Axa pays up on Sun Life Direct over-50s’ policy after Twitter appeal

Former_MSE_Michael

"A MoneySaver has won a fight for her mother's life insurance fund after tweeting Martin Lewis..."

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Axa pays up on Sun Life Direct over-50s’ policy after Twitter appeal



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dunstonh

AXA were silly on that one. The FOS, had they been involved, would have gone against them under a fairness decision.

However, what this does highlight that paying via non automated methods carries risk as technically, AXA did nothing wrong. If the mother had survived say 12 months and no payment then a payout would be unlikely.

minislim

glad there was a happy (ish) ending.

its schemes like this that put people off. especially if more money was paid in than paid out.

thats why a general savings account is probably better.

thats what im doing

Pincher

Is that the one Michael Parkinson was selling on TV?

I wonder when they are going to start using Robert Kilroy-Silk? He must be getting old enough to match the demographics.
As long as there are widows to charm, there is a job for smooth talking jocks like him.

Carol Vorderman is ready to step into Gloria Hunniford's shoes, I see.

[Deleted User]

dunstonh wrote: »

what this does highlight that paying via non automated methods carries risk as technically, AXA did nothing wrong.

So agree with this. It also shows up how setting up a direct debit for this kind of thing is so vital.

The terms say they won't pay out if a payment was missed - and that's what happened. So, technically, the relative is wrong to say it is money "they were owed" - they weren't.

But it's nice that the story had a happy ending.

magpiecottage

billbennett wrote: »

The terms say they won't pay out if a payment was missed - and that's what happened. So, technically, the relative is wrong to say it is money "they were owed" - they weren't.

Technically, AXA was in breach of FCA Principle 6 - which has the force of law.

miller

"It's the little things that mean a lot".

Like trying not to pay because of a missing signature?

Fetch the sick bucket.

tgroom57

alternatives to sending a cheque - send postal order, bankers draft / counter cheque?
Depends on how much time is available to 'nip' into the post office /high street, and wait for Royal Mail to deliver.

Butterfly_Brain

These sorts of over 50's plans are a con, better to open a credit union account and put by the same amount of money, you will end up with more in the pot than the shyster insurance companies give you. I have had to do this because of illnesses it would be prohibitive to have one of these plans

dunstonh

Butterfly_Brain wrote: »

These sorts of over 50's plans are a con, better to open a credit union account and put by the same amount of money, you will end up with more in the pot than the shyster insurance companies give you. I have had to do this because of illnesses it would be prohibitive to have one of these plans

Or have a proper underwritten life assurance policy instead.

These over 50s plans are an option of last resort. However, they are not marketed as such.

Pincher

Sun Life ten year policies used to work out OK in the 70's.
"Some" of your monthly contributions were ACTUALLY invested. As usual, the first year or so of contributions went straight into the commission pot, but under a high inflation, and therefore high return environment, plus tax incentives because it's inside an insurance policy, what you got back was respectable. The pay out if you die was a sensible financial planning tool. Our house was £27,000 in 1977, so if we got a pay out of £10k, the mortgage was at least halved. Nobody died.

Now that there are no tax incentives, and investment return is lower than the charges, the only way to win is to DIE, in the first year or so. Take out a policy and then go on holiday to Jerusalem?