Lincoln Financial group-Sun Life

doubleday

I have read so much my head hurts-hoping for some advice.
Took out a Growth 10 Plus Plan in March 1982 with Lincoln Financial. (savings plan)
This had an element of Life Cover and I'm sure a huge element of commission that was never explained.
The Lincoln policy passed to Sun Life of Canada and I cashed it in March 2012 exasperated with low returns.
I have paperwork. Can I claim for this? Sun Life/Lincoln do not appear on any of the lists of companies. Can I claim to Sun Life who took over the Lincoln policy? Thank you

[Deleted User]

What exactly are you claiming for?

You generally need to be dead to claim on life insurance.

The_squirrell

1982??


Why would you be complaining? Of course there would be some commission involved, but this does not mean that you have a valid reason to complain. Are you getting this mixed up with Plevin & PPI?


Even if you felt that you wanted to complain, then without any documents or valid reasons, you should forget this after 37 years!

SonOf

Took out a Growth 10 Plus Plan in March 1982 with Lincoln Financial. (savings plan)

Sounds about right for the era.

This had an element of Life Cover and I'm sure a huge element of commission that was never explained.

It had to have an element of life assurance to qualify under the life assurance tax wrapper. Without the life assurance it would not qualify. Its a bit like complaining that you bought a car and you want to complain as it has four wheels.

Commission disclosure was not required until the 90s.

Can I claim for this?

Are you dead?
Or do you mean complain?

If you mean complain then what exactly is your complaint as what you have written is completely irrelevant.

doubleday

I think I have read so much that I can not see the wood for the trees! I can confirm I am not dead.
I will just file it under things I should not have purchased in the first place and things I should have stopped paying into years before i cashed it in as the returns were so poor and it kept being put to the bottom of the "to do" list!

SonOf

I will just file it under things I should not have purchased in the first place

Why do you think you shouldn't have purchased it?

These were the mainstram regular contribution investment plan of that era. The life assurance tax wrapper has the main one back then. You got LAPR tax relief on the premiums.

This type of plan didnt go obsolete until the early 90s when PEPs started to take over.

and things I should have stopped paying into years before i cashed it in as the returns were so poor

The returns on these were back loaded. i.e. if you didnt say until maturity, you missed out on the bulk of the returns. I used to deal with maturities of this type of plan and those of your era typically paid out 3-4 times more than was paid into them.