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I wonder how many of the younger members here on Ciao have thought about or actually have life insurance. I got married at 16 years of age and as I lived in a counsel house, Life insurance never crossed my mind, as I thought only older people or people with mortgages took out policies. I suppose you could say that I was very naïve, and I would assume that the younger generation today are more in the know than I was.
By the time I was nineteen, I had 2 children and still had no life cover, it only was brought to my attention when I was suddenly left on my own with my children, when my husband walked out. A friend of mine mentioned it to me, and pointed out how important it actually is to have cover, especially as I had two dependants and what would happen to them if something happened to me. She gave me the details of AXA equity & law, who were very helpful and gave me really good advice and worked out an affordable monthly payment for me, which was brilliant. Then in 1997 AXA Equity & law became part of AXA Sun Life group, both of these are trading names of AXA SUN LIFE DIRECT LIMITED, which it is known as today.
So my policy was transferred and I was invited to join a savings account which also had an extra life insurance cover and it is this particular policy that I want to tell you about, as it is ideal for 18 year olds that maybe still live at home as it is more of a savings account than anything else.
IT IS CALLED THE BONUS CASHBUILDER PLUS:
The cash builder account has been advertised widely by the well-known TV personality Carol Smillie. This savings account actually runs for 15 years and you are guaranteed a good return on the maturity of the policy. I will list the other benefits separately:
1. A special low start feature to gradually increase your savings and boost your final return. The minimum amount a month is just £10, which increase by £2 for the first five years, so that at the end of the fifth year your monthly figure will of doubled, with out you really noticing the small increase in your payments. Therefore your payments then stay the same for the remaining 10 years.
2. You do not need a medical and no one will call on you as it is all dealt with on the easy application form. You automatically get a guaranteed life cover which as an example if you were paying £10 monthly payments your life cover would be around £2,430, which is not a lot, but would help towards funeral costs.
3. Your final proceeds at the end of the 15 years is completely free of all income tax and capital gains tax, this is because your money is paid into a fund that pays the tax investment income and capital gains.
4. Each year you are given regular bonuses, which once added are guaranteed and can never be taken away. You receive a bonus report and your certificate showing you clearly how much you have been awarded. The amount varies but they are able to give all the customers some of their profit. They actually invest in stocks and shares in the UK and overseas and it is the return on these that help to make the bonuses. They also payout a terminal bonus on the maturity of your policy, which is great.
I have been very pleased with my bonuses so far and I really don’t notice the money going out of my bank account every month, it is a great way to save for the future. My advise is that the younger you are the better as for e.g. if a 18 year old started saving £50 a month he/she would then look forward to receiving at least a guaranteed amount of £12.000, but could be as much as £20,000 at the age of 33.
As with most policies you can cash them in early, but you would lose money if you did it in the first 5 years, so it really is not worth it. Most youngsters may feel 15 years is a long time, but it is worth the wait and you can plan what you want to do with it. My son joined 2 years ago and said its better than a building society account, because you can not get the money out so easily and is a brilliant way to save, if you are not that good at putting money away for a rainy day.
When you apply and have paid your first payment you also receive a free gift, which changes from time to time. For any one that is interested then you can telephone their free phone number to ask for an application form.
Telephone – 0800 31 600 33.
I would defiantly recommend this company to all my friends as the benefits are great and guaranteed what more could you want.