SunLife equity release review 2024
*Updated December 2023*
Who is SunLife?
The SunLife name goes back over 200 years. In 1900, it was the first to offer no-medical life insurance, and in 1979 it introduced over 50 life insurance to the market. Today, SunLife offers general life insurance, funeral plans, equity release, home, car, and pet insurance, alongside the now familiar SunLife Guaranteed Over 50 Plan.
The SunLife equity release service is provided by Standard Life, a trading name of Key Retirement Solutions Ltd.
A note from our expert, Ashley:
This SunLife review is one in a series of reviews featuring many of the nation’s leading providers. These reviews have been created to help you compare the various plans on offer so you can consider what might be best for you.
Is SunLife a member of the Financial Conduct authority?
Yes, SunLife is a member of the Financial Conduct Authority, reference number: 769427 and the Financial Services Compensation Scheme.
Standard Life Equity Release is a trading name of Key Retirement Solutions, reference number: 224987, which is also authorised and regulated by the Financial Conduct Authority.
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SunLife equity release – in summary
The SunLife equity release service offers lifetime mortgages through their partnership with Standard Life.
You speak to a qualified adviser who will talk through everything you should consider and advise you on whether equity release is a good option for you. If you decide to take out equity release through SunLife's advice service, the company will receive a percentage of your loan's value as commission.
Features of equity release available through SunLife
- You continue to live in your own home until you or your partner, if you have a joint equity release scheme, die or move into a care home
- You can still move home, but fees may apply
- The Equity Release Council’s ‘no negative equity’ guarantee will apply, so you will never owe more than the value of your home and won’t leave a debt behind.
Eligibility for equity release varies between providers. Your adviser will explain the eligibility criteria for the providers they believe to be best suited to you.
SunLife gives the following as the minimum criteria requirement:
- You must be aged 55 or over and live in the UK for the majority of the time
- You must be a homeowner of a property worth at least £70,000
- You must be mortgage-free or only have a small mortgage remaining, which will have to be paid off using the money released
- The property must be freehold or have a very long lease left to run
- The property should be of standard construction i.e. built form bricks and mortar
To find out how providers compare or to see how much cash you could release from your home, use our no-obligationfree equity release calculator.
For advice on schemes from a wide range of equity release providers, call 0800 368 8466 to speak to a qualified adviser at Age Partnership.
And finally, make sure you understand exactly what you are committing to, consider the alternatives to equity relese and talk through your intentions with your family.
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