50 Plus Protector Plan - Commonly Asked Questions

What is the 50 Plus Protector Plan?

It is a plan designed purely to provide you with life cover for the rest of your life.  You choose a monthly premium at the start, which gives you a starting cash sum.

What about my monthly premium?

You can choose from a range of premiums anywhere from £7 and £74 per month.  The monthly premium will increase each year by 5% of your initial monthly premium, so you need to choose a premium you are confident you can keep paying.  Depending on how long you live, it’s possible that you may pay in more than the cash sum paid out on death.

• If you are under 69 when you take out a Plan, premiums will increase annually for 20 years and will then remain the same until you reach the age of 90 when they’ll stop altogether.
• If you are 69 or over when you take out a Plan, premiums will increase annually until you reach the age of 90 when they’ll stop altogether.

Very simply, the most your premiums could be is double your starting monthly premium.

To help get your plan underway, your first premium is free.

How does the Plan grow?

To make this Plan easy to understand and to budget for, we’ve chosen a fixed annual increase of 5% for both the cash sum and the premiums.

So, right from the start you can be sure that the amount by which your premiums increase will be the same each year, and likewise, so will the increase in your cash sum.

The 5% increase in the cash sum is based on the Initial Cover Amount, not on the increased cash sum in subsequent years.  This means that after the first year, this actual increase will be less than 5% of the value of the cash sum at that time.

For example, if the Initial Cover Amount is £2,000, the 5% increase will be £100 every year.  After 10 years the cash sum will have increased to £3,000 but the annual increase will still be £100.

What if I haven’t had my Plan for 2 years when I die?

If you die within 2 years of taking out your Plan, we will repay all your premiums, plus half as much again.

Do I need to have a medical?

No. Provided you're aged 50 - 75, you don’t need a medical examination, to see a doctor or to answer any questions about your health to take out the Plan.

Does the Plan have a cash-in value?

No. The Plan has no cash-in value so if you cancel your Plan or stop paying your premiums, your life cover will stop and you'll get nothing back. You need to be totally comfortable that you can keep up your premiums when you take out the Plan.

When does the Plan pay out?

Once you have been paying into the Plan for 2 years, and as long as you keep paying your premiums, we will pay the full fixed cash sum on your death.
 
If you die within the first two years, we will pay out one and a half times the premiums paid in.
 
At any time after your Plan has started, if you are killed either in the car or as a fare-paying passenger by road, rail, sea or air anywhere in the world, we will pay three times the cash sum. This even applies if you die up to three months later, as a result of injuries sustained in the accident.

How are claims dealt with?

When the time comes for your loved ones to let us know that they’ll be making a claim, they can call us on 08457 322 223 or write to us at AXA Sun Life plc, PO Box 1810, Bristol BS99 5SN. We can then help by stopping the collection of premiums for the policy until the claim has been processed.  To process the claim, AXA Sun Life will need:

• the name and date of birth of the policyholder;
• the original death certificate; and
• evidence of the beneficiary’s entitlement to the policy proceeds.

We may also need:

• a copy of the Policy Schedule and Endorsements;
• and a copy of the policyholder's Will if there is one.

If these documents are not available, the person making the claim should contact our policy helpline on 08457 322 223.

What about tax?

The fund we invest your premiums in is subject to investment income and capital gains tax which is deducted from the fund by AXA Sun Life plc. Any money paid out from your plan will currently NOT be subject to capital gains tax or income tax. Tax legislation may change in the future.

The amount paid out on your death will normally form part of your estate, so may be subject to inheritance tax, unless you write your Plan subject to an appropriate trust. Tax information is based on our understanding of current law and HM Revenue & Customs practice. How taxation could affect you will depend upon your individual circumstances.

Can I cancel the Plan?

You have 30 days from the day you receive your policy documents during which you can cancel your Plan and have any premiums paid refunded in full.

After that, you can cancel your Plan at any time by notifying us in writing. Remember, if you do cancel, your life cover will stop and you'll get nothing back. As long as you continue to pay your monthly premiums, your Plan cannot be cancelled by us for any reason.

What else does the Plan give me?

You will have 24 hour access to Careline, a professional health information helpline, 365 days a year. This confidential telephone service includes care and counselling, guidance about men's and women's health and healthy living, and is staffed by highly experienced healthcare professionals and counsellors.

We may review this service from time to time and reserve the right to withdraw it without any advance warning.

Full details of Careline will be sent to you with your policy documents.

Who are AXA Sun Life plc?

AXA Sun Life plc are one of the UK’s leading providers of life cover and the Guaranteed Over 50 Plan is the most popular Plan of its type*. Our extensive experience spanning over 25 years has enabled us to develop a range of life cover solutions to meet the differing needs of our customers.

We’re proud that, today, over 655,000** people enjoy the peace of mind that our Plans can offer.

* Whole of life plans sold directly to the public. Source ABI statistic, Jan - June 2008.
** As at 16th July 2008.