at £2780 in 4 years time, without even adding any more to it.

Does this sound like a sensible option, or would I somehow still be better off leaving the money where it is...? I would be very grateful for an answer!

jonathanen

ernie-money wrote: »

I am really sorry to post this again, as I had already posted it on another Axa thread, but there doesn't seem to be much activity on it, so thought I'd try my luck here.

I would just like to clarify that i'm not moaning about the plan etc, I know it's my own fault for taking it out, but I was only about 20 and financially clueless at the time. I thought I was doing something good, saving for the future, I've learned to research my options since...

Basically since 27/9/01 I've paid in £2340. Today's surrender value is £2471.94, including a £348 not guaranteed bonus. (Not quite sure what the not guaranteed bit means?)
If I keep the policy until maturity in 2016, pay in another £900, making the total paid in £3240, they predict a payout of £2714 plus estimated bonuses of £1026 = £3740.

I was thinking of cashing it in, and paying the money into a Santander 2 year fixed ISA, paying 3.3% interest, (or is there a better option?) and hopefully find something similar after that, in which case I would be looking at £2780 in 4 years time, without even adding any more to it.

Does this sound like a sensible option, or would I somehow still be better off leaving the money where it is...? I would be very grateful for an answer!

Hi ernie-money! The letters are on my website - http://www.jonathanen.com/pages/AXA/AXA.htm I hope this helps you as it's very quick and easy process! :j

bannyso

banner188 wrote: »

I Axa are terrible.

Wow, and they said my case was a once off....

NEVER AXA!!!!!

Polgara43

(also posted on older thread - 182903)

A little later than everyone else I have just stumbled across this thread - interesting reading!

I have two policies with Axa (now Sun Life), one taken out in June 2000 and the second in February 2004. Like others on here I was not particularly financially savvy but felt at least I was saving something which had to be good thing. Seems not :-(

I have just dug out both of them and by my reckoning have paid in the following:

Policy One - £1800 paid in, £310 bonus added = £2110
Policy Two - £2760 paid in, £587 bonus added = £3347

Having read these posts today I have no intention of paying in any more money. I will call them tomorrow and ask them for surrender values initially, and see what they come up with. I can see with the first policy I will be stuck with what they offer, but the second should be covered by the dates relating to the FSA ruling, so I can push on that one if need be.

I am sure I'm not the only person kicking themselves for still having and paying into these policies, so I will post an update once I have spoken to them.

Thanks anyway to all the posters on here for the advice, and to Jonathenen for the letter template which I have downloaded this evening - fingers crossed, I have to move house soon so could use the cash :-)