Last updated 1st July 2019
Ever wondered why people take out life cover?
Here’s five reasons why SunLife’s Guaranteed Over 50 Plan might be the right choice for you.
Why do people take out over 50 life cover?
Most people take out a plan because they want to leave some money to their families when they’re gone – either to help cover the cost of their funeral or as a gift to remember them by.
Over 50 plans are also straightforward, which is why they appeal to so many people.
You simply pay a certain amount every month for the rest of your life in return for a guaranteed cash pay-out – meaning you always know how much your family will get.
But remember if you stop paying your premiums your insurance will end and you won't get anything back. Please read important things to consider before taking out a plan.
Read on to find out five reasons why so many people choose SunLife’s plan, or go straight ahead and get a quote today.
1. UK’s No.1 choice1
It’s important to choose the best over 50s life insurance plan for you, making sure that you feel comfortable and secure in your choice for years to come.
As the most popular over 50 life insurance, over 799,000* policyholders have chosen SunLife’s plan, making it the UK’s No.1 choice whole of life guaranteed acceptance plan1.
2. The most affordable2
Many people choose over 50s life cover because it offers an affordable way to leave some money behind for their loved ones. Starting at under £4 a month, the Guaranteed Over 50 Plan is the most affordable plan.
How much it costs a month depends on your age, but how much you pay in total depends of how long you live as you continue paying your premiums for the rest of your life.
With most whole of life insurance plans, you pay the same monthly cost for the rest of your life, so it’s important to make sure you’re confident you will always be able to afford the monthly cost.
If you don’t want to pay premiums for the rest of your life, SunLife have PayStop, their Premium Cap Option, where you pay a higher monthly cost so that you can stop paying after a certain number of years.
If you know you’re taking out cover to contribute towards your funeral costs, you can also opt for our Funeral Benefit Option. With this, you get £250 towards your funeral costs with Dignity Funerals.
You can find out how much SunLife’s plan will cost you by getting a free quote online in just 60 seconds.
3. Recommended by customers
Do people ever really buy anything nowadays without checking a review or getting a recommendation?
That’s why we ask our customers what they think, and 98% of new customers said they would recommend the SunLife Guaranteed Over 50 Plan.3
We’re proud to clearly show our customer reviews. All you need to do is head over to our reviews page to see what they’re saying.
Or if you’d prefer to hear it from them, we spoke directly to some of our customers and they told us exactly why they chose us.
Hear from our customers
4. Most trusted provider
With so many providers offering this type of life insurance, it can be difficult to know who to choose.
At SunLife we’re focused on helping people over 50 protect their loved ones. Not only that, but our roots go back over 200 years.
We’ve done a pretty good job during that time, as more people trust us with their over 50s life cover than any other provider.4
We’re also committed to helping you understand how our life insurance works, so you can decide if it’s right for you.
5. Simple claims process
At SunLife, we pride ourselves on making things as straightforward as possible.
We know that the most important thing to our customers is that their families get the pay out when they need it.
That’s why we make sure we pay out claims as quickly as possible, with 98% paid out within 3 working days upon receipt of the required documents.5
We’ve also made the claims process simple because we understand what a difficult time it can be.
Think over 50 life cover is for you?
Whether you’re ready to take out your cover or just want to find out how much our plan costs, why not get a quote online today?
It’s free and only takes 60 seconds.
Important things to consider
- It’s important to make sure you can afford your monthly payment. If you stop paying your premiums your insurance will end and you won't get anything back
- Your cash sum is guaranteed, however inflation will reduce its value in years to come
- Depending on how long you live, you could pay in more than what is paid out
- To receive the full cash pay out, you have to have been paying into your plan for a year. If you die within the first year, we will pay out what you have paid in. If you die within the first year as a result of an accident, we will pay out the cash sum in full
The smallest print
1. SunLife has 64.1% market share of all whole of life guaranteed acceptance plans bought directly. Source: ABI statistics issued in November 2019 for 12-month period to 30 September 2019 based on new Phoenix Life policy sales trading as SunLife.
2. SunLife offers the lowest monthly premium option of £3.70, making it the most affordable way to take out over 50s life cover.
3. Source - SunLife Continuous Research Programme, New Policyholders July-September 2019, based on a sample of 1,207 new policyholders.
4. More people trust us with their over 50s life cover than any other provider. SunLife has 64.1% market share of all whole of life guaranteed acceptance plans bought directly. Source: ABI statistics issued in November 2019 for 12-month period to 30 September 2019 based on new Phoenix Life policy sales trading as SunLife.
5. Payment initiated on receipt of required documents.
* 799,866 policyholders as at 16.12.19