SunLife equity release review

Updated 10th January 2023

SunLife has chosen to partner with Standard Life to provide equity release services to their customers. Standard life equity release is a trading name of Key Retirement Solutions Ltd.

Once you have read the Sunlife Review, you could make a comparison of providers and as a starting point use the equity release calculator to see how much cash you could release from your home.

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About SunLife

This equity release review focuses on SunLife.

SunLife have roots spanning as far back as 1810 when they opened their first office in London. In 1900 they were the first company to offer no medical life assurance and then launched the first Over 50s life insurance plan back in 1979, which is how SunLife or SunLife Direct as they were formally called are best known. 

In addition to their well known SunLife Guaranteed Over 50s life Insurance Plan, SunLife now also offer general life insurance, funeral plans, home and car Insurance, pet insurance and of course equity release.

Are you eligible for SunLife equity release?

Choosing equity release is an important decision, one that will affect your family’s inheritance, so it is important to talk to them first.

When you use the SunLife equity release service in association with Standard Life equity release, you will speak to a qualified and experienced advisor, who will talk through your requirements and provide a full written no obligation recommendation.

To qualify for SunLife equity release, you need to at least 55 years of age and own property worth at least £70,000. The amount you can borrow will depend of your current situation and the equity release schemes available to you.

As a minimum you will need to be:

  • Aged 55 or over
  • Living in the UK most of the time
  • Home owners with no mortgage or a relatively small mortgage remaining (this must be paid off with any money released)
  • Owners of property worth at least £70,000

In addition the SunLife Equity Release Guide states that the property should be built form bricks and mortar and that you must own either a freehold property or one with a long lease.

Review of additional information on the SunLife Equity Release scheme

You continue to live in your own home until you or your partner if named on your equity release scheme die or move into a care home

You can still move home with an equity release scheme but fees may apply

Key Retirement Solutions Ltd are authorised and regulated by the Financial Conduct Authority.

Standard Life are members of the Equity Release Council therefore all of their equity release products come with a ‘no negative equity’ guarantee which means you will never owe more than the value of your home.

SunLife equity release calculator

SunLife has an equity release calculator that provides an example of how much equity you could release from your home based on your age and property value.

What should I do now?

Now you have read our SunLife Equity Release Review it is worthwhile comparing all types of equity release on offer. It is worth keeping in mind some advisers only work with specific companies which may not offer you the most appropriate scheme.

Remember, when comparing plans, some advisers only work with specific companies. This is one of the reasons we have teamed up with leading specialist Age Partnership, as they compare schemes and have access to preferential rates with leading UK companies like Aviva,  Pure Retirement, Just Retirement, Canada Life and Crown.

Why not try our equity release calculator to see how much cash you could release?

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How this site works

Our aim is to provide you with clear and accurate information to help you research your chosen financial products and services. The material on this site is for general information only and does not constitute any form of advice or recommendation.

If a link has an * by it, it means it is an affiliated link to an insurance company or broker that may result in a payment to the site. Should you use the equity release calculator, speak to an Age Partnership adviser and take out a plan out using their services, we receive a commission, however this will not affect the price you pay.

Also, from time to time you may see advertisements from third party companies who pay us a fee to advertise their services on our site.

None of the above arrangements constitute advice or recommendations, as other products and companies are available. You should always obtain independent, professional advice for your own situation.

The information provided on this site is accurate at the date of publication, occasionally however, things will change before we have had the opportunity to update them, so please do check. Always do your own research and take independent advice.

We do not investigate the solvency of any company mentioned on our website and are not responsible for the content on websites we link to.

Over50choices is an independent company and regulated by the FCA (No.594280) for insurance products only and a member of the Equity Release Council.

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