Sat Nav For Approx. Ј6

A question about : Sat Nav For Approx. Ј6

I've just seen the Sunlife advert on telly. If you take out an over 50 plan, they will give you a sat nav as a welcome gift. (if you don't want this you can have a digi camera, case of wine or dvd player). The plan can be cancelled at anytime, it's whole of life, so you do not get any money back.
It looks great if you are over 50, as when you get the gift you cancel the plan. If you are not over 50 yet, you must know someone who is. Pay them the money to open the plan, they get the free gift, and hopefully give it to you, they then cancel the plan.
If you go to www.over50plan.co.uk you will see the terms and conditions. There does not appear to be any catches, you must have the plan for over 30 days, ther is no medical required, and they say you are guarenteed to be accepted.
If they take longer than 30 days to send you the sat nav it will cost you more than the first months payment of Ј6, so it could cost you Ј12, or Ј18, but I think its the cheapest way to get one!

Best answers:

• Looks like a plan.
  Quote:
• Looks like a plan.
  Quote:
• Read the Big Print
  How much will it cost to arrange this Plan?
  For assisting in the arranging of this Plan, AXA Sun Life plc will provide AXA Sun Life Services plc with commission and support based on the size of the premium. This commission will be worth on average £117.84 based on a male aged 60 paying a premium of £10 a month. This is a one-off payment, made immediately on the Plan being set up. All the charges for setting up the Plan, including the commission are included in the premiums you pay.
  Now, what happens if you immediately cancel, "This is a one-off payment, made immediately on the Plan being set up." Does that mean its now a debt?
  Basically I don't know, but you need to find out.
• That seems to read that AXA Sun Life Services plc are paid by AXA Sun Life plc for selling you the policy. I can't see why that would affect the policy holder.
• Does anyone know how good the sat nav system is? Doesn't look bad for Ј6. I'm sure I can get one of my ageing parents to sign up ha ha
• Hi,
  looks ok, don't see any catches, first premium free, though I don't suppose that qualifies for free gift.
  Pay the first premium, give it a couple of weeks and then cancel, by that time free gift should be on the way or......... wait until free gift arrives before cancellling, but that might mean paying more than one premium.
  Oops, forgetting about bonus, if I die before cancellling then somebody will get one and half times my paid premiums.
• As a policy, the over 50s plan is usually poor value for money and relies on gimmicks and corny advertising to be sold.
  If you cease the plan, there is a clawback of commission from the agents that get paid it (in this case Sun Life as they act as agent and provider). The clawback cannot be applied to a consumer as it would be a breach under the FSA's TCF guidelines unless a fee agreement has been signed (which it isnt in this case).
• TBH I saw nithing that related your post to insuranceThat's what made it spammish for me.
• oldwiring, it appears that you missed the context: DazzaMc pointed out the details of the free gift being offered for taking out this insurance policy. Your spam detector seems to have misfired.
• has anyone done this yet then cos my "mum" wants one and would put it in my mums name
• So do you have to wait a year for the gift?
  Do any of these abbreviations apply?
  DLAGHITM don't look a gift horse in the mouth
  BGBG beware G-eeks bearing gifts
  IITGTBTIPI if it's too good to be true it probably is