Sun Life Financial of Canada - errors and complaints

Suemac2a

Apologies if this has been covered - couldnt find in search and was surprised by this. 

SLOC has sent out letters stating premiums for a savings policy not received. As premiums had been clearly taken no option but to phone as letter warns of impact on policy if not addressed.

Call waiting time in excess of TWO HOURS......

 It appears letters sent in error and seem widespread, advice is simply to ignore if money had indeed been taken. 

 No information published elsewhere to save  making the call, not on website for example, which seems pretty basic.

TrustPilot shows widespread dissatisfaction (recently escalated due to this situation) https://uk.trustpilot.com/review/sunlife.ca

Anyone have any other information or reason for concern? Call waiting message specifically reassures they are 'financially sound and your money is safe' which to me at least, is not reassuring at all.

dunstonh

Anyone have any other information or reason for concern? Call waiting message specifically reassures they are 'financially sound and your money is safe' which to me at least, is not reassuring at all.

Apart from the fact that much of their product range is obsolete and no longer available and can often be improved on by alternatives, no.  They have a few old gems, often from companies they have merged with, but you should investigate whether what you have is still competitive compared to modern options.

Many providers will make clerical errors from time to time.  Including the most financially secure ones.  A clerical error has nothing to do with financial solvency.

Suemac2a

Thanks dunstonh. Agree with all above. I only have an ancient savings policy about to mature, but good general advice re better product. I think my concern was the lack of transparency and communication around what appears to have been a major clerical error, and the consequent beleaguered customer services...... but arguably this is consistent with a poorly supported legacy operation. 

Thrugelmir

I've yet to meet any human in the workplace that has never erred at some time. Though some do swear until they are blue in the face that are perfect. 

eskbanker

Thrugelmir said:

I've yet to meet any human in the workplace that has never erred at some time. Though some do swear until they are blue in the face that are perfect. 

"All the guidance was followed completely...."?

Chrissiemc

I've had my life plan nearly 30 years which, since it was acquired by SLFC, they have been applying charges that are not defined in any documentation, which along with very poor management of funds the policy says will be expertly managed, has run down the policy value.  In the last six years they have reduced the benefit on death by circa 80%.  I first raised my complaint in October 2021 and I am still waiting for a response to the queries raised.  All I get are holding letters.  Based on my experience, I wouldn't advise anyone to use them.         

Malthusian

Chrissiemc said:

I've had my life plan nearly 30 years which, since it was acquired by SLFC, they have been applying charges that are not defined in any documentation, which along with very poor management of funds the policy says will be expertly managed, has run down the policy value.

If the cost of the insurance is depleting the fund value, there is virtually no chance that overperformance or underperformance by the fund managers would make any real difference.

In the last six years they have reduced the benefit on death by circa 80%.

Is this a renewable life policy? Were you given the option to increase the premiums to maintain the death benefit?

I first raised my complaint in October 2021 and I am still waiting for a response to the queries raised.  All I get are holding letters. 

You have had the option to take the complaint to the Financial Ombudsman since December.

You would need a more well-defined complaint to have much of a chance of a significant payout. Poor fund performance is not grounds for a complaint, nor is the death benefit being reduced because the fund value and the premiums are insufficient to maintain the life cover at its current level.

If, as I suspect, this is a unit-linked life cover policy, then the main charge is likely to be the cost of the life cover, which is determined by SLFC's actuaries.

Based on my experience, I wouldn't advise anyone to use them.         

Nobody would anyway - SLFoC isn't open to new business in the UK.