Aegon Pays £148.1m of Claims in 2019 including 100% of Income Protection Claims…

Aegon Policyholders Receive £148.1m in Protection Claims

Aegon’s claims data for the year to December 2019 have just been released, with the insurer’s figures revealing that it paid:

• 100% of Income Protection claims
• 96% of Life Insurance claims
• 94% of Critical Illness Insurance claims.

Aegon’s Income Protection Insurance Claims in Figures…

Aegon paid Income Protection benefits totalling £1.25 million in 2019 (across both new and continuing claims), with the average yearly payout standing at £13,684.

Women represented a considerable majority of claimants in 2019, with women making 69% of Aegon Income Protection claims compared with 31% for men.

The most common causes of Income Protection claims were: accidents (38%), mental health (31%), cancer (15%), cerebrovascular (8%) and musculoskeletal (8%).

Aegon’s Life Insurance Claims in Figures…

Aegon Life Insurance paid 96% of all Life Insurance claims it received in 2019, paying out £71.5 million in total. The average payout on an Aegon Life Insurance policy was £100,619, while the average age at claim was 63.

The seven most common causes of death triggering a payout were:

• Cancer (43%)
• Cardiovascular (23%)
• Respiratory (7%)
• Suicide (5%)
• Cerebrovascular (5%)
• Digestive (5%)
• Accident (3%).

Aegon’s Critical Illness Cover Claims in Figures…

Aegon paid more than £41.9 million in Critical Illness Insurance claims in 2019, with the average Critical Illness Insurance claimant being just 50 years old.

The average value of a claim on an Aegon Critical Illness policy stood at £83,964.

The four most common reasons for a CIC claim in 2019 were:

• Cancer (60%)
• Heart attack (15%)
• Stroke (8%)
• Parkinson’s disease (2%).

Tom Conner
Director at Drewberry

“Aegon has published a very detailed claims report for 2019, revealing not only the proportion of claims paid but also the reasons behind those claims. For instance, the figures show that three-fifths of all Critical Illness Insurance claims were due to a cancer diagnosis, revealing sadly how common this terrible disease is.

“It’s also incredibly positive to see that Aegon paid 100% of all Income Protection claims last year. Very few insurers can ever pay 100% of all claims in any given year due to a number of reasons, from misrepresentation at the point of application to a claim not meeting the definition of an illness. Therefore seeing Aegon paying every single Income Protection claim it received is a huge achievement and massively welcomed.”