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  • How SunLife over 50s life cover works

    Considering life insurance for the over 50s? Find out how our over 50 life cover works and see typical examples of how people just like you, use it.

    How you pay for over 50s life cover

    SunLife’s over 50s life insurance offers a straightforward and affordable way to leave some money behind when you die. Money that could be put towards funeral costs or as a gift to your nearest and dearest to remember you by.

    To qualify for the Guaranteed Over 50 Plan, all we ask is that you’re aged 50-85 and resident here in the UK. If so, we guarantee to accept you with no medical checks or health questions to answer.

    We’ve put together this short video to demonstrate how our life insurance for over 50s works. We’ve also created examples for you showing the plan in action. These are not real people, but the situations are typical of our customers and the figures are correct.

    Video transcript
    How does over 50 life cover work?

    Guaranteed Over 50 Plan is no-medical life insurance so you won’t be asked any health questions at all. So long as you’re aged 50 to 85, you won’t be turned down. Plus, the cash sum paid out for a man and a woman is the same, so long as you’re the same age and pay the same premium.

    So how does it work? It’s really straightforward – simply pay into your plan every month, for the rest of your life, and in return the plan will pay out a set amount of money when you pass away. The money can be used to help pay towards funeral costs. Or to leave as a gift for loved ones!

    To get the full amount, you just need to have been paying into the plan for two years or more. But remember, if you stop paying your cover would end and you wouldn’t get anything back. If you happen to pass away during the first two years, the plan would pay out all the money you’ve paid in so far, PLUS another 50% on top.

    It’s easy to see why we’re the UK’s No 1 choice. So why not join the 640,000 people who already have a plan.

    That’s another thing we’ve made straightfordable.

    Examples of over 50s life insurance in action

    Meet Richard

    Richard chooses over 50s life cover to leave some money for his children. He uses the funeral cost calculator to see what a funeral costs in his area because he’d also like to help towards his funeral costs when the time comes.

    He isn’t sure if he wants to pay every month for the rest of his life in case his financial situation changes so he also looks into paying a higher premium for a set period of time for the same amount of cover.

    His age now 55
    Amount of cover he chooses £10,760
    Monthly premium he is quoted £35 £45.50 (premium cap option)
    How long he can choose to keep paying premiums for The rest of his life 23 years, or until death if earlier
    Payout his family receives when he dies after the first 2 years £10,760

    Meet Margaret

    Margaret chooses life insurance for the over 50s so she can leave her children and grandchildren a little something to remember her by. She has to watch her outgoings carefully so her priority is choosing an amount she can comfortably afford to pay every month.

    Age 60
    Premium she’s comfortable she can afford every month £10
    Amount of cover she is quoted £2,095
    How long she has to keep paying premiums for The rest of her life
    Payout her family receives when she dies after the first 2 years £2,095

    Meet David

    David wants to help his family sort out his funeral, so he decides to add funeral benefit option to his over 50s life cover. This means when he dies, the payout will go directly to Dignity and put towards his final funeral bill. As a thank you for choosing them, Dignity will also contribute £300 towards his funeral cost, leaving less for his family to pay.

    He can also record his funeral wishes using SunLife’s My Perfect Send-Off planner so his family will have less to worry and think about.

    Age 63
    Premium he’s comfortable he can afford every month £18
    How long he can choose to keep paying premiums for The rest of his life
    Payout when he dies after paying into his plan for at least 2 years, which is paid directly to the funeral director Dignity’s contribution £3,415
    +
    £300
    Total amount to be taken off David’s funeral bill £3,715
    Final bill for David’s funeral £3,900
    How much extra his family will need to pay £185
    If David’s funeral had cost less than £3,715 the balance would be credited to his estate

    Meet Grace

    Grace chooses SunLife’s no-medical life insurance because she doesn’t like having to answer lots of questions and is looking for an affordable way to leave a small legacy to her favourite charity.

    Age 70
    Premium she’s comfortable she can afford every month £15
    Amount of cover she is quoted £2,020
    How long she has to keep paying premiums for The rest of her life
    Money the charity receives when she dies unexpectedly just over 11 months later, having paid into her plan for less than 2 years £270
    Grace paid 11 premiums of £15, and the first
    premium was free. 1.5 times the total of these
    premiums is £270

    Meet Eric

    Eric would like to leave a bit of cash to help his children sort out his affairs. Now he’s over 60, life insurance is becoming increasingly expensive, especially having once been a smoker. Over 50s life cover could be a good option for him because the premiums are affordable.

    Age 67
    Premium he’s comfortable he can afford every month £20
    Amount of cover he is quoted £3,190
    How long he has to keep paying premiums for The rest of his life
    Payout his children receive when he dies in an accident 6 months later, having paid into his plan for less than 2 years £3,190
    As he died as a result of an accident as defined in the terms & conditions, the full amount is paid out.

    SunLife over 50s life cover - what you need to know

    What happens if I die after the first 2 years?

    If you die after the first 2 years, the full amount will be paid out.

    What happens if I die during the first 2 years?

    If you die in an accident, the full amount may be paid out. Full details.

    If you die of another cause, 1.5 times the premiums paid in will be paid out.

    What happens if I miss a monthly payment?

    Monthly premiums must be paid when due. Stop paying and your over 50s life cover will end. You won't get any money back and nothing will be paid out when you die.

  • SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, pet insurance, home insurance, car insurance, ISAs and Will writing services.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife?

AXA Wealth Ltd trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. AXA Wealth Ltd is a company limited by shares and the registered office is at 1 Wythall Green Way, Wythall, Birmingham B47 6WG (registered in England, No. 01225468). AXA Wealth Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AXA Wealth Ltd is entered on the Financial Services Register (registration no. 119201).

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427). 

‘SunLife’ (comprising of the companies AXA Wealth Services Limited, AXA Wealth Limited and AXA Sun Life Direct Limited) has been acquired by Pearl Life Holdings Limited (and now forms part of the Phoenix Group – www.thephoenixgroup.com). ‘AXA’ is a trademark that is owned by AXA SA and will be used for a short period under a licence granted by AXA SA to the Phoenix Group.

Pearl Life Holdings Limited is registered in England (4560778) at 1 Wythall Green Way, Wythall, Birmingham B47 6WG. As part of the Phoenix Group, AXA Wealth Limited will continue to be authorised by the Prudential Regulation Authority and regulated by Prudential Regulation Authority and Financial Conduct Authority. AXA Wealth Services Limited will continue to be regulated by the Financial Conduct Authority.

You can contact us by post at SunLife, PO Box 7054, Willenhall, WV1 9ZH or by phone on 0800 008 6060. As part of our commitment to quality service and security, calls may be recorded.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by AXA Wealth Ltd, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.