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Sun Life Over 50 review 2021

Sun Life is a Canadian financial services company, best known for its life insurance. If you’re looking for life cover from an experienced and established provider, it’s worth noting that as well as being one of the oldest insurance companies in the world (it was founded back in 1865), it is also one of the largest, managing over CAD$3 trillion in assets in countries around the globe.

SunLife has won the Feefo Trusted Service Award 4 years running, based on reviews by verified customers.

Unfortunately, SunLife no longer offers family life insurance. However, if you’re over the age of 50 you could benefit from considering their Over 50 Life Insurance when comparing life cover options.

How does Sun Over 50 Life Insurance work?

There are no medical examinations nor complex health questionnaires required in order to get cover from SunLife. Everyone who applies is guaranteed acceptance.

The premium paid each month is set by you and will never rise.

After a year of paying monthly premiums, you will be fully covered and a guaranteed pay-out will be made to your beneficiaries if you die. However, should you die during the first year of cover, the pay-out will simply consist of a return of the premiums you’ve paid in so far.

One useful feature of the SunLife Over 50 Plan is the Accidental Death Benefit, which guarantees a full pay-out if you die during the first year of cover as the result of an accident.

Remember – it’s essential to keep up with your monthly premiums. As soon as your premiums stop, your cover also stops and you will lose any more paid in so far.

Is it possible to get joint life cover from Sun Life?

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No, but it is possible to take out two single policies.

How much does Sun Life Insurance cost?

As with all life cover, monthly premiums vary according to your age and the amount of cover you choose. With SunLife this can range from as low as £3.70 a month to £74 a month.

It’s important to bear in mind that inflation reduces buying power over time. This is especially true for long-term cover. What might seem like adequate provision for your family at the time might not be the case in 30 years. Also, it’s worth remembering that if you live a long time, what you pay in premiums could work out more than the cash pay-out itself.

SunLife guarantees never to increase your premiums. How much you pay each month is your decision. It is possible to lower your premium once the first payment has been made, but this can only be done once during the term of your policy, and once done cannot be undone.

If you are between the ages of 50-80, SunLife’s Premium Cap Option allows you to stop your payments on an agreed date. However, this usually means paying a slightly higher monthly premium.

As with all life cover in the UK, there is a 30-day cooling off period with all policies, where you can receive a full refund if your cancel your plan within 30 days of receiving your documents. Any cancelations after this time, however, will result in a loss of everything you’ve paid in so far.

Freebies and funerals

We compare plans from the leading life insurance providers

As an introductory gift, all new policy-holders are given a £100 gift card from Love2shop. This can be spent in thousands of high street stores, including M&S, Argos, Debenhams and Boots.

If you’ve been a policy-holder for over a month, referring a friend can also be lucrative. Your friend will need to make their application over the phone and quote your unique referral code. Once three monthly payments have been made by your friend, you will be sent another £100 Love2shop gift card.

Selecting SunLife’s free Funeral Benefit Option (which can be cancelled at any time) is a good idea if you intend to use your cash sum as a way of paying funeral costs. It means that the pay-out will be sent directly to Dignity Funerals Limited, who will also contribute £300 to the cost of your funeral. Again, this benefit can only be used if you’ve paid a year of life cover premiums.

One of SunLife’s most popular plans is the Guaranteed Funeral Plan. It comes with FSCS protection, starts at just £9.25 a month and guarantees to cover the cost of your chosen funeral. Premiums increase every year for a maximum of 20 years, and are paid until your 90th birthday.

Helpful planning tools

As well as its life cover options, SunLife offers an array of free planning tools to make life easier when it’s at its hardest. My Perfect Send-off is a free way of recording your funeral wishes. There are also tips and checklists available on their website for what needs to be done when someone dies, and even guidance on choosing the best hymns for your funeral.