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Aegon life insurance review 2021

Aegon’s mission statement is to help people achieve a lifetime of financial security and help people command responsibility over their future – be that through their pensions, asset management or life insurance. They began life in 1831 as Scottish Equitable, and was bought in 1994 and rebranded as Aegon in 2009 (Scottish Equitable plc remains the legal name for the life and pensions company).

What types of life insurance does Aegon offer?

Life Cover

In the event of the policyholder’s death, a lump sum is paid out to the policyholder’s nominated beneficiaries. You can also choose for the policy to instead pay out a regular income (known as family income benefit) rather than one lump sum payment.

Aegon also offers a whole of life cover, meaning that if a specific length of time isn’t right for you, you can have coverage that pays a lump sum when you die, regardless of when that happens.

Critical Illness Cover

Critical Illness Cover pays out a lump sum to policyholders in the event they are diagnosed with a critical illness such as heart attack, stroke or cancer. This kind of payout can be used for anything but is usually used for private medical costs, and certain cost of living expenses.

Life Insurance with Critical Illness Cover

This policy combines both life cover together with critical illness cover. This means that you are covered both in the event of death or if diagnosed with a defined critical illness. You will be able to choose from receiving your payout either in the form of a lump sum payout, or as regular income.

Income Protection Insurance

This pays your monthly income if you are signed off work for a lengthy period due to sickness or injury. Your payout will be paid for as long as you continue to meet the definition of incapacity that is applicable to your policy, during the benefit term.

Do note that these policies do not have a cash-in value at any time, and coverage will cease if premiums are not paid.

Additional Benefits

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Aegon offers a number of additional benefits to their personal protection policies that are great policy enhancements:

Health and Wellbeing Service

  • Aegon offers a free on-demand phone service that looks to provide support and counselling to policyholders and their family over a number of issues, such as bereavement, finances, mental health, debt and legal issues. This service is available 24 hours a day, 365 days a year.
  • You’ll also have access to Aegon’s online hub that can provide a full range of self-help tools, webinars, factsheets and health checks.

Second Medical Opinion Service

  • This benefit is a great addition to your policy as it gives you and your loved ones extra confidence that the diagnosis and treatment you are receiving is right for you. With this service you will have the benefit of a face-to-face consultation with a dedicated medical professional to discuss your initial results and what next steps should be taken. You will also receive a detailed report compiled by your consultant and sent to your GP.

Key Person Replacement Service

  • This service will ensure business continuity if you, as a key member of your business, are unable to return to work due to injury or illness. A specialist resource company will work with you to help find and recruit the right person for your business in your absence.

Funeral Payment Pledge

  • A very useful benefit for all life insurance policies, Aegon pledges that they will help meet policyholder’s funeral costs, paying a £10,000 advance payment straight to the funeral home on valid life claims, where probate causes a delay. This means that there will be no need to worry about these details in the immediate aftermath of a family member’s passing, helping to smooth the grieving process as much as it can be.

Defaqto Rating 2020:

Five Stars (out of five): Aegon’s product provides one of the highest quality offerings in the market.

Review

We compare plans from the leading life insurance providers

Life insurance is very much tailored to the individual, so it’s always imperative to carry out your own research so that you can find the policy that works for you. However, in terms of how Aegon stacks up in our eyes, it’s clear that their noted history from when they began as Scottish Equitable in 1831 to today demonstrates the strong and stable nature of their product offering.

They also have a high payout rate, with a 97% average over the last three years, which is in line with the UK average, as noted by the Association of British Insurers. Average life insurance payouts in the UK reached £81,000, the highest average on record – Aegon’s average life payout last year was £100,619, a material increase on the UK average.

As an aside, the 3% of claims that were not paid out were on the basis of misrepresentation of information, highlighting the fact that providing incorrect personal details and medical history can result in denial of claims. This is true for all insurance policies, and life insurance from Aegon is no different.

Another added benefit you might have noticed from some of the coverage details mentioned above is that Aegon offers flexibility in how your dependents receive your life payout. Being able to choose between a lump sum or a regular payment really helps as some individual circumstances might mean a steady income is more suited than a one-off payment.

The additional benefits are big positive also:

  • The health and wellbeing service is not a service that all life insurance companies provide with their policies. This might be something where even if your policy with Aegon is slightly more expensive than others, having counsellors and a 24/7 support line available might be worth a lot more to you than the price differential.
  • In addition Aegon’s advanced £10,000 payment to the deceased family or funeral director in the event of a delayed probate is great in that it offers financial assistance to those left behind when it’s most needed.