psynuk Posted May 12, 2015 Share Posted May 12, 2015 Yesterday, I received in the post the wonderful ( ) Sun Life sales blurb along with the special offer of a TV or Video camera free gift ( ). Basically you pay a nominal sum of money for the rest of your life until you die, and then it pays a lump sum to your dependants. The catch If you miss just one payment they cancel it and you get nothing (regardless of how much you have paid in). You can feasibly pay far more in than anyone ever gets back on your death. You get nothing in return (ie the person who's life is insured) You have to have paid in for 2 years before anyone gets anything on your death (except for accidental death). ----------------------------------------------------------------------------------------------------------------------------------- I don't know if it's just me, but it doesn't seem to me, to be anything like a good deal. With far to many exemptions and clauses, where they won't pay out. I suppose it would be ok, if you were guaranteed to croak on the stroke of midnight after the two year payments are satisfied. Who in their right mind would take out such a plan? re bold, If you miss a payment and the plan is cancelled you can, within 6 months continue the plan by paying the missed payments. Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 re bold, If you miss a payment and the plan is cancelled you can, within 6 months continue the plan by paying the missed payments. Blimey...that must be in the extra small print somewhere....It's certainly not (that I'm aware) made plain. Link to comment Share on other sites More sharing options...
francypants Posted May 12, 2015 Share Posted May 12, 2015 In my opinion these policies are not suitable for everybody. If you are in good health this sort of policy is not for you as it's almost certain you'll end up paying in more than you'll ever draw out. However if you've got existing health problems which prohibit getting life cover then this sort of policy can give you 'peace of mind' because you're accepted without any health questions. Of course it's still a gamble that you may pop your clogs within the first 2 years, but if your health is bad and lifespan isn't great it's a way of getting life insurance. ( just my opinion, I'm not an insurance agent/broker ) Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 Oh God....Now I've got Parkie advertising Sun Life over 50's Plan on my email program....Must clear the cookies... Link to comment Share on other sites More sharing options...
alternageek Posted May 12, 2015 Share Posted May 12, 2015 Yesterday, I received in the post the wonderful ( ) Sun Life sales blurb along with the special offer of a TV or Video camera free gift ( ). Basically you pay a nominal sum of money for the rest of your life until you die, and then it pays a lump sum to your dependants. The catch If you miss just one payment they cancel it and you get nothing (regardless of how much you have paid in). You can feasibly pay far more in than anyone ever gets back on your death. You get nothing in return (ie the person who's life is insured) You have to have paid in for 2 years before anyone gets anything on your death (except for accidental death). ----------------------------------------------------------------------------------------------------------------------------------- I don't know if it's just me, but it doesn't seem to me, to be anything like a good deal. With far to many exemptions and clauses, where they won't pay out. I suppose it would be ok, if you were guaranteed to croak on the stroke of midnight after the two year payments are satisfied. Who in their right mind would take out such a plan? Its a terrible plan. They pray on the vulnerable, imo. As with all of these things, you need to do your research before committing. Also, most of the people on the phone arent trained to give you advice on whats best for you and your needs, only factual advice. So its best to get some details sent to you from various companies and speak to someone you trust to see whats right for you. Financial advisors might not help, as they dont generally sell these type of policies (well not the ones sold on tv) and dont make any commision off them either. Saying that, there are better over 50s policies out there. Post Office (Aviva) pays out after a year and you pay premiums up to your 85th (?) birthday.. Even though you've stopped paying at that point youre still covered for the rest of your life. I think the max sum, for women, who started their policy at age 50 paying £50 p/m would qualify for a lump sum of £20K. Men, who start at the same age, paying the same premium get a bit less (£18K or so?) The stop of coverage after missing x payments, is quite common nowadays for most insurance policies. Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 Its a terrible plan. They pray on the vulnerable, imo. As with all of these things, you need to do your research before committing. Also, most of the people on the phone arent trained to give you advice on whats best for you and your needs, only factual advice. So its best to get some details sent to you from various companies and speak to someone you trust to see whats right for you. Financial advisors might not help, as they dont generally sell these type of policies (well not the ones sold on tv) and dont make any commision off them either. Saying that, there are better over 50s policies out there. Post Office (Aviva) pays out after a year and you pay premiums up to your 85th (?) birthday.. Even though you've stopped paying at that point youre still covered for the rest of your life. I think the max sum, for women, who started their policy at age 50 paying £50 p/m would qualify for a lump sum of £20K. Men, who start at the same age, paying the same premium get a bit less (£18K or so?) The stop of coverage after missing x payments, is quite common nowadays for most insurance policies. Good grief...£50 a month?....That's a huge amount of money.... Link to comment Share on other sites More sharing options...
alternageek Posted May 12, 2015 Share Posted May 12, 2015 Good grief...£50 a month?....That's a huge amount of money.... Dont think many people chose that option.. most chose the £20 p/m (so if they started at age 50, would give them just over £7600) You can also have two policies, but the premium cant surpass a combined premium of £100 Also after a quick check, you need to pay in for 30 years (or if you started at age 50, your 80th birthday - not 85th as I stated previously) Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 Dont think many people chose that option.. most chose the £20 p/m (so if they started at age 50, would give them just over £7600) You can also have two policies, but the premium cant surpass a combined premium of £100 Also after a quick check, you need to pay in for 30 years (or if you started at age 50, your 80th birthday - not 85th as I stated previously) They all seem to have 'quirks' that make it pretty worthless... Link to comment Share on other sites More sharing options...
alternageek Posted May 12, 2015 Share Posted May 12, 2015 They all seem to have 'quirks' that make it pretty worthless... Well it pays out after 1 year over coverage, so much better than sunlife/axa, but youre fully paid up after 30 years and the cover still continues Link to comment Share on other sites More sharing options...
JFKvsNixon Posted May 12, 2015 Share Posted May 12, 2015 They all seem to have 'quirks' that make it pretty worthless... How do you expect a good life insurance scheme to work? Link to comment Share on other sites More sharing options...
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