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Guaranteed Over 50 Plan Terms and Conditions including the Policy Summary
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Key Facts

Key Features of the Guaranteed Over 50 Plan

Key Facts

Guaranteed Over 50 Plan Policy Summary

This summary does not include the full terms and conditions of your Guaranteed Over 50 Plan - these can be found in the 'Terms and Conditions' of the Guaranteed Over 50 Plan'.

The name of the insurer providing the Guaranteed Over 50 Plan

This policy is provided by AXA Sun Life plc which is authorised and regulated by the Financial Services Authority.

The type of insurance and cover provided by the Guaranteed Over 50 Plan

The Guaranteed Over 50 Plan is a whole of life insurance policy which, after two years, provides a fixed cash sum on your death. Your cover will continue for the rest of your life provided you keep paying your premiums when due.

The Plan has no cash-in value at any time.

Eligibility for the Plan

You are eligible for this insurance provided that, at the starting date, you:

  1. Are aged 50-85
  2. Are resident in the UK

Significant Features and Benefits

  • Your acceptance is guaranteed.
  • After two years a fixed cash sum is paid out on your death.
  • If you die as the result of a travel accident (see the Terms and Conditions Section 3) or within 90 days from injuries sustained in it, we will pay out three times the fixed cash sum.

Significant Exclusions and Limitations

  • The full cash sum is not payable in the first two years. If you die during the first two years, other than as the result of a travel accident, we will pay out an amount equal to 1½ times the premiums paid. For full details, see the Terms and Conditions Section 4.
  • If you stop paying your premiums for any reason, your policy would be cancelled and you would not get any money back.

Cancellation rights

You have the right to cancel your plan within 30 days of receiving your Policy Documents. Any premiums you have paid during this time will be refunded. After this period you can cancel your policy at any time by writing to us. However, the Plan has no cash-in value at any time, so you would not get anything back. Full details can be found in the Terms and Conditions Section 7.

How to claim

Claims should be registered with our helpline on 08457 322 223. Full details of how to make a claim in the event of death are in the Terms and Conditions, Section 9.

How to make a complaint

If you are unhappy with the service provided by AXA Sun Life, please contact our Customer Care C0-ordinator on 08457 322 223. Full details are provided in the Terms and Conditions, Section 10.

Financial Services Compensation Scheme (FSCS)

Our obligations are covered by the Financial Services Compensation Scheme (FSCS). This means that if AXA Sun Life became insolvent, you would be covered for at least 90% of the value of your Plan. Further information is available at www.fscs.org.uk or telephone 020 7892 7300.

Terms and Conditions of the Guaranteed Over 50 Plan

The information you have been provided with does not contain advice regarding whether the Guaranteed Over 50 Plan is suitable for you. Therefore it's very important that you:

  1. Read and understand these Terms and Conditions
  2. Make sure you are eligible for the Plan
  3. Make sure you know what is and isn't covered by the Plan
  4. Keep these Terms and Conditions to refer to in the future
  5. Check these Terms and Conditions from time to time to make sure the Plan is still suitable for you.

Your demands and needs

The Guaranteed Over 50 Plan meets the demands and needs of those who want to use life cover to leave a cash sum on death. This could help pay towards funeral expenses or any outstanding debts, or to leave as a legacy.

1. Am I eligible for the Guaranteed Over 50 Plan?

You are eligible for this insurance provided that, at the starting date, you:

  1. Are aged 50-85
  2. Are resident in the UK

2. When will the Plan pay out?

  • If you die during the first two years, we will pay out an amount equal to 1½ times the premiums paid, unless you die as the result of a travel accident as defined in Section 3.
  • After you have had the Plan for two years, we will pay out a fixed cash sum on your death.
  • If you die as the result of a travel accident (or as a policyholder within 90 days from injuries sustained in it), as defined in Section 3 and 4, the Plan will pay out three times the fixed cash sum.

3. What are the features and benefits of the Plan?

  • Your acceptance is guaranteed.
  • After two years a fixed cash sum is paid out on your death.
  • From day one of your Plan, if you die while the policy is in force, solely as a result of and within 90 days of accidental bodily injury sustained in the circumstances described below, we will pay out three times the fixed cash sum whilst travelling legally as a duly licensed driver or passenger, in or on a:
    • motor car
    • motor cycle
    • motor cycle side car.
    OR

    Whilst travelling legally as a fare-paying passenger (including getting on or off):
    • by rail
    • by road
    • by air in passenger carrying aircraft operated by airlines or established charter companies and flying to and from licensed airfields
    • by sea.

4. What are the exclusions and limitations of the Plan?

  • The full fixed cash sum is not payable on death during the first two years.
  • If you were to die during the first two years except as the result of a travel accident as defined in Section 3, we will pay out an amount equal to 1½ times the premiums paid.
  • The maximum combined initial life cover you can receive from the Guaranteed Over 50 Plan or similar AXA Sun Life Over 50 Products, is £20,000 in total, excluding travel accident death benefit.
  • The maximum combined monthly premium is limited to that which will achieve the £20,000 life cover, although this may be less than the £74 maximum premium otherwise allowable.
  • Inflation will, over time, reduce the value of the cash sum paid out on your death.
  • The Plan has no cash-in value at any time.
  • Depending on how long you live, the total premiums paid may be greater than the cash sum payable on death.
  • If you die as a result of a travel accident as defined in Section 3, the cash sum will not be paid out if death or injury are as a direct or indirect result of:
    • the policyholder's engaging in or practicing for motor car or motor cycle racing, trials or timed events
    • war or hostilities
    • intentional self injury or suicide or any attempted suicide

5. How much will it cost?

A regular, fixed premium will be payable for life based on your age, gender and the fixed cash sum the Plan will pay out on death. The premium and benefits you have selected will be shown on your Policy Schedule.

6. How do I pay?

Monthly by Direct Debit.

After the first premium has been paid, if any subsequent premiums are not paid on the due date, we will allow ten days of grace during which time you can pay the outstanding premium and the policy will remain in force.

Quarterly payment is also available if you do not have a bank account.

If you are paying quarterly, we will allow 30 days of grace to pay the outstanding premium.

If the outstanding premium is not received within the days of grace, the Plan will be cancelled and you will not get anything back.

7. How do I cancel the Plan?

You can change your mind within 30 days from when you receive the "Your right to change your mind" form. Complete and return the form within 30 days to: The Manager, New Business Customer Services Department, AXA Sun Life plc, PO Box 1810, Bristol BS99 5SN and AXA Sun Life will refund any premiums you have paid. After this, you may cancel your Plan at any time by notifying AXA Sun Life in writing. If you do cancel, your life cover will stop and you won't get anything back.

8. What about tax?

The fund in which your premiums are invested is subject to tax on investment income and capital gains and this tax is deducted from the fund by AXA Sun Life. Any money paid as a result of a claim on the Plan will currently not be subject to capital gains tax or income tax. The amount paid 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 AXA Sun Life's understanding of current law and HM Revenue & Customs practice. How taxation could affect you will depend on your individual circumstances. Tax legislation may change in the future.

9. How to make a claim

In the event of death, a claim can be made in writing to AXA Sun Life plc, PO Box 1810, Bristol BS99 5SN or by telephone on 08457 322 223. We will need:

  • The Policy Schedule and Endorsements to be returned
  • The name of the person making the claim and evidence of their entitlement to the policy proceeds
  • The name and date of birth of the policyholder
  • The original death certificate
  • A copy of the policyholder's Will if there is one.

It is important that you keep the policy documents safe and let your next of kin know where to find them.

From the date of death to when the payment is made we will add interest to the cash sum paid out. The rate of interest used to calculate this amount will typically be around 0.5% per annum lower than the Bank of England Base Rate.

10. What if I have a complaint?

If you would like further information or you have a complaint about our service, then please contact Customer Care Coordinator, New Business Customer Service Department, AXA Sun Life plc, PO Box 1810, Bristol BS99 5SN. Tel: 08457 322 223. If you are not satisfied with any aspect of the service that you have received from AXA Sun Life, then we have a written complaints handling procedure, a copy of which is available on request. Complaints that AXA Sun Life cannot settle may be referred to the Financial Ombudsman Service at: South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: 0845 080 1800 E-mail: complaint.info@financial-ombudsman.org.uk Website: www.financial-ombudsman.org.uk. Making a complaint will not affect your right to take legal action.

11. Financial Services Compensation Scheme (FSCS)

 AXA Sun Life's obligations are covered by the Financial Services Compensation Scheme (FSCS). This means that if AXA Sun Life became insolvent, you would be covered for at least 90% of the value of your Plan. Further information is available from AXA Sun Life on request, the Financial Services Authority or the Financial Services Compensation Scheme at www.fscs.org.uk

12. Law 

AXA Sun Life will apply the law of England and Wales to this Plan. By taking out this Plan, you are agreeing to this. All communication will be in English.

General Information

Information about the company providing the Guaranteed Over 50 Plan

AXA Sun Life plc is the provider of the Guaranteed Over 50 Plan.

AXA is a worldwide insurance group. In the UK, one of the AXA companies is AXA Sun Life plc, the provider of your policy. It is an insurer based in the United Kingdom and is authorised and regulated by the Financial Services Authority. Registered in England No. 3291349. Registered office: 5 Old Broad Street, London, EC2N 1AD. AXA Sun Life Plc is a company limited by shares and entered on the Financial Services Authority's Register. Registration number 185063

You can check this on the FSA's register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Information about the company distributing the Guaranteed Over 50 Plan

AXA Sun Life Services plc is the distributor of the Guaranteed Over 50 Plan.

AXA Sun Life Services plc, PO Box 1810, Bristol, BS99 5SN, is authorised and regulated by the Financial Services Authority. Our FSA Register number is 185746. AXA Sun Life Services plc and the AXA companies whose products it markets are all part of the same corporate group and are wholly owned by AXA.

How to contact AXA Sun Life

If you'd like to talk to AXA Sun Life about any aspect of your life insurance policy, please call our policy helpline on 08457 322 223. We are open Monday to Friday from 8am to 8pm. All calls will be charged at local rates and as part of our commitment to quality service, telephone calls will be recorded.

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