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My parents have Sunlife
nolastchance
Posts: 37 Forumite
My mum is nearly 70 and my dad is 70. They both have sunlife cover and there is an option called 'paystop'. What does it mean for them if they use this option? Will they lose out? Sorry I haven't anymore information.
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Always worth reading your own documents as these are long term policies and at times things can evolve or marketing names recycled to something else.nolastchance said:My mum is nearly 70 and my dad is 70. They both have sunlife cover and there is an option called 'paystop'. What does it mean for them if they use this option? Will they lose out? Sorry I haven't anymore information.
PayStop as it is currently offered by SunLife is a cap on premiums... so they will have been paying more when they first took out the policy but they have a guarantee that the premiums will never go above the paystop amount. It will kick in automatically if any review of premiums would have otherwise exceeded the limit1 -
Paystop is not a cap on premiums. When your parents took out the policy they agreed to pay an increased premium so that they could stop paying at an agreed age but remain covered . "You can tailor your plan with PayStop which is our Premium Cap Option. This means you’ll pay a slightly higher premium, but your payments will stop at an agreed date rather than on death"0
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Quite a lot of whole of life assurance plans (rather than over 50s plans) had the stop paying at age xx but retain benefits as default. So, I suspect Sun Life modelled that option on the conventional life assurance option.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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