SunLife is a British financial services firm established in 1810, renowned for its products designed for customers over 50.
Defaqto ratings are an independent assessment of financial products, designed to help consumers gauge the quality of different offerings.
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SunLife is a British financial services firm established in 1810, renowned for its products designed for customers over 50. The company has a long history of innovation, notably being the first to offer life insurance without requiring a medical examination in 1900.
Since 2016, SunLife has been part of the Phoenix Group, which underpins the company’s life insurance policies. Besides life insurance, SunLife offers equity release, home insurance, and funeral plan services.
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SunLife provides life insurance coverage for individuals over 50. This policy guarantees a payout for your family and loved ones upon your death.
The Over 50s Life Insurance plan is a whole of life policy, ensuring a guaranteed payout regardless of when you die. The payout amount depends on your age when you take out the policy. Further details on SunLife life insurance costs are discussed below.
Several key features and benefits of SunLife Life Insurance are worth considering when making your decision.
Overview of SunLife Life Insurance Key Policy Details
| Cover Options | Over 50s Life Insurance. |
| Cover Period | Whole of Life. Full coverage after 12 months. A cash payout is still provided if death occurs accidentally within the first year. |
| Critical Illness Cover | Not available. |
| Maximum Applicant Age | 85. |
| Minimum Entry Age | 49. |
| Joint Life Policy | Not available. |
We compare plans from the leading life insurance providers
Defaqto ratings are an independent assessment of financial products, designed to help consumers gauge the quality of different offerings. Defaqto uses a star rating system from 1 to 5, with 5 stars representing the highest level of quality. These ratings are determined through a detailed analysis of policy features and benefits. The Defaqto ratings for SunLife are current as of March 7, 2025.
SunLife’s Over 50s Life Insurance plan currently holds a 3-star rating from Defaqto. This rating suggests the policy offers a good level of features and benefits for an over 50s life insurance product. However, when compared to some of its competitors in the market, there are policies that have been rated higher.
For instance, both Legal & General and Direct Line have received the top 5-star rating from Defaqto for their Over 50s life assurance plans, indicating a more comprehensive offering. Similarly, Santander also holds a 3-star rating for some of its life insurance products, placing it on par with SunLife in certain areas.
For consumers, a 3-star Defaqto rating for SunLife indicates a reliable and solid policy that meets a good standard. While it may not be the highest-rated option available, it signifies a worthwhile choice, particularly for those seeking straightforward Over 50s life insurance. It is always advisable for consumers to compare policies and consider their individual needs before making a final decision.
Many insurance companies offer welcome gifts to new customers when they purchase a policy. SunLife sometimes offers a gift card that can be used at various retailers. You can find a list of participating retailers online.
To be eligible for the gift, you typically need to maintain the life insurance policy for at least six months. The company will then contact you regarding the gift. Note that previous SunLife policyholders who cancelled their policies may not be eligible.
Additionally, SunLife may offer a gift card for referring a friend or family member.
Life insurance costs are influenced by factors like age, health, smoking habits, occupation, and lifestyle. For an accurate quote, it’s best to contact SunLife directly or use their online quote service.
For example, a non-smoking 60-year-old applying for Over 50s coverage from SunLife might expect to pay a certain monthly premium for a specific payout amount.
Over 50s life insurance often serves to cover funeral expenses, so the necessary coverage amount depends on individual needs. It’s important to consider that your total SunLife premiums could exceed the final payout, so choose a plan that aligns with your financial situation.
After your first premium payment, you generally have the option to decrease your policy’s coverage amount, which will lower your monthly premium. However, increasing coverage or changing to a different policy type is usually not permitted.
Be aware that policy cancellation will occur if you miss a monthly payment.
SunLife is a strong contender for Over 50s life insurance. With its extensive experience serving older customers, SunLife is a reputable insurance provider.
The PayStop and Funeral Benefit options enhance the appeal of their policies. However, SunLife might not be suitable if you need life insurance for substantial debts like a mortgage. They also do not offer joint-life policies or decreasing term policies.
If you are over 50 and seeking life insurance to cover funeral costs or smaller debts, SunLife is a worthwhile option to consider.
| Type | Plan name | Rating |
|---|---|---|
| Over 50s life assurance | Guaranteed Over 50 Plan | 3 |
| Over 50s life assurance | Guaranteed Over 50 Plan (Capped) | 4 |
