Have a picture of AXA Sun Life Over 50 Plan?, please send it to us.
| Cusomer Service | 5/10  |
|---|---|
| Value for Money | 4/10 |
| Overall rating | 5/10 |
Full review by
mp4review
on 26th Jan 2008
User Rating : 5
Respect :
0
Good Points: Offers peace of mind if you think you need life cover between ages of 50-68No health check requiredPays out in case of death by accident.
Bad Points: Rises every year to offset inflation but not enough to keep up with inflation over a long timeNot a savings plan - quit it and you lose your money - no payment holidays possible. Miss one month and that's it as far as I can see.
General comments: Just researched the AXA Sun Life 50 Plus Protector Plan as Parky is advertising it on TV. When you do the figures you spot that if you take it out at age 50 and say pay in £20 monthly, year 1, £21 monthly yr 2 etc. After 2 years you will have paid out £492 and receive £6,206 if you die. Assuming a 2% annual rise in inflation this will actually be worth £5957.76. If you die after 19 yrs of paying in aged 69, you will have paid out £6,612 and receive £10,609. But because of 2% inflation yr on yr, this will only be worth £6,577.58, a net loss. If inflation is any higher on average over this time then the moment you are paying out more than you receive comes at a younger age if you die. The policy makes sense if you think you need to cover your family in case you die between the ages of 50-68. You are also gambling on how much inflation will rise. The insurance company's risk is that you will die young, and they hope you will have a long life. They are expecting most people to live longer so that they are in profit.
mp4review's review and ratings | 262 words
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