Public Limited Company
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.
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.
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.
Overview of Key Policy Details
Guaranteed / reviewable
Maximum Claim Duration
Unlimited (to the policy cease age or the policyholder’s death)
Own Occupation for the vast majority of occupations
4 / 8 / 13 / 26 / 52 weeks
Waiver of Premium
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
Minimum Policy Term
Maximum Policy Term
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
The lower of £1,500 per month or the amount of cover on the plan
Incapacity resulting from self-inflicted injuries; residency requirements (see ‘policy exclusions’ below)
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Aegon offers comprehensive Income Protection, with in-built flexibility and a number of policy options available.
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, as well as access to a second medical opinion service.
Children’s Critical Illness Cover
Aegon pays a lump sum benefit for any child of an insured person who meets the definition of any of its main or additional critical illness definitions and lives for at least 14 days from when they were first diagnosed. This payment is subject to an overall limit of the lower of £25,000 or 50% of the benefit amount per child, per insured person. Aegon will also pay a lump sum if any child of the insured person(s) dies.
Travelling/residing for 13 continuous weeks in any 52 week period in any countries outside of:
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.
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.
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.
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.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.
Pop us a call on 02084327333 or email firstname.lastname@example.org.
Martyn Coates from Drewberry provided an excellent service with prompt handling of any question that we asked him. I would highly recommend Drewberry for anyone wanting Insurance.