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

AXA Sun Life’s Insurance Product offerings are:

• Guaranteed Whole of Life (Over 50 Life Insurance)
• Fixed term life cover

Sun Life is the trading name of AXA Wealth Ltd.

Quick Facts

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:

• After two years from the time the policy starts – the whole sum insured is paid out
• Within the first two years – 150% of all premiums paid
• As a result of a travel accident or if death occurs within three months from the date of the accident - three times the sum insured.

*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:

• Membership to the armed forces
• Presence of HIV, Hepatitis B or C
• Diagnosis of illnesses including cancer, Crohn’s disease, depression, diabetes, epilepsy, heart disease, kidney disorder, liver disorder, mental illness, motor neurone disease, multiple sclerosis, paralysis, stroke, ulcerative colitis or alcohol or drug dependence.
• Advised or currently being diagnosed for heart related chest pain, raised cholesterol, raised blood pressure, irregular heartbeat, respiratory disorder, lumps, growth or mole, numbness, tremors or blurred vision or obesity
• Existing health symptoms where the applicant is intending to seek  medical advice for

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:

• An illness that cannot be cured or has advanced that the illness is no longer curable
• The illness is expected to end in the Person Insured’s death within 12 months

Other details:

• The diagnosis must be made by an attending consultant that is a medical specialist in the illness being diagnosed. The specialist consultant is working at a UK hospital. The terminal illness must also undergo the approval of the company’s Chief Medical Officer.
• This is only for the term life insurance policy.

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:

• The travel should be legal, where the Person Insured is a duly licensed driver or passenger
• The travel could be in or on a motor vehicle
• Other modes of transportation, where the Person Insured is a fare-paying passenger:
  • Train
  • Road vehicles
  • Aircraft (where these are operated by airlines or y charter companies). The aircraft should be on routes that fly to and fro licensed airfields
  • Sea craft

Exclusions

The cover will not pay for full benefit where:

• The death occurred within the first two years of the policy, and the death is not due to an accident
• Deaths resulting from:
  • Riding a motor vehicle while practicing, racing, doing trials or timed events
  • Wars, acts of war or hostilities
  • Self inflicted injury
  • Attempted suicide
• Accidents occurring outside of “accepted” countries. Accepted countries include Europe, Canada, the United States, Australia and New Zealand.
• Engaging in specified hazardous pursuits
• Participation in a criminal act
• Participation in a war, riot or civil commotion
• Air travel/flying other than as a passenger of a commercially licensed aircraft
• Self-inflicted injuries
• Accidents due to alcohol or drug abuse

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:

• A written claims form, along with the name and birth date of the Policyholder
• The policy documents
• An original copy of the death certificate
• Evidence that the person making the claim is entitled to the proceeds of the insurance (i.e. a copy of the will of the policyholder)
• For terminal illness claims, proof of diagnosis of the terminal illness

The content of this article is provided for informational purposes only and is not created to be a financial advice. Contact AXA Sun Life Direct (http://www.sunlifedirect.co.uk) directly for details about their offerings.
Updated on: 10.09.2012

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