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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).
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 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.
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.
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.
Aegon offers a number of additional benefits to their personal protection policies that are great policy enhancements:
We compare plans from the leading life insurance providers
Five Stars (out of five): Aegon’s product provides one of the highest quality offerings in the market.
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:
|Critical illness (standalone)||Personal Protection||5|
|Critical illness (decreasing)||Personal Protection||5|
|Critical illness (level term)||Personal Protection||5|
|Income protection||Personal Protection||5|
|Life assurance (decreasing)||Personal Protection||3|
|Life assurance (level term)||Personal Protection||5|
|Whole of life assurance||Whole Of Life Plan||5|
|Defaqto ratings were reviewed on 01/10/2023|