Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

Aegon Income Protection logo

Aegon Income Protection Insurance

Personal Protection

Founded

1831

Company Type

Public Limited Company

Company Overview

Aegon was founded as Scottish Equitable in 1831 in Edinburgh and is still headquartered in the city. Dutch insurer Aegon N.V. bought a 40% stake in Scottish Equitable in 1994 and became a 100% stakeholder in 1998.

aegon income protection

Scottish Equitable rebranded as Aegon Scottish Equitable in 2006 before shortening the name to Aegon in 2009.

Today, Aegon has 3.5 million customers in the UK and is a global provider of protection products, pensions and asset management operating in 25 countries worldwide.

Documentation

keyfactspdfpmi   keyfactspdf

Get 2 Months FREE Cover

By reaching this page you are eligible for two months FREE cover when you set-up your new Income Protection policy.

Simply fill in the form on this page to apply your two months free discount and get your instant quotes or call us on 02084327333 and state the code VC2MF.

Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Income Required
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at
overview of aegon income protection

Income Protection Overview

Aegon’s Income Protection policy offers a wide range of benefits to choose from, with the option of additional flexibility and changes that can be made as you require.
 

Aegon uses the ‘own occupation‘ definition of incapacity

 

Aegon’s monthly benefit on an Income Protection policy will never be less than the lower of £1,500 per month or the amount of cover on the plan.

 

Aegon’s Income Protection includes the waiver of premium period as standard, subject to residency requirements

 

Rehabilitation benefit – if you can only return to work part-time after making a claim, Aegon could top up your part-time earnings to the full benefit amount.

 

Proportionate benefit – if you can only return to work at a lesser role and at a lower income in the same company, Aegon will support you by topping up your income to the full benefit amount.

Aegon deducts state benefits from your payout

If you’re insured for the maximum benefit Aegon allows based on your income, Aegon takes into account state benefits and deducts them from your monthly benefit. This is to ensure you’re not receiving more in income than Aegon’s maximum allowable monthly payout.

Back to Top

Need Help? Start Live Chat with our Experts  

Neil
Pensions Advice

Robert
Income Protection
aegon policy conditions

Aegon Income Protection Policy Conditions

Overview of Key Policy Details

Policy Type

Income Protection

Premium Type

Guaranteed / reviewable

Maximum Claim Duration

Unlimited (to the policy cease age or the policyholder’s death)

Incapacity Definition

Own Occupation for the vast majority of occupations

Deferred Period

4 / 8 / 13 / 26 / 52 weeks

Indexation

Optional
The indexation on Aegon’s Income Protection benefits is capped at a maximum of 10%.

Waiver of Premium

Automatic

Maximum Cover

The lower of 55% of pre-incapacity earnings up to a maximum of £150,000 per year

Minimum Entry Age

18 years old

Maximum Entry Age

59
Policyholder must be no older than 70 when the policy ends

Minimum Policy Term

5 years

Maximum Policy Term

51 years

Guaranteed Insurability

With no need for an additional medical before the age of 55 if you’re increasing your mortgage, changing your marital status, having a child or have had a salary increase

Guaranteed Benefit

The lower of £1,500 per month or the amount of cover on the plan
If your income has fallen, Aegon pledges to pay the lower of £1,500 or your maximum benefit. Where the policy’s monthly benefit is less than £1,500 and at the time of the claim 55% of the insured person’s monthly income is at least 90% of the monthly benefit amount, the monthly benefit payable will be the benefit amount agreed.

Policy Exclusions

Incapacity resulting from self-inflicted injuries; residency requirements (see ‘policy exclusions’ below)

We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.

Back to Top

Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 
Aegon Income Protection Review

Drewberry reviews Aegon Income Protection…

Aegon offers comprehensive Income Protection, with in-built flexibility and a number of policy options available.

 

Key Comparison Points

  • Aegon’s maximum of 55% of a policyholder’s pre-incapacity earnings is lower than for some other insurers, such as British Friendly and Shepherds Friendly, which both offer a maximum of 70% of earnings. If you need to insure more than 55% of your earnings, another insurer might be more appropriate.
  • Aegon caps the policy benefit at a maximum of £150,000 per year. While this should be fine for most people, there are insurers who offer larger benefits for higher earners.
  • Aegon’s Income Protection offers a guaranteed benefit, meaning the monthly payout will never be less than £1,500 or the amount of cover on the plan. This might be useful if your income has fallen in the period between you taking out the policy and making the claim, perhaps because you’ve had to reduce your hours due to ill health.
  • Aegon Income Protection is a long-term benefit, meaning that the cover will pay out until the policy cease age in the event of a claim, unless the policyholder dies or cancels the insurance.
  • Aegon’s minimum entry age of 18 is the industry standard, but there are insurers that offer Income Protection to people from the age of 16.
 

Additional Benefits

Health Assured – Aegon’s health and wellbeing service offers you and your immediate family access to impartial help and confidential support on a wide range of issues, whenever you need it during the life of the policy.

 

Policy exclusions

  • Self-inflicted injuries

Travelling/residing for 13 continuous weeks in any 52 week period in any countries outside of:

  • the UK (which includes the Channel Islands and the Isle of Man)
  • the other EU-27 countries and selected other Western European countries (e.g. Iceland, Norway, Liechtenstein)
  • Turkey
  • North America
  • Australia and New Zealand
  • or travelling/residing in the above countries (excluding the UK) for more than 26 continuous weeks out of 52.
 

Financial strength

With Scottish Equitable founded before Queen Victoria was on the throne, the insurer has stood the test of time.

Aegon N.V., the parent company, is listed in both Amsterdam and New York. Although officially founded in 1983 with the merger of two separate insurers, it can trace its history back more than 170 years.

Aegon N.V. is one of the world’s ten largest insurance companies, with total revenue of €31.29 billion in 2015 and €20.31 billion in premium income. In the UK, Aegon paid £123.4 million in Life, Critical Illness and Income Protection claims in 2016.

Back to Top

Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.

Matthew Draper
11/07/2018
 

Aegon Income Insurance: Questions and Answers

sambarrworsfordportraitround

We aim to know the policies we advise on, inside out and back to front. Below is a couple of commonly asked questions with regards to the policy coverage of the Aegon permanent health insurance product answered.

If you need any further help please do not hesitate to call us on 02084327333.

Sam Barr-Worsfold
Independent Insurance Expert at Drewberry

Q. I’m looking at taking this policy out until age 65 as that’s when I hope to retire but am I tied into this policy at all? Are there any penalties if I cancel?

A. No, as with most income protection insurers, Aegon understands that you circumstances can change over time. You can cancel the policy at any time, usually by providing the insurer with a notice period highlighted in your policy terms.

However, rather than cancelling the policy outright, it’s probably best to have a run through with an adviser before making any changes. If you’re considering cancelling your policy simply because your circumstances have changed, perhaps because you’ve moved to a company that provides a longer period of sick pay, consider adjusting the deferred period so it aligns with the new sick pay entitlement rather than cancelling the policy entirely.


Q. Does Accident and Sickness Insurance from Aegon cover me while I’m living and working abroad?

A. Not on a long-term basis. If you reside outside the UK (including the Channel Islands and Isle of Man); the EU (and various other Western European countries such Iceland, Norway, Andorra, Liechtenstein etc.); Turkey; Australia and New Zealand; or North America for a continuous period of 13 weeks or more out of any 52 week period, your cover is suspended until you return to the UK for 39 continuous weeks.

If you reside within the above countries (excluding the UK) for a continuous period of 26 weeks out of any 52 week period, your cover is suspended until you’ve returned to the UK and resided there for 26 weeks.

Back to Top

Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Income Required
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Frequently Asked Income Protection Insurance Questions

 
I have been provided life insurance quotes from my mortgage adviser and they include critical illness...
 
I have an existing income protection plan which I took out with my bank when I set-up my mortgage. I...
 
I’m looking at Income Protection insurance and was wondering if my past medical history will be...
 
I’ve already got Income Protection and but i think i’m paying too much for it. Is there any...
REVIEWS
EXCELLENT
4.93 / 5 Average
652 Reviews
Verified Buyer
Overall Rating
The whole process was a pleasure. Drewberry we're easy to deal with, polite, knowledgeable and helpful
Verified Buyer
Overall Rating
Very good, clear service would recommend to friends and family
Anon
Overall Rating
Sam Carr provided an efficient and professional service.
Verified Buyer
Overall Rating
Sam Carr provided a professional but enthusiastic service and helped make the whole process very straight forward. Goodness knows I have been through enough application forms recently. My insurance product was never going to be easy to find and I had been rejected on a number of other occasions through others ironically due to well managed common health conditions. I identified Drewberry in a last and disappointing trawl on th web to find someone that actually wanted to take on a difficult case like me. Some brokers wouldn't even consider me. When we applied for my first choice product Sam wasn't at all deterred by the long wait for my GP report or the final rejection that came back from the insurer, sadly I have become used to it. Within a day he had lined up the second choice and to my surprise he had hit the nail on the head and introduced me to the correct insurer and terms for my needs whilst nogotiating an excellent premium. I am extremely satisfied with what Sam has achieved for me and I would have no hesitation in recommending either him or Drewberry to friends, family and and business contacts. In the future, Drewberry will be my first point of contact. Many thanks!
Kym
Overall Rating
Tailored to my need and the staff gave very good service