SunLife offer the UK’s leading over 50s life insurance plan, namely the Guaranteed Over 50 Plan. The company has been trading for more than 200 years and were the first insurance provider to offer no medical life insurance in 1900.
The SunLife Over 50 Life Insurance Review is a guide to help you understand the features and benefits of the plan, options available and things to consider. Do make sure you read, understand and are happy with the terms and conditions of any plan you decide on.
Why Choose the Sun Life Guaranteed Over 50 Plan
Guaranteed to pay a lump sum of money when you die
Guaranteed acceptance life insurance with no medical or health questions
Simple, straightforward and quick application
Premiums range from £3.90 to £74 - the lowest in the market
Fixed monthly payments that never change
UK residents between the ages of 50 and 85 are eligible
First month's premium free of charge
Full cover after the first 2 years - if you die during this initial period, 150% of the premiums paid would be refunded
You are immediately covered for the full amount if you die as a result of an accident
NEW: Premium Cap Option
For those who do not wish to pay premiums until they die, you can choose an alternative option which allows you to select a higher monthly payment and choose the year that you wish to stop paying whilst retaining all the benefits.
Funeral Benefit Option
The Sun Life Over 50 Plan Funeral Benefit Option is offered in conjunction with Dignity. The service is free; you simply agree for the cash sum to be paid directly to Dignity to help with funeral costs and in return get an additional £300 of cover.
When the time comes, Dignity will use the cash sum to help towards the cost of the funeral services they provide; any shortfall would need to be paid by the person arranging the funeral. If the cash sum is greater than the funeral costs, any remaining balance would be paid to your estate.
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Things to Consider
Unless you die as a result of an accident, you are not covered for the full cash sum during the first 2 years. If you were to die during this initial period, 150% of the premiums paid would be refunded to your estate.
As the amount of life cover paid out is fixed, inflation will reduce its value.
You need to continue paying your premiums for life as if you stop, the cover will cease and you won’t get anything back.
The cash sum paid out usually forms part of your estate and therefore could be subject to inheritance tax.
Depending on how long you live, there is a chance that you could pay more in monthly premiums than the total amount of life cover paid out on death.
SunLife Over 50 Plan