A Close Look at the Features of AXA Sun Life's Insurance Plans

AXA Sun Life’s Insurance Product offerings are:

Sun Life is the trading name of AXA Wealth Ltd.

Quick Facts

  Over 50 Life Insurance (Whole of Life Cover) Fixed Term Life Cover
Primary purpose of product

Provides a lump sum for loved ones/creditor.

Provides for inheritance tax obligations or funeral costs.

Provides life insurance coverage for a fixed period.

Plan basics

Cover amount stays the same throughout the life of the plan. The amount of cover and the length of cover are selected at the beginning.

The sum insured is payable after 2 years.

Acceptance is guaranteed.

Cover remains the same throughout the life of the term.

Payment is for death or terminal illness (diagnosed within the last 12 months of the policy).

Cover limits

£20,000

Maximum of £150,000, for all policies for Sun Life

Cash-in value

None

None

Eligibility
Minimum age at entry

50

17

Maximum age at entry

85

59

Other eligibility requirements

Must be a resident of the UK

The Person Insured must be a resident in the UK.

Length of Cover
Minimum term

None

Minimum term of 10 years, but can also choose from 15, 20, 25 or 30 as long as the coverage ends before the Person Insured is 70 years old

Maximum term

No maximum term, as long as premiums are continually paid

30 years as long as the coverage ends before the Person Insured is 70 years old

Maximum age

Not applicable

70 years old

Premiums

Premiums can be paid monthly for the entire life of the policy

Premiums can be paid monthly

Future changes in premiums?

Premiums are guaranteed to remain the same throughout the life of the policy

Premiums remain the same throughout the life of the policy

Minimum premium

£4 monthly

£5 monthly

Maximum premium

£74 monthly, as long as the coverage does not exceed £20,000 (for guaranteed acceptance policies)

None, dependent on maximum cover

Guaranteed premiums Yes Yes
Reviewable premium No No
Additional benefits
Terminal illness No Yes
Joint life cover No No
Medical needed for application? No No

The life insurance products from Sun Life Direct are pretty basic, no-frills products.

Plan Details

Payment

The policy will pay out the death claim when the Person Insured dies:

*For the Fixed Term Life plans, payment will also be made upon diagnosis of a terminal illness, where the terminal illness occurs within 12 months from the date the policy ends.

Number of Policies

More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Eligibility

For Fixed Term Life Cover, there are no medical examinations required for the policy, but there are 5 questions the applicant has to answer and is eligible if all his answers to the 5 question are “No”.  These questions cover:

Cash-In Value

There are no cash-in values for all the plans offered

Additional Benefits/Options

Terminal Illness Benefit

The Terminal Illness Benefit pays the Sum Insured (unless another amount is specified in the Policy Summary) when the Person Insured is diagnosed with a Terminal illness. The diagnosis must not be made within 12 months before the policy is terminated.  A terminal illness is one that is defined as:

Other details:

15% Moneyback

For the term life insurance cover, if there are no claims throughout the life of the policy, 15% of the premiums will be paid back. This is unique as term insurance policies do not usually provide a refund for premiums paid.

Travel Accident Death Benefit

For the Over 50s Life Insurance Plan. This will pay out thrice the sum insured for death due to accident. The death should be within 90 days of the accident and is due to bodily injuries incurred while traveling.

Other conditions include:

Exclusions

The cover will not pay for full benefit where:

If no claims are made on the policy at the end of the term, Sun Life will refund 15% of the premiums.

How to Make a Claim

Upon the death of the Person Insured, the authorized claimant will submit:

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.