- A fixed cash sum is paid when you die, after you've had your plan for a year.
- Depending on how long you live, the premiums paid in could exceed the payout.
- If you stop paying your premiums before your final payment date, your insurance will end and you won't get anything back.
- Inflation reduces buying power over time.
What is Premium Cap Option?
Premium Cap Option is an easy way to fix the final payment date of your Guaranteed Over 50 Plan. Your premiums will be higher every month, but you stop paying after a certain number of years. For example if you’re aged 60 when you take out a plan, your monthly payment will be slightly higher, but you won’t have to pay for the rest of your life. In fact you could stop paying after 23 years, but your cover will keep going as long as you do!
How it works
If you’re between 50 and 80, you can add the Premium Cap Option to your Guaranteed Over 50 Plan. It gives you the comfort of knowing how much you’re paying every month – and exactly when the payments will stop. Better still, you’re covered for life, and when the time comes, your family will get the full cash payout.
The table below shows an example of a plan with and without Premium Cap Option:
|Type of plan||Start age||Example monthly payment||Final payment||Fixed cash payout on death (after you've had the plan for a year)|
|With Premium Cap Option||60||£17.55||83 years old*||£3,314|
|Without Premium Cap Option||60||£15.00||For the rest of your life||£3,314|
*On your Plan anniversary
If a lifetime’s cover without lifelong payments sounds like a good plan to you, why not consider adding on the Premium Cap Option.
Answers to your over 50s life insurance questions
None of us want to leave our family and friends worrying about funeral costs and unexpected bills when we’re gone. That’s why SunLife have the Guaranteed Over 50 Plan, to help you leave a cash payout when you’re gone that could mean a lot to the people you care about most. They could use this to help pay for your funeral or any outstanding bills that could arise from end of life care and settling your estate.
Over 50 life cover is an affordable way to leave a guaranteed cash payout to your loved ones when you die. They can use this however they wish, and it could help with funeral costs, pay off outstanding debts or bills, buy a treat to remember you or as a gift for your grandchildren.
The SunLife Guaranteed Over 50 Plan Premium Cap Option starts from £4.68 a month – up to a maximum of £86.58. Depending on how long you live, you could pay in more than we pay out. Choose the monthly payment you are comfortable with but remember your life cover can't exceed £18,000 across all your SunLife Guaranteed Over 50 Plans.
You’ll pay your chosen amount for the agreed length of time, based on your age when you apply, so it’s important you choose an amount you can afford. You should also bear in mind that, depending on how long you live, you could pay in more than the cash payout.
After you have paid your first premium, you may request that your future premiums are reduced – this will also reduce the cash sum amount. You can only reduce your premiums once on this policy and when completed, it cannot be reversed or altered. The lowest amount you can reduce your premiums to is the minimum level that was available when you purchased your policy. More information is available in our terms and conditions including the policy summary (PDF)
It’s important that you pick a monthly payment you can afford – because if you stop paying, your over 50 life cover will be cancelled and you won’t get anything back.
No, we won’t ask you to take a medical or access your records. And we won’t ask you any questions about your health.
Yes, we don’t ask you anything about your health or habits, so you’re guaranteed to be accepted as long as you’re aged 50 - 80.
Yes, you can have multiple Guaranteed Over 50 Plans. However, the total of your monthly payments for all your policies can’t be more than £100 a month – and your total life cover cannot exceed £18,000. Please be aware that if you take out several plans that add up to your total monthly premium, you may get a lower sum assured than if you took out a single plan for that same total monthly premium.
If you add the Funeral Benefit Option to your over 50 life insurance, your family will receive an extra £300 towards your funeral – at no extra cost. So if your Guaranteed Over 50 Plan is to contribute towards funeral costs, this could be a way to lend an extra helping hand.
It’s simple – when you pass away your cash sum will be directly to Dignity Funerals Limited. A Dignity Funeral Director will help your loved ones make all the arrangements and Dignity will contribute an extra £300 towards your funeral bill.
Dignity Funerals Ltd have over 800 funeral directors nationwide, so they could be just on your local high street. You can only have one Funeral Benefit Option at any time across all plans with any provider.
It’s important your loved ones know you have chosen this, otherwise they may not find the details until after your funeral has been arranged and they won't receive the £300 contribution from Dignity.
Unfortunately, we don’t offer joint policies, but your partner can also take out a Guaranteed Over 50 Plan in their name if they wish to.
Yes, we’d love to help your friends and family too. You’ll even get a £100 gift card for referring us.
Anyone aged 50-80 is guaranteed to be accepted for our over 50 life cover, Premium Cap Option.
When you take out a SunLife Guaranteed Over 50 Plan, you’re immediately covered. Once you’ve had your plan in place for a year, the full cash sum will be paid out on your death. If you die within the first year, we’ll pay out all the premiums paid in.
If you die within the first year of having your plan, as a result of an accident, you're covered by the Accidental Death Benefit and your family will get the full cash payout. This also covers your death from injuries 90 days after your accident.
Yes, your over 50s life insurance covers you when you’re on holiday.
Yes, as long as you are a UK resident when you take out your plan you are still covered if you decide to move abroad.
Accidental Death Benefit means that if you die from an accident or as a result of your injuries, within the first year of taking out your plan, you’re still covered, and we’ll give your loved ones the full payout.
No, the plan does not cover critical illness as it pays out on death.
The plan is not protected from the effect of inflation and will not increase over time, so please ensure you allow for this when choosing how much cover you would like.
The maximum monthly premium available is £86.58 for one plan and if you take out multiple plans you cannot have premiums that total more than £100 a month.
Over 50 life cover is limited to £18,000 across all plans taken out.
Inflation simply means that prices go up over time. Ever noticed how your money doesn't go as far as it used to? That's probably down to inflation. For example, in 1980 you could buy nearly three loaves of bread for £1, but today you would be lucky to buy one.*
You should think about whether the fixed cash payout you choose today will cover what you would like it to in the future as inflation could reduce how much it could buy in the future.
*Source: Office of National Statistics (as at July 2018) Crown copyright material is reproduced with the permission of the Controller of HMSO
Each year we’ll send you a statement with details of all your plans, so you’ll know how much will be paid out when you pass away. This will include all details about any added extras like the £300 Funeral Benefit Option.
Or you can call us on 0800 008 6060 and our friendly UK team will help you.
You’re free to cancel your Guaranteed Over 50 Plan at any time by writing to us. If you cancel less than 30 days after you receive your policy documents, any monthly payments you’ve made will be fully refunded.
Remember – if you cancel or stop paying your premiums your insurance will end and you won't get anything back. It’s important to make sure your comfortable with the monthly cost you commit to.
The plan has no cash-in value at any time, so if you cancel your plan you wouldn’t get anything back.
Making a claim is really simple – and our staff will do everything they can to make sure things run smoothly. When the time comes, your loved ones just need to call our friendly UK-based team on 0800 008 6060 or write to us and we’ll help them with the rest.
If you would like to make a claim in writing, please address it to PO Box 1395, Peterborough PE2 2TR.
If you’ve chosen the Funeral Benefit Option, they’ll need to contact Dignity Funeral Ltd directly.
The Guaranteed Over 50 Plan is provided by Phoenix Life Limited. And we’re a member of the Financial Services Compensation Scheme (FSCS). So, you’re fully protected if we’re unable to pay claims. The FSCS may help you transfer your policy to another insurer or pay compensation. If policies are transferred, then the FSCS will ensure you receive 100% of your benefits under your new policy. If we cannot pay the cash sum due when you die, then your next of kin could claim 100% of the cash sum from the FSCS. For further information visit www.fscs.org.uk.
Start your over 50s life cover today
The smallest print
This website contains information on how the Guaranteed Over 50 Plan works. We haven’t given you any advice but you need to be satisfied this type of policy meets your needs. If you are unsure and need advice, please visit unbiased.co.uk to find an Independent Financial Adviser in your area (you may have to pay for the financial advice provided). If you have any questions about the plan, you can call our UK team on 0800 904 7674.
*Gift sent after 3 months’ premiums paid. We reserve the right to withdraw this offer at any time. Terms and conditions apply.