My Mother has a Sun Life plan and has done for many years.As she is heading towards her 90's and looking very frail, we decided that it was time to look into her policy documents.WE COULD NOT BELIEVE WHAT WE WERE READING!!!!...My Mother had paid around £6500 over the years, but the cash ammount that will be paid out towards funeral costs when she passes on will be...£1500...UNBELIEVABLE!!...Read this AXA bosses...Please don't pass the buck and do of course continue to sleep well at night!...Now...where's Dom?
I am an AXA customer and I am struggling getting my money.My life insurance was expiring in October 2010. Several months before the maturity date I informed AXA that I would terminate my contract when it matures.We are now end of Jan 2011 and I still do not have my money!Their employee are extremely incompetent. I have been dealing back and forth for so many months, sent so many times the same documents over and over again and still I do not have my money.They keep sending you to a different department and different people. It is a complete nightmare.Do not sign up with AXA. My recommendation.
My nana paid into sunlife £5806 over 23 years, paying £21 a month, she died last month, Sunlife sent a cheque for £1,100, my nana has been conned out of £4706, she was under the belief and frequently told us not to worry the money was there to pay for her funeral! how many other people have been led to believe they were covered by sunlife only to find out they were never going to recieve at death anything like the monies they had paid in? My nana was blatently misold this insult of a policy, they have robbed her of her savings and they have got away with it. On what basis they calculate what you recieve based on what you have paid in is not made public but is obviosly a form of daylight robery on a par with a door step lone shark. Rating 0/100
my 93 year old mother has been paying £5 mth. into over 50 plan for 18 years (over£1000) she received letter recently stating value of policy £365!(1st correspondence in all those years) she thought she was saving towards funeral .this amount will not change no matter how long she continues to pay .she was so upset she decided to cancel and has ended up with £199 .HOW CAN PERSONALITIES SUCH AS MICHAEL PARKINSON PUT THIER NAMES TO SUCH EXPLOITATION OF THE ELDERLY!IT MAY BE LEGAL BUT MORAL AND FAIR ?I DO NOT THINK SO. THIS POLICY SHOULD COME WITH A HEALTH WARNING- DO NOT LIVE TOO LONG! AS BASICALLY THIS IS WHAT I WAS TOLD WHEN I COMPLAINED
These insurances are a con they trap the elderly and should be against the law. What can you do what, ever you do you lose. Sun Life must gain in 90% of these cases it is extortion and should be stopped. They take advantantage of people who in most cases don't understand that they will pay in more than they can get back and if they cancel will lose the lot! So they keep paying. If you are thinking about it don't do it, put you monthly fee in a savings account relax and enjoy a long life. They are feeding off your fear.
My father has three Sunlife over fifties policies, two at6 pounds monthly each taken out in 1993 and one at 7 pounds monthly from 1997.He has paid 3540 pounds to date with a fixed return of 1240 pounds so he has already paid three times over and counting at the rate of 19 pounds a month. I understand this to be lawful (JUST ABOUT) but I seriously question the ethics involved. What kind of company sells a policy that is worth less and less after the first two years, is also targeting the elderly who like my dad come from a generation who think a large company and particularly one who advertises nationwide with celebrities must be the way to go, I pay his premiums for him as a pensioner he cannot realistically afford to but just to illustrate my case, he has asked me more than once ( shouldnt the policy be paid up now ?) Sunlife....... my father did not understand he is 92 years old and you have not done right by him. There should be a limit as to how much profit you can take!!!!
HI my mother has been paying in to sun lifes over 50 plan for 16 years on one policy and 12 years on another policy at £30 a month on both. They keep sending her letters offering her to pay more in,so she asked me to look at it. If she died tomorrow she will get £2940 towards her funeral expenses, if she put it in a bank she would have over £10000 now. Its a complete rip off unless you are going to die just after the two years that you have to pay before they will pay you out. Then after each year you live the less they pay you out,and if she cancels now she gets nothing back . Once again if you know your going to die after two years and you are just over 50 then it might be worth it. Thanks for reading and don,t be duped and read all the small print.
Upon the death of my Father I have contacted AXA by e-mail and phone asking for a claim form for his over 50 Plan. No response to the e-mail, and a promised claim form never arrived.I have had previous experiance with this company that lead to me sending their claims department a copy of the F.S.A regulations on the paying of claims - they just seem to avoid payment.The advice columes of the Sunday papers also contain numerious complaints against AXA, if they do not want to pay claims then they should be prevented from Underwriting business. This site will not allow a no star rating hence the 1 star awarded.
My wife died 28 months after taking out over 50s plan, i sent a copy of the death certificate and recieved payment a few days later.I was so impressed with sun life that i took the over 50 plan myself.
I disagree with what people are saying about axa not paying out! I had a 15 year with profits plan which I took out 10 years ago. I was currently paying £20 a month having started with £8 a month, (getting half my first year premiums back -very nice) Last month I just couldnt afford it any more and cashed it in and got £2155 back about 3 weeks after sendiing the forms in. I was also worried about stockmarket crashes etc and thought maybe I would lose it all so things worked out great for me. If you look on their website it gives an indication as to the amounts you can get back compared to how much you paid in. I believe that 10 years is the crucial time span where you get a reasonable amount back. Just try and stick with it and read their FAQ pages.
I took out my policy 10 years ago it is a 15 year policy, but at the time i took this policy out i asked if need be can i cash it in at any time for emergencies and still get my returns , i was told i could but not in the first year as administration fees etc .i thought thats fair enough, in the current climate i decided to cash it in .i pay £18 a month so imagine my horror when they told me the surrender value is £27.93!! and even if i pay for the full 15 i will be lucky if i get back half off what i have paid in ,i would never recommend axa to any off my friends and have told them of this horror and would never use them again, so beware !!!
Beware very poor service in paying out by AXA when you cancel your savings plan. I joined the AXA Cashbuilder Plan in 2003 and this year after reviewing the benefits that I will get after 15 years, I decided to cancel my plan as I thought it is not value for money. After 15 years the savings and small bonus earned will be greatly devalued in buying power term. I called the AXA Helpline to cancel my plan, and was promised many things like sending surrender forms, asking me to send them a letter, cheque to be sent to me within 7-10 days, send them a fax, etc, but I have not received anything after 6 weeks. It is apparent that AXA is using the delaying tactics when come to paying customers for their rightful monies. I made 6 phone calls, 3 letters, and a fax, and I am still waiting for my money; it is a complete scam. My advise for the readers is to stay well clear of AXA and invest your money with other companies such as Prudential, who paid out 3 days after the policy expired.
i just read this review about being ripped off, im glad i read this as i was going to go ahead with this for my mum. obviously not now after reading the report.mrs donnelly
I dont know why people are complaining so much about this plan. Yes, you can receive more interest if you put it away in a high interest account. The point is however, once you have built up your savings in a bank account to say £5000 you may well be tempted to start withdrawing some of the money. It is obviously slightly more time consuming to do it with AXA plan as you need to phone and the time the money gets into the account etc..so hence you continue to save. Before you realise it the time 10-15yr is over and you get the lump sum back with the interest. Its a great way to save!!!
When mum and dad realised they had paid in more than they were covered for, they contacted AXA who told them that the Insurance did not need a medical. When dad died, they made it very difficult for mum to get the claim settled. Mum died in October, I sent off all the necessary documents by recorded delivery, they returned them, I received a letter on Christmas eve to say that they will contact the coroner then tell me what other documents they want, to proceed. Prudential settled within days, even though I had misplaced the policy. Prudential were kind and helpful too. If AXA are being difficult about paying out a few hundred pounds toward funeral expenses, when the insured is certainly dead. Consider how hard it will be to get a claim settled for any of their other insurances