Phoenix

Guaranteed Over 50 Plan

Terms and Conditions including the Policy Summary

Terms and Conditions of the Guaranteed Over 50 Plan

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 were to 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 Sections 3 & 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, we will pay out three times the fixed cash sum if you die while the policy is in force, solely as a result of (and within 90 days of) accidental bodily injury you suffer while travelling legally as a duly licensed driver or passenger, in or on a motor vehicle.

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 total of your monthly premiums for AXA Sun Life Over 50 Plan(s) or similar is limited to the lower of £74 a month or the premium that will achieve the £20,000 life cover.
• 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 death is a result of a travel accident as defined in Section 3, the additional cash sum will not be paid out if death is a direct or indirect result of:

• you engaging in or practicing for motor vehicle 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 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 thirty days of grace during which time you can pay the outstanding premium and the policy will remain in force.

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 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 upon 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 your 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 Services Dept, 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: 08000 234 567 (free from a landline) or 0300 123 9 123 (free for mobile users who pay a monthly charge for calls to numbers starting 01 or 02)
Lines are open 8am to 6pm, Monday to Friday
E-mail: complaint.info@financialombudsman.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)

Your plan is covered by the Financial Services Compensation Scheme. This means that if we are unable to pay claims/benefits because of financial difficulties you would be able to make a claim. You are covered for 90% of the claim, without any upper limit. For further information please see www.fscs.org.uk or telephone 0800 678 1100.

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

Back to the top