Aegon Life Insurance [REVIEW]

Who Are Aegon?

Aegon began in 1831 as Scottish Equitable, founded in Edinburgh. Today, it is 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 3.9 million customers in the UK alone and has received 5 star Defaqto ratings for their service.

Aegon’s Life Insurance is part of its Personal Protection Solutions, which is a menu plan that allows you to combine different types of cover in one policy. This means you can tailor your protection to your specific needs.

Samantha Haffenden-Angear
Independent Protection Expert

Aegon Life Insurance

Policy Overview

• Offers highly flexible policy options which allow you to tailor cover to your specific needs and circumstances.
• Automatically includes an Accidental Death Benefit for under 55s. This means that for up to 60 days while applying for your policy, you will be covered for accidental death.
• You can opt to include Critical Illness Cover to your policy, if you do, it will automatically provide cover to any children you have.

Documentation

What Does Aegon Life Insurance Cover?

Key Policy Factors

Guaranteed Insurability

Automatically included and available before the age of 55, Aegons Guaranteed Insurability allows you to increase your benefit without supplying medical evidence if you go through any of the following circumstances:

• Birth or legal adoption of a child
• Entering into or terminating a marriage or civil partnership
• Mortgage debt increase
• Career change or salary increase

You can increase the benefit amount by the following amounts:

• 50% of the benefit amount, excluding any amount arising from a previous use of a guaranteed insurability option
• £12,000 a year if the main benefit is family income benefit, critical illness family income benefit, life with critical illness family income benefit, income protection or 2-year income protection
• £200,000 if the main benefit is life protection, critical illness protection, life with critical illness protection, reducing life protection, reducing critical illness protection, or reducing life with critical illness protection.

This option to increase your cover is only available if your policy was accepted on standard premiums and policy terms.

Indexed / Increasing Cover Available

Aegon lets you choose either an indexed or a fixed increasing benefit so that inflation won’t erode the purchasing power of your payout over time.

• Indexed benefit
  Your payout rises each year in line with Retail Prices Index (RPI) inflation, up to a maximum of 10% each year. To compensate for your larger benefit, your premiums will rise by inflation times 1.5.

At least two months before Aegon apply any increases, they will tell you what the benefit amount will increase to and what your new premiums will be.

Children’s Cover as Standard With Adult Critical Illness Cover

When you add adult Critical Illness Cover to Aegon Life Insurance, Aegon covers your child automatically if they’re aged between 30 days and 18.

Additional Benefits

Policy Plus

Aegon offer a range of value-added services through Policy Plus, which are available to you throughout the life of your policy. These include:

Health Assured

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.

Second Medical Opinion

Access a second medical opinion from leading clinicians if you or a family member is having health symptoms and you’re worried you aren’t getting the right treatment or diagnosis.

Funeral Payment Pledge

Aegon will advance up to £10,000 of your payout to either a funeral director or your family where it has agreed to pay a claim but the benefit is tied up in probate. Your loved ones can use this to cover funeral costs or pay for probate application fees.

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.

How Does Aegon Compare?

Reducing Life Insurance Option

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.

Covers 43 Critical Illnesses

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.

Additional Critical Illness Benefit

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.

How Much Does Aegon Life Insurance Cost?

The provider you choose an often among other things come down to the price. To help provide you with an idea of how much your cover may cost we have provided examples below.

To calculate these quotes we have assumed that the individual looking for cover wants £250,000 Life and Critical Illness cover:

• Needs a decreasing term
• Is in a low risk office based role
• Has no pre-existing conditions
• Is a non-smoker

Get Aegon Life Insurance Quotes & Expert Advice

Aegon are one of many insurers who offer a competitive Life Insurance policy in the UK. To find out more about the other providers you can read our comprehensive guide comparing the best UK life insurers in 2021.

If you are confident in what you need you can compare instant quotes and apply online for most of the UK’s leading insurers using our life insurance quote tool. Alternatively to speak to an expert independent adviser call us on 02084327333.

Why Speak to Us?

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to issues as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

• There is no fee for our service
• We are an award winning 🏆 independent insurance broker who works with all the leading UK insurers
• You’ll speak to a dedicated expert from start to finish
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• Claims support when you need it most.
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For help and fee-free Life Insurance advice, please don’t hesitate to get in touch. Pop us a call on 02084327333 or email help@drewberry.co.uk.