Would you ever buy a 'Sun Life' over 50's life insurance?

Yesterday, I received in the post the wonderful ( ) Sun Life sales blurb along with the special offer of a TV or Video camera free gift ( ).

Basically you pay a nominal sum of money for the rest of your life until you die, and then it pays a lump sum to your dependants.

The catch

If you miss just one payment they cancel it and you get nothing (regardless of how much you have paid in).

You can feasibly pay far more in than anyone ever gets back on your death.

You get nothing in return (ie the person who's life is insured)

You have to have paid in for 2 years before anyone gets anything on your death (except for accidental death).

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I don't know if it's just me, but it doesn't seem to me, to be anything like a good deal. With far to many exemptions and clauses, where they won't pay out.

I suppose it would be ok, if you were guaranteed to croak on the stroke of midnight after the two year payments are satisfied.

Who in their right mind would take out such a plan?

You can bet your life that Michael Parkinson has not taken one of these "give us your money and get nothing in return" policies out.

A least you get a free pen

You can bet your life that Michael Parkinson has not taken one of these "give us your money and get nothing in return" policies out.

 

A least you get a free pen

Ooooh, no. You get more than a pen these days....

https://www.sunlifedirect.co.uk/life-cover/over-50-life-insurance/

Hi Pete!

How long and how much do you have to pay before you get the 'free' TV or video camera?

And if you miss a payment and they cancel it, do you get to keep your 'free' gift?

No...you get a free pen just for enquiring (according to Parky on the telly).

To get you free pen all you have to do is give them all your details (name, address, age, gender, phone numbers, etc) and expect to be bombarded with junk mail for the rest of your life.

It doesn't sound dissimilar to most life insurance, you pay in, you must keep the policy current and the person insured is never going to benefit from it. The real question is whether this particular one is better value than all the others on the market.

No...you get a free pen just for enquiring (according to Parky on the telly).

 

To get you free pen all you have to do is give them all your details (name, address, age, gender, phone numbers, etc) and expect to be bombarded with junk mail for the rest of your life.

Why would anyone want a pen these days?

Maybe they'd get more response if they gave away a free PC mouse?

Its such a tempting offer, isn't it. Who in their right mind would sign up for one of these

Mind you, maybe people are going a bit senile - it comes to us all.

Hi Pete!

 

How long and how much do you have to pay before you get the 'free' TV or video camera?

 

And if you miss a payment and they cancel it, do you get to keep your 'free' gift?

Morning Mr B!

Ummmm...actually I don't know. I would suspect there's a qualifying period you have to pay in, before they send your 'free gift'. But they can hardly claim it back after you've received it...I would have thought

Why would anyone want a pen these days?

 

Maybe they'd get more response if they gave away a free PC mouse?

A PC mouse!!!! That's so last week. Doesn't everyone speak into their tablet or smartphone now? Or is that out of date also?

Hi Pete!

 

How long and how much do you have to pay before you get the 'free' TV or video camera?

 

And if you miss a payment and they cancel it, do you get to keep your 'free' gift?

It say on their web site "Your gift will be sent to you around one month from the day you pay your first premium. Because the first month’s premium is free, this may be two months into your policy".

It doesn't say anything about them wanting the gift back if you or they cancel the policy.

"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 writing to us. Remember, if you do cancel, your life cover will end and you wouldn't get anything back. As long as you continue to pay your monthly premiums, your Plan can’t be cancelled by us for any reason".

So it seems you can pay, lets say £4 for the second month as the first month is free, get your free gift and then cancel.

A PC mouse!!!! That's so last week. Doesn't everyone speak into their tablet or smartphone now? Or is that out of date also?

It's an over 50's policy so I think it's probably a good idea to break them in gently!