SunLife equity release review 2024

*Updated May 2024*

Who is SunLife?

sunlife equity release reviewThe 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 criteria

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

Next steps

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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Ways to contact us

Call 08001337380
Call 0800 368 8466
Arrange a callback
Arrange a callback
Try the calculator
Try the calculator
Email us
Email us

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Equity Release Council

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Our aim is to provide you with clear and accurate information to help you research your chosen financial products and services. The material on this site is for general information only and does not constitute any form of advice or recommendation.

If a link has an * by it, it means it is an affiliated link to an insurance company or broker that may result in a payment to the site. Should you use the equity release calculator, speak to an Age Partnership adviser and take out a plan out using their services, we receive a commission, however this will not affect the price you pay.

Also, from time to time you may see advertisements from third party companies who pay us a fee to advertise their services on our site.

None of the above arrangements constitute advice or recommendations, as other products and companies are available. You should always obtain independent, professional advice for your own situation.

The information provided on this site is accurate at the date of publication, occasionally however, things will change before we have had the opportunity to update them, so please do check. Always do your own research and take independent advice.

We do not investigate the solvency of any company mentioned on our website and are not responsible for the content on websites we link to.

Simply Equity Release is a member of the Equity Release Council and part of the Over50choices Group who is regulated by the FCA (No.5954280) for insurance products.