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aegon

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.

Policy Documentation

Aegon Life Insurance - Key Facts

Aegon Life Insurance - Policy Terms

Aegon Life Insurance Overview

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 and get discounted cover.

  • 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.

Enjoy 2 Months FREE Cover

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

Simply fill in the form below to apply your two months free discount or call us on 02084327333 and state the code VC2MF.

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Aegon Personal Protection Policy Conditions

Overview of Key Policy Details

Product

Life Insurance

Options

Level Term / Decreasing Term / Family Income Benefit

Policy Coverage

Single / Joint Life First Event / Joint Life Second Event

Premium Type

Guaranteed / Reviewable

Terminal Illness Cover

Included

Optional Critical Illness Cover

Yes

Critical Illness Covered

43
Plus 15 additional critical illnesses entitling you to a percentage of your benefit or a fixed monetary amount

Children’s Critical Illness Cover

Included with Critical Illness
Children are covered for the lower of £2,500 or 50% of the benefit amount

Indexation

Optional
Benefit increases are capped at 10% per increase. Premiums will increase 1.5 times the increase applied to the benefit amount.

Waiver of Premium

Optional

Maximum Cover

Unlimited

Minimum Life Cover Term

1 year for life only / 5 years for life + critical illness

Minimum Entry Age

18 years old

Maximum Entry Age

89 for life only / 85 for Life and Critical Illness Cover

Guaranteed Insurability

Automatically included and available before the age of 55 under 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

Policy Exclusions

  • Suicide within 12 months of the policy start date
  • Suicide within 12 months of an increase in benefit
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.

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+.

Aegon Personal Protection Life Cover: FAQs

rob harvey, head of protection advice at drewberry

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 02084327333.

Robert Harvey
Head of Protection Advice 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.

Need Expert Life Insurance Advice?

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?

Why Speak to Us…

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.

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • You’ll speak to a dedicated expert from start to finish
    You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2419 and growing independent client reviews rating us at 4.92 / 5.
  • Gain the protection of regulated advice
    You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
  • Claims support when you need it the most
    You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
samatha haffenden-angear, independent protection expert at drewberry

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 help@drewberry.co.uk.

Samantha Haffenden-Angear
Independent Protection Expert at Drewberry

I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.

Brendan Kelly
26/09/2019
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