Verification of SunLife product claims
Below you’ll find verification for claims about SunLife’s plans and products:
- Guaranteed Over 50 Plan verification
- Compare over 50 plans
- Guaranteed Inheritance Plan verification
- Equity release verification
- Free gift terms and conditions
Guaranteed Over 50 Plan verification
Below you’ll find verification for claims about SunLife’s Guaranteed Over 50 Plan.
Full cover after one year
In the first year of the plan you would only get the full payout if you were to die from an accident. If you were to die for any other reason in the first year, you would not get a payout. However, the premiums you had paid for that plan would be returned in full. See the terms and conditions for more information.
The UK's no.1 choice/The nation's favourite/The UK's most popular/The UK's most trusted/The UK's favourite
SunLife has 86% market share of all whole of life guaranteed acceptance plans bought directly. Source: ABI statistics issued in May 2024 for a 12-month period to 31st March 2024 based on new Phoenix Life policy sales trading as SunLife. For more information about this source, please get in touch.
Immediate cover for accidental death
The full cash sum is paid if you die as the result of an accident, even if you’ve had your plan for less than a year. Full terms and conditions apply.
Guaranteed to pay 100% of claims
Your payout is guaranteed, in accordance with the terms and conditions.
Average cost of a funeral
£4,141 represents the average of the cost of a burial and the cost of a cremation in the UK. For more information about funeral costs by type and region, please see our Cost of Dying report.
Feefo rating
As of 22nd October 2024, we have a rating of 4.8 for customer service (based on 1,189 reviews) plus a Platinum Trusted Service award from Feefo. This is checked monthly.
Trustpilot rating
As of 22nd October 2024, we have a Trustpilot Score rating of 4.8 out of 5. Based on 14,878 reviews. This is checked monthly.
Fast payout
98% of claims are paid within 3 working days of getting the paperwork we need from you – 12 months to June 2024.
One Guaranteed Over 50 Plan is bought every 5 minutes
Based on new policy sales for a 12-month period to 30th June 2024.
Number of policyholders
SunLife has over 800,000 Guaranteed Over 50 Plan policyholders as at 30th June 2024.
British Heart Foundation
SunLife will pay £1 from the first payment of every plan to British Heart Foundation Ventures Limited registered as a company in England and Wales No. 02767880, which pays its profits to the British Heart Foundation. Registered Charity Number: 225971 (England and Wales) and SC039426 (Scotland).
PayStop
You can tailor your plan with PayStop, our Premium Cap Option. This means you’ll pay a slightly higher premium, but your payments will stop at an agreed date rather than on death. It is available for anyone aged 50-80. You can get a quote online or by calling us on 0800 904 7674.
Insurance type
This is whole of life insurance. Premiums are payable for life unless PayStop option is selected. A payout is guaranteed when you die.
Compare over 50 plans
SunLife's Guaranteed Over 50 Plan is the market leader for over 50s life cover. It offers a 100% guaranteed cash payout of up to £18,000, for people aged 50–85. Unlike some others, it provides an option to stop paying before aged 90 and still receive a full payout, it also comes with a Funeral Benefit Option.
Here's how the Guaranteed Over 50 Plan compares to these others selling over 50s life insurance:
AIG – Second most popular active provider
British Seniors' Over 50s Life Insurance
- Maximum payout of £10,000
- Only provides guaranteed acceptance up to aged 80 (50–80)
- You must pay until you are 95 (Payments cease if you die before that)
- £300 Funeral Benefit Option
Scottish Friendly – Third most popular active provider
Scottish Friendly's My Mutual Guaranteed Over 50s Plan
- Maximum payout of £20,000
- Only provides guaranteed acceptance up to aged 74 (50–74)
- To receive the full payout you must pay until you qualify for an Early Premium End Date or until you are 90 – whichever is earlier (Payments cease if you die before that)
- No Funeral Benefit Option
One Family – Fourth most popular active provider
One Family's Over 50s Life Cover
- Maximum payout of £20,000
- Only provides guaranteed acceptance up to aged 80 (50–80)
- You must pay until you are 90 (Payments cease if you die before that)
- £300 Funeral Benefit Option
Legal and General – Fifth most popular active provider
Legal and General Over 50s Life Insurance
- Maximum payout of £10,000
- Only provides guaranteed acceptance up to aged 80 (50–80)
- You must pay until you are 90 (Payments cease if you die before that)
- £250 Funeral Benefit Option
These are the 4 next most popular providers after SunLife according to the Swiss Re Term & Health Watch report 2024. The list of providers has been amended to only show those who are currently trading.
The product information is correct as at September 2024 and is checked every 3 months.
For more information about these claims, or for sources please get in touch.
Guaranteed Inheritance Plan verification
Below you’ll find verification for claims about SunLife’s Guaranteed Inheritance Plan.
Cover starts immediately
Cover begins on the policy start date shown in your policy schedule. See the terms and conditions for more information.
Payouts from £5,000 to £50,000
You can choose any cover amount from £5,000 up to a maximum amount of £50,000 at the start of the policy. How much you can take out depends on your age, smoker status and health. See the terms and conditions for more information.
A payout is guaranteed
As long as you answer the health questions truthfully and accurately, a payout is guaranteed in accordance with the terms and conditions.
Bigger guaranteed payout
In exchange for a few simple health questions, we may be able to offer you a bigger payout compared to our Guaranteed Over 50 Plan.
Feefo and Trustpilot ratings
As of 22nd May 2024, we’re highly rated for customer service on Trustpilot and Feefo. This is checked monthly.
Faster payout
Compared some other types of life insurance. Faster payout applies if you name your beneficiaries when you take out a Guaranteed Inheritance Plan, as doing so means the payout won’t have to go through probate.
Insurance type
This is whole-of-life insurance. Premiums are payable for life. A payout is guaranteed when you die, as long as you answered the health questions truthfully and accurately.
Equity release verification
Below you’ll find verification for claims about the SunLife Equity Release Service.
House price value minimum £70k
The minimum property value for equity release plans is usually £70,000, however it can be higher with some providers. To be eligible for a SunLife Sunrise Lifetime Mortgage, your property must be worth at least £99,000 or more.
Minimum loan starts from £15,000
The minimum loan amount starts from £15,000 for SunLife Sunrise products.
Aged 55 and over
The minimum age limit for equity release products is usually 55.
Advice given via SunLife Equity Release Service
SunLife Equity Release Service is a trading style of Key Advice Solutions. Key Advice Solutions is a trading style of Key Retirement Solutions Limited.
SunLife Sunrise Lifetime Mortgages
The SunLife Sunrise Equity Release Lifetime Mortgage Products are manufactured and administered by Standard Life Home Finance, which is a trading style of more2life.
Tax-free cash
Any equity you release from your home is tax-free. However, if you choose to invest the money you release, any interest you receive may be taxable and may affect your tax position.
Options for no monthly repayments
Depending on the equity release product you choose, you may not need to make monthly repayments. However, making monthly repayments will help to reduce the compound interest you pay on your loan. The remaining loan and compound interest will be repaid on the sale of your property when you die or move into long-term care.
Northern Ireland exclusion
SunLife Sunrise products are not available in Northern Ireland.
For more information about these claims, or for sources please get in touch.
Free gift terms and conditions
- Gift card sent after you've paid 6 months' premiums. Offer starts 28.08.2024. Offer ends 27.11.2024.
- SunLife reserves the right to withdraw this offer at any time, or limit the total number of gifts for each customer.
- SunLife can stop the issue of a gift to any customer who has previously held and cancelled a SunLife policy.
- To prevent fraud and comply with anti-money laundering regulations, SunLife may ask for proof of identity before fulfilling any gift.
- SunLife will cancel any gift should we discover or have a reasonable suspicion that the terms of the offer are being abused.
- Please note that gifts are subject to availability. In the event of your chosen gift not being available, an alternative of the same value will be offered.
Love2Shop terms and conditions
Read the full Love2Shop terms and conditions.
- For purchases that are for more than the card's balance, first pay the difference using another method (i.e. cash debit/credit card) then pay the rest using the card.
- The balance on the card is not protected by the Financial Services Compensation Scheme but it is held on trust. Read the trust deed on the Love2Shop website.
- The card must not be re-sold.
- The card belongs to the Park Card Services Ltd of Valley Road, Birkenhead, Merseyside, CH41 7ED.
- By using the card you are deemed to accept the Love2Shop terms and conditions.
Dine card terms and conditions
Read the full Dine card terms and conditions.
- By using your Dine membership, you agree to accept the Dine card terms and conditions.
- You can use your Dine card as many times as you like throughout the term of your membership.
- Simply browse through our website or by downloading our free Dine app to choose your restaurant, and give them a quick call to book your table.