Aegon Life Insurance
Personal Protection Life Cover
Founded
1831
Company Type
Public Limited Company
Company Overview
Aegon began in 1831 as Scottish Equitable, founded in Edinburgh. Today, Aegon are part of Aegon N.V, which provides Life Insurance and other protection products on an international scale, with businesses in more than 25 countries.
Aegon has around 3.5 million customers in the UK alone has received 5 star Defaqto ratings for their service.
In 2016, it paid £123.4 million in claims for its personal protection products.
Documentation
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Aegon Life Insurance Overview
Aegon offers Family Income Benefit which splits up your Life Insurance benefit into manageable monthly amounts.
You can opt to include Critical Illness Cover, which will automatically provide cover to the children of the policyholder.
Includes Terminal Illness Benefit as an additional benefit automatically and at no extra cost.
Aegon’s Life Insurance policy automatically includes an Accidental Death Benefit for under 55s. For up to 60 days while applying for your policy, you will be covered for accidental death. Should you accidentally die while applying for your policy, your loved ones will receive the lower of £250,000 or the benefit amount you applied for.
Neil
Pensions Advice
Robert
Income Protection
Aegon Personal Protection Policy Conditions
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Overview of Key Policy Details
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Product |
Life Insurance |
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Options |
Level Term / Decreasing Term / Family Income Benefit |
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Policy Coverage |
Single / Joint Life First Event / Joint Life Second Event |
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Premium Type |
Guaranteed / Reviewable |
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Terminal Illness Cover |
Included |
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Optional Critical Illness Cover |
Yes |
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Critical Illness Covered |
43 |
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Children’s Critical Illness Cover |
Included with Critical Illness |
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Indexation |
Optional |
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Waiver of Premium |
Optional |
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Maximum Cover |
Unlimited |
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Minimum Life Cover Term |
1 year |
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Minimum Entry Age |
18 years old |
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Maximum Entry Age |
83 years old |
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Guaranteed Insurability |
Automatically included and available before the age of 55 under any of the following circumstances:
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Policy Exclusions |
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Drewberry’s Aegon Life Insurance Review
Aegon’s Life Insurance policies are highly flexible and allow you to pick combinations of cover.
Key Comparison Points
- The Reducing Life Insurance option provided by Aegon has a decrease rate of 10%. Other insurers give you more options in terms of the decrease rate of your policy, which makes it a lot easier to match your insurance policy with the interest rate of your mortgage.
- Aegon Life Insurance with Critical Illness Cover covers a total of 43 critical illnesses, which is around the average number of illnesses that insurers cover. However, there are some providers that cover as many as 80 critical illnesses or more.
- When you include Critical Illness Cover on your policy, the benefits extend to your children aged between 30 days old and 18 years old (or 21 years old if they’re in full-time education). Aegon will pay £5,000 on the death of a child and, in the event of your child being diagnosed with a critical illness, they will pa the lower of £25,000 or 50% of the benefit amount per child.
- The Additional Critical Illness benefit that is added to any policy with Critical Illness Cover is a valuable benefit to have. With this, Aegon will pay out for some critical illnesses without taking the benefit away from your total benefit amount or cancelling your policy, as it typically the case when you make a critical illness claim on a joint life and CIC policy.
Additional Benefits & Services
- Health Assured – if you purchase an Aegon Life Insurance policy, you will be given 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 as well as receive free access to their Online Health Assessment tool.
- £10,000 advanced payment – can be made to the deceased family or funeral director prior to probate being completed, providing financial assistance where you need it the most.
- Pre-completion benefit – available if you have life protection, reducing life protection, life with critical illness cover or reducing life with critical illness cover that you’re taking out to cover your mortgage. It provides you with protection while you’re waiting for your property purchase to complete. The maximum amount of cover will be the lowest of the benefit applied for, the mortgage amount, or £500,000.
- Accidental Death Benefit – available for the first 60 days whilst an application is being assessed. The benefit amount will be limited to £250,000 or the lower of applied for.
Financial strength
Aegon N.V. is one of the top ten largest insurance companies in the world, with total assets of €425,935 million in 2016. In the same year, the Aegon’s UK company also earned a Fitch financial strength rating of A+.
Josh at Drewberry was extremely helpful and friendly in answering my many questions about the policy before I went ahead.
Aegon Personal Protection Life Cover: FAQs
We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy.
Below, we have answered a few frequently asked questions given to us by our customers about your Aegon Life Insurance policy. If you need any further help, please do not hesitate to call us on 01273646484.
Matteo Mockler
Health & Wellbeing Expert at Drewberry
Q. Is it possible to split a Joint Life policy into two single policies after it has started?
A. Aegon will allow you to split your joint life policy into two single life policies providing that you choose to do so before either of the people covered by the policy reaches the age of 71.
They may also allow you to split your policy without giving any more medical details depending on your general medical history. Aegon will tell you on your policy whether you are able to do this.
Q. How long will my children be covered under my Aegon Life Insurance with Critical Illness policy?
A. Children of policyholder with Critical Illness Cover will be covered under the policy while they are between the ages of 30 days old and 18 years old. However, this cover can carry on until they reach their 21st birthday providing they are in full-time education during this time.
