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.
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Aegon Life Insurance Coverage
Type of Cover Available
Minimum Entry Age
Maximum Entry Age
Terminal Illness Cover?
Joint Life First Event and Joint Life Second Event
Waiver of Premium
Optional Critical Illness Cover
Free as standard with Critical Illness Cover for children aged 30 days old to 18 paying:
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:
You can increase the benefit amount by the following amounts:
This option to increase your cover is only available if your policy was accepted on standard premiums and policy terms.
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.
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.
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.
Aegon offer a range of value-added services through Policy Plus, which are available to you throughout the life of your policy. These include:
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.
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.
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.
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.
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.
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.
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.
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:
30 Years Old
40 Years Old
50 Years Old
Life Cover Only
Life & Critical Illness Cover
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.
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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 firstname.lastname@example.org.
Very helpful from start to finish. Talked through all the points and gave great advice.