SunLife
over 50 plan review

The SunLife guaranteed over 50 plan is a life insurance policy which guarantees a cash pay out for your family when you pass away.

Many people take out an over 50 plan as an affordable way to help pay for their funeral when the time comes.

Especially as funeral costs continue to rise faster than inflation every year (121% since 2004) and the average cost is now £4,056^[2].

Having an over 50 plan in place gives you peace of mind that your family will have the money available to help pay for your funeral when the time comes.

Alternatively the pay out could be used to cover outstanding debts in your name or to leave as an inheritance for loved ones.

A SunLife guaranteed over 50 plan will pay out the full sum assured to your family when the initial waiting period has ended.

The waiting period is the first 12 months of the plan during which you won’t be covered for natural death.

This means if you pass away of natural causes within the first 12 months then the full sum assured won’t be paid.

However, your premiums will be refunded to your loved ones.

If you pass away due to an accident within the first 12 months then the full sum assured will be paid, (referred to as accidental death cover).

When the waiting period is over, then you’ll be fully covered for all causes of death and the full sum assured will be paid out when you pass away.

Insurers implement a waiting period for over 50 plans because you don’t need to answer any medical questions and the risk you pose to them is unknown.

Typically, you’ll need to pay your monthly premium until you pass away.

For this reason, it’s important to choose a monthly amount that suits your budget now, as well as your budget in the future (for example, after you retire).

Any missed payments could invalidate your policy.

Premium cap option

Alternatively, you could choose to customise your SunLife over 50 plan with their premium cap option called ‘PayStop’.

PayStop can be added on to your plan for a slightly higher premium and provides you with a fixed end date for your payments.

You’ll still be covered for the rest of your life but your monthly payments will stop when you reach a certain age.

The table below shows a comparison of standard premium prices and PayStop premium prices for the SunLife over 50 plan. Based on a 60 year old non-smoker:

Whether SunLife over 50 life insurance is worth it for you or not will depend on your personal circumstances.

For many people, taking out an over 50 plan is an easy and affordable way to set money aside for their funeral.

Especially as funeral costs continue to rise faster than inflation every year (128% since 2004) and the average cost is now more than £4,000^[2].

Reassured is on hand to help you decide if over 50 life insurance is the right option for you and your family.

Get in touch today and a member of our friendly team can provide you with all the information you need to make a fully informed decision.

If you haven’t yet made plans for your funeral, then you can choose to add a funeral benefit option to your SunLife over 50 plan free of charge.

With the funeral benefit option, your sum assured won’t be paid as a cash lump sum to your loved ones when you pass away.

Instead, the full amount is paid directly to a reputable and UK wide funeral director chosen by SunLife to pay for your funeral.

If you choose to add the funeral benefit option to your plan, then an additional £250 will also be contributed to the cost of your funeral when the time comes.