Sun Life Insurance Review 2023

SunLife is a British financial services firm founded in 1810 with an impressive reputation for offering products aimed at customers over 50 years of age.

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SunLife is a British financial services firm founded in 1810 with an impressive reputation for offering products aimed at customers over 50 years of age. The company also has a long history of innovation and excellence, being the first firm to provide life insurance without having to undergo a medical inspection in 1900.

Since 2016 SunLife has been under the Phoenix Group, which officially backs the company’s life insurance policies. In addition to life insurance, the company offers equity release, home insurance, and funeral plan services.

Life insurance options offered by SunLife

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SunLife currently offers life insurance coverage for over 50s. This type of policy will guarantee that your family and loved ones will receive a payout when you pass away.

The company’s Over 50s Life Insurance plan is a whole of life policy, where you are guaranteed a payout regardless of when you pass away. Note that how much you receive will depend on your age when you apply to take out a policy. We go into further detail on SunLife life insurance costs below.

Features and Benefits of SunLife Life Insurance

There are some particular benefits and features offered by SunLife that are important to understand, and which could help you make a decision.

  • Funeral Benefit – If you take a new life insurance policy with SunLife, you can add the company’s Funeral Benefit add-on for free. This feature sees an extra contribution of £250 paid towards your funeral expenses. The benefit is handled by Dignity Funerals, one of the UK’s most popular funeral agencies.
  • You are guaranteed acceptance if you’re between 50 and 85 years of age. You also won’t be required to undergo a medical examination, unlike other insurance providers.
  • The company doesn’t offer a cash-in feature.
  • PayStop: For a higher premium each month, you can choose to add the company’s PayStop feature. This will mean that you’ll stop paying your life insurance at an agreed date instead of when you pass away.
  • The firm states that it pays 100% of its life insurance claims, and it aims to make payment within three working days.
  • The company prides itself in offering affordable premiums, which can be had for as little as £3.70 per month.
  • You must be a UK resident.

Overview of SunLife Life Insurance Key Policy Details

Cover Options Over 50s Life Insurance.
Cover Period Whole of Life. You’re fully covered after 12 months. If you accidentally pass away within one year of taking out the plan, you’ll still get a cash payout.
Critical Illness Cover Not available.
Maximum Applicant Age 85.
Minimum Entry Age 49.
Joint Life Policy Not available.

SunLife Life Insurance Ratings

We compare plans from the leading life insurance providers

A fantastic way to compare life insurance policies and see whether your insurance provider is trustworthy is to check scores provided by independent rating companies.

The UK research firm Fairer Finance awarded SunLife’s Over 50s life insurance policy three stars and the Over 50s plan with the PayStop option four stars.

The UK rating company Defaqto awarded SunLife its three star award for its Over 50s life insurance policy and its five star award for the Over 50s life insurance policy with the PayStop option.

Does SunLife Life Insurance Come With Gift?


Many insurance companies offer new customers a welcome gift when they take out a new policy. In this case, SunLife provides a £120 Love2Shop gift card, which can be used at over 90 retailers, including M&S, Argos, American Golf, Edinburgh Woolen Mill, Iceland, and Boots. You can see the complete list here.

To claim the gift, you need to have held the life insurance policy for at least six months, after which the company will get in touch. You should note that you won’t be eligible if you’ve previously held a SunLife insurance policy and cancelled.

In addition to this, the company offers a fantastic £100 gift card if you refer a friend or family member.

How much does SunLife Life Insurance Cost?

The cost of your life insurance will depend on various factors, such as your age, health, smoking status, occupation, and lifestyle. To get an accurate quote, you should get in touch with SunLife or use the company’s helpful online quote service.

To give you an idea of how much you might be paying, here is a quick example:

  • A 60-year old non-smoking applicant looking for Over 50s coverage through SunLife will be paying £45 per month to get a payout of £10,846.

Over 50s life insurance usually covers funeral costs, so how much you need depends on your particular requirements. Your SunLife life insurance premium might also end up costing more than your final payout, so make sure to find a deal that suits you.

Can You Make Changes to Your SunLife Life Insurance Policy?

Once you’ve made your first premium payment, you’ll be able to reduce your policy’s coverage amount and thus reduce your monthly premium. However, you won’t be able to increase your policy or change it to a different type.

You should also note that your policy will be cancelled if you miss a monthly payment.

Is SunLife the right life insurance provider for you?

As evidenced by this article, SunLife is a fantastic option if you’re looking for Over 50s life insurance. The company has a long history of dealing with older customers and can therefore be trusted to handle your insurance.

The PayStop and Funeral Benefit options are also excellent add-ons that make the company’s policy an attractive proposition. On the other hand, if you’re looking for life insurance to cover a more significant debt, such as a mortgage, SunLife wouldn’t be for you. The company also doesn’t offer joint-life policies or a decreasing term policy.

If you’re over 50 and looking for life insurance to cover funeral costs or smaller debt payments, SunLife is an excellent choice.

Defaqto ratings

Type Plan name Rating
Over 50s life assurance Guaranteed Over 50 Plan 3
Over 50s life assurance Guaranteed Over 50 Plan (Capped) 4
Defaqto ratings were reviewed on 01/10/2023