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Verification of SunLife product claims

Below you’ll find verification for claims about SunLife’s plans and products:

Guaranteed Over 50 Plan verification

Full cover after one year

In the first year of the plan you would only get the full payout if you were to die from an accident. If you were to die for any other reason in the first year, you would not get a payout. However, the premiums you had paid for that plan would be returned in full. See the terms and conditions for more information.

The UK's No.1 Choice/The Nation's Favourite/The UK's Most Popular/The UK's Most Trusted

SunLife has 85% market share of all whole of life guaranteed acceptance plans bought directly. Source: ABI statistics issued in November 2023 for a 12-month period to September 2023 based on new Phoenix Life policy sales trading as SunLife. For more information about this source, please get in touch.

Immediate Cover for Accidental Death

The full cash sum is paid if you die as the result of an accident, even if you’ve had your plan for less than a year. Full terms and conditions apply.

Guaranteed to Pay 100% of Claims

Your payout is guaranteed, in accordance with the terms and conditions.

Most affordable

SunLife offers the lowest monthly premium option of £3.70 to new customers, making it the most affordable way to take out over 50s life cover as at 13th July 2023. Source – Research has been carried out on the whole Over 50s Guaranteed Acceptance Life Insurance market, as per the list of providers on the Defaqto website.

Premiums from 86p a week

Our lowest premium is £3.70 a month, which equates to just under 86p a week. Premiums are paid monthly or quarterly.

Average cost of a funeral

£4,141 represents the average of the cost of a burial and the cost of a cremation in the UK. For more information about funeral costs by type and region, please see our Cost of Dying report.

Feefo rating

As of 29th January 2024, we have a rating of 4.8 for customer service (based on 3,602 reviews) plus a Platinum Trusted Service award from Feefo. This is checked monthly.

Trustpilot rating

As of 29th January 2024, we have a Trustpilot Score rating of 4.7 out of 5. Based on 8,351 reviews. This is checked monthly.

Fast Payout

98% of claims are paid within three working days of getting the paperwork we need from you – 12 months to July 2023.

One Guaranteed Over 50 Plan is bought every 5 minutes

Based on new policy sales for a 12-month period to 1st January 2024.

Number of policyholders

SunLife has over 800,000 Guaranteed Over 50 Plan policyholders as at 18th January 2024.

British Heart Foundation

SunLife will pay £1 from the first payment of every plan to British Heart Foundation Ventures Limited registered as a company in England and Wales No. 02767880, which pays its profits to the British Heart Foundation. Registered Charity Number: 225971 (England and Wales) and SC039426 (Scotland).

PayStop

You can tailor your plan with PayStop, our Premium Cap Option. This means you’ll pay a slightly higher premium, but your payments will stop at an agreed date rather than on death. It is available for anyone aged 50-80. You can get a quote online or by calling us on 0800 904 7674.

£10,000 Big Cash Draw

Entry is open to Guaranteed Over 50 Plan & existing Protected Funeral Payout Plan policyholders in England, Scotland, Wales & Northern Ireland, who confirm their details with SunLife. The final Draw entry close date is 06.03.2024. Opt in when you take out your plan to be entered into all remaining draws until end of promotion. Full T&Cs via sunlife.co.uk/win.

Insurance type

This is whole of life insurance. Premiums are payable for life unless PayStop option is selected. A payout is guaranteed when you die.

 

Compare over 50 plans

SunLife's Guaranteed Over 50 Plan is the market leader for over 50s life cover. It offers a 100% guaranteed cash payout of up to £18,000, for people aged 50–85. Unlike some others, it provides an option to stop paying before aged 90 and still receive a full payout, it also comes with a Funeral Benefit Option. What's more, every other month customers get a chance to win £10,000 in the Big Cash Draw.

Here's how the Guaranteed Over 50 Plan compares to these others selling over 50s life insurance.

Scottish Friendly – Second most popular active provider
Scottish Friendly's My Mutual Guaranteed Over 50s Plan

  • Maximum payout of £20,000
  • Only provides guaranteed acceptance up to aged 74 (50–74)
  • To receive the full payout you must pay until you qualify for an Early Premium End Date or until you are 90 – whichever is earlier (Payments cease if you die before that)
  • No Funeral Benefit Option
  • No chance to win £10,000 in a prize draw

AIG – Third most popular active provider
British Seniors' Over 50s Life Insurance

  • Maximum payout of £10,000
  • Only provides guaranteed acceptance up to aged 80 (50–80)
  • You must pay until you are 95 (Payments cease if you die before that)
  • £300 Funeral Benefit Option
  • No chance to win £10,000 in a prize draw

One Family – Fourth most popular active provider
One Family's Over 50s Life Cover

  • Maximum payout of £20,000
  • Only provides guaranteed acceptance up to aged 80 (50–80)
  • You must pay until you are 90 (Payments cease if you die before that)
  • £300 Funeral Benefit Option
  • No chance to win £10,000 in a prize draw

These are the 3 next most popular providers after SunLife according to the Swiss Re Term & Health Watch report 2023. The list of providers has been amended to only show those who are currently trading.

The product information is correct as at January 2024 and is checked every 3 months.

For more information about these claims, or for sources please get in touch.

Protected Funeral Payout Plan verification

The UK's No.1 Choice

SunLife has 84.4% market share of all whole of life guaranteed acceptance plans bought directly. Source: ABI statistics issued in June 2022 for 12-month period to March 2022 based on new Phoenix Life policy sales trading as SunLife. For more information about this source, please get in touch.

Funeral costs

SunLife Cost of Dying report 2024

Product availability

Not all products are available outside mainland UK. Please call for more information.

FSCS protection

As SunLife is regulated by the Financial Conduct Authority, its qualifying products come with Financial Services Compensation Scheme (FSCS) protection.

This means in the unlikely event of SunLife failing as a business, the life insurance policy (which pays for your funeral plan) would be protected, and your loved ones would still get the money.

Most popular choice of funeral

Based on sales over a 12 month period, and as of the 12th May 2022, the traditional plan is the most popular choice. (Ahead of direct cremation).

£10,000 Big Cash Draw

Entry is open to Guaranteed Over 50 Plan & existing Protected Funeral Payout Plan policyholders in England, Scotland, Wales & Northern Ireland, who confirm their details with SunLife. The final Draw entry close date is 06.03.2024. Opt in when you take out your plan to be entered into all remaining draws until end of promotion. Full T&Cs via sunlife.co.uk/win.

Equity Release verification

House price value minimum £70k

The minimum property value for equity release plans is usually £70,000, however it can be higher with some providers.

Release from £10,000 to £100,000 or more

The minimum loan amounts often start from £10,000.

Aged 55 and over

The minimum age limit for equity release products is usually 55.

Advice given via SunLife Equity Release Service

SunLife Equity Release Service is a trading style of Key Advice Solutions. Key Advice Solutions is a trading style of Key Retirement Solutions Limited.

SunLife Sunrise Lifetime Mortgages

The SunLife Sunrise Equity Release Lifetime Mortgage Products are manufactured and administered by Standard Life Home Finance, which is a trading style of more2life.

Tax-free cash

Any equity you release from your home is tax-free. However, if you choose to invest the money you release, any interest you receive may be taxable and may affect your tax position.

No need for monthly repayments

Equity Release plus compound interest to be repaid upon death or moving into long-term care.

Northern Ireland Exclusion

SunLife Sunrise products are not available in Northern Ireland.

For more information about these claims, or for sources please get in touch.

Free Gift Terms and Conditions

  • Gift card sent after you've paid 6 months' premiums. Biggest gift card value advertised to new customers. Offer starts 27.12.2023. Offer ends 01.05.2024.
  • SunLife reserves the right to withdraw this offer at any time, or limit the total number of gifts for each customer.
  • SunLife can stop the issue of a gift to any customer who has previously held and cancelled a SunLife policy.
  • To prevent fraud and comply with anti-money laundering regulations, SunLife may ask for proof of identity before fulfilling any gift.
  • SunLife will cancel any gift should we discover or have a reasonable suspicion that the terms of the offer are being abused.
  • Please note that gifts are subject to availability. In the event of your chosen gift not being available, an alternative of the same value will be offered.

Love2Shop terms and conditions

Full Love2Shop terms and conditions are available here.

  1. For purchases that are for more than the card's balance, first pay the difference using another method (i.e. cash debit/credit card) then pay the rest using the card.
  2. The balance on the card is not protected by the Financial Services Compensation Scheme but it is held on trust. The trust deed is available here.
  3. The card must not be re-sold.
  4. The card belongs to the Park Card Services Ltd of Valley Road, Birkenhead, Merseyside, CH41 7ED.
  5. By using the card you are deemed to accept the Love2Shop terms and conditions.

Dine card terms and conditions

Full Dine card terms and conditions are available here.

  1. By using your Dine membership, you agree to accept the Dine card terms and conditions.
  2. You can use your Dine card as many times as you like throughout the term of your membership.
  3. Simply browse through our website or by downloading our free Dine app to choose your restaurant, and give them a quick call to book your table.