Aegon Life Insurance [REVIEW]

Who Are Aegon?

Aegon began in 1831 as Scottish Equitable, founded in Edinburgh. Today, it is part of Aegon N.V, which provides Life Insurance and other protection products on an international scale.

With almost 200 years experience providing insurance and investment solutions, Aegon now operates in more than 25 countries.

Aegon has a 5-star Defaqto rating for their service and today, they have more than 3 million customers in the UK alone and manage around £170 billion in savings.

Aegon Life Insurance Policy Overview

Aegon’s Life Insurance cover includes the following key features:

• Flexible Policy Options
  Offers highly flexible policy options which allow you to tailor cover to your specific needs and circumstances
• Accidental Death Benefit
  Automatically includes an accidental death benefit for under 55s. This means that for up to 60 days while applying for your policy, you will be covered for accidental death
• Additional Critical Illness Cover
  You can opt to include Critical Illness Cover to your policy, if you do, it will automatically provide cover to any children you have
• Second Medical Opinion
  If a policy holder receives a diagnosis they can get a second medical opinion from a leading clinician. This can confirm a diagnosis or change it, as well as confirm or provide alternative suggestions for treatment
• Health Assured
  Free access to a health and well being service where policy holders can talk to a professional counsellor 24 hours a day over the phone.

What Does Aegon Life Insurance Cover?

Aegon’s mission is to make sure families are protected if life’s worst uncertainties occur. One way they do this is by providing Life Insurance. This pays either a lump sum payment, or a regular income to your loved ones if you die within the policy term.

You also have the option of including Critical Illness cover, which pays out a claim if you receive a critical diagnosis.

Aegon’s Life Insurance is part of its Personal Protection Solutions, which is a menu plan that allows you to combine different types of cover in one policy. This means you can tailor your protection to your specific needs.

Samantha Haffenden-Angear
Independent Protection Expert

Key Policy Factors

Aegon’s Life Insurance policies come with several key policy factors that need to be taken into consideration.

Guaranteed Insurability

Aegon offers Guaranteed Insurability, allowing you to increase your benefit without a further medical assessment. This option applies when you experience any of the following life events before you reach the age of 55:

• Birth or legal adoption of a child
• Entering into or terminating a marriage or civil partnership
• Mortgage debt increase
• Career change or salary increase.

You can increase your cover by the following amounts:

• 50% of the original benefit, excluding any amount arising from a previous use of a guaranteed insurability option
• £12,000 per year if the main benefit is family income benefit, critical illness family income benefit, life with critical illness family income benefit, income protection or 2-year income protection
• £200,000 if the main benefit is life protection, critical illness protection, life with critical illness protection, reducing life protection, reducing critical illness protection, or reducing life with critical illness protection.

This option is only available if your policy was accepted on standard premiums and policy terms.

Indexed Cover Available

With Aegon, you can choose either an indexed or a fixed increasing benefit for your policy. This ensures that inflation won’t decrease the value of your benefit over time.

Every year, your cover will increase in line with the Retail Prices Index (RPI) up to a maximum of 10%. Your premiums will also increase by the rate of inflation multiplied by 1.5.

Aegon will notify you at least two months before the scheduled increase. This means you’ll know your new benefit amount and premium increase before it takes effect.

Children’s Cover Included With Adult Critical Illness Cover

When you add adult Critical Illness Cover to Aegon Life Insurance, Aegon covers your child automatically if they’re aged between 30 days and 18 years old.

Additional Benefits

Aegon offers a range of value-added services through Policy Plus, which are available to you throughout the life of your policy. These include:

Health Assured

Policyholders receive access to a health and wellbeing service provided by Health Assured at no extra cost. With this service, you can speak to qualified and experienced counsellors 24 hours a day over the phone. You’ll also receive free access to their Online Health Assessment tool.

Second Medical Opinion

You can benefit from access to a second medical opinion from leading clinicians. This can be used if you or a family member are exhibiting symptoms and you’re worried you aren’t getting the right treatment or diagnosis.

Funeral Payment Pledge

Aegon will advance up to £10,000 of your claim to a funeral director, to cover funeral costs. This enables your family to put you to rest even if your full claim is tied up in probate. Where agreed, this advance can also be paid to your family to arrange a funeral, or to pay for probate application fees.

Pre-Completion Benefit

This feature is available if you’re taking out a protection policy to cover your mortgage. The benefit must be either life protection, decreasing life protection, life with critical illness cover, or decreasing life with critical illness cover.

Aegon provides you with protection while you’re waiting for your property purchase to complete. The maximum amount of cover will be the lowest of £500,000, the mortgage amount, or the full benefit you applied for.

Accidental Death Benefit

You’re covered if you die due to accidental causes during the first 60 days of your application being assessed. The benefit amount will be limited to £250,000 or the amount of cover you applied for, whichever is lower.

How Does Aegon Life Insurance Compare?

To help you understand if Aegon’s Life Insurance is right for you, we’ve outlined some key points to highlight how it compares to other providers.

Reducing Life Insurance

Aegon’s Reducing Life Insurance option has a fixed decrease rate of 10%. Other insurers give you more choice in terms of the decrease rate of your policy. As a result, it might not be possible to match your insurance policy with the interest rate of your mortgage if you choose Aegon.

Covers 39 Critical Illnesses

Aegon Life Insurance with Critical Illness covers a total of 39 critical condition. This is around the average number of critical illnesses that many insurers cover. However, there are some providers that cover as many as 80 critical illnesses or more. Therefore you may be able to get a more comprehensive policy elsewhere.

Critical Illness Family Income Benefit

Most insurers offer Critical Illness cover as a single lump sum claim. Aegon, however, offers Critical Illness insurance as a family income benefit. This option pays out a monthly sum to cover any lost earnings.

Additional Critical Illness Benefit

With most insurers, once a Critical Illness or Life Insurance claim is paid, the policy ends and the cover ceases. But, when you have Critical Illness cover with Aegon, you’ll automatically have Additional Critical Illness Benefit protection. With this, Aegon will pay out for some critical conditions without impacting your total benefit amount or cancelling your policy.

How Much Does Aegon Life Insurance Cost?

The provider you choose can often come down to the price. To help provide you with an idea of how much your cover may cost we have provided examples below.

To calculate these quotes we have assumed that the individual looking for cover wants £250,000 of cover, and:

• Needs a decreasing term
• Wants a 25-year term
• Is in a low risk office based role
• Has no pre-existing conditions
• Is a non-smoker

Life Insurance Only

Life & Critical Illness Cover

Get Aegon Life Insurance Quotes & Expert Advice

Aegon is one of many insurers who offer a competitive Life Insurance policy in the UK. To find out more about the other providers, you can read our comprehensive guide comparing the best UK life insurers in 2024.

Or, if you’re confident in what you need, you can compare instant quotes and apply online using our life insurance quote tool. Alternatively, to speak to an expert independent adviser call us on 02084327333.

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For help and fee-free Life Insurance advice, please don’t hesitate to get in touch. Pop us a call on 02084327333 or email help@drewberry.co.uk.