'Life Insurance Aegon' | UK Reviews
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Is Aegon Life Insurance good?


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Background - Aegon

Review: 'Aegon Life Insurance' UK story originally started back in 1831 as Scottish Equitable in Edinburgh, Scotland. Aegon Insurance was later founded in 1983 with headquarters in The Hague, Holland.

Scottish Equitable was part of the original 9 Scottish life offices, members of an organisation called the Associated Scottish Life Offices. But take-overs were the name of these Scottish life insurers game in the 1980’s and 1990’s.

In 1994, Scottish Equitable Insurance became part of the Aegon Group N.V, offering Life Insurance protection policies in over 20 countries. Scottish Equitable then purchased Guardian Financial Services in 1999 to make it one of the largest Insurers.

In 2006, they rebranded to become Aegon Scottish Equitable. From 2009, Aegon UK became the main brand name for Scottish Equitable in the UK based from their Edinburgh HQ.

Today, the Aegon brand sponsors of the ATP tennis tour. From 2009-2017, they were the Lead Partner of British tennis. Abroad, Aegon sponsored the former US Masters golf champion & Ryder Cup Captain 2023 Zach Johnson.

NOTE: In spring 2023, Aegon UK advised they closed to all new protection business. They have transferred their existing customer protection book over to Royal London & subject to legal approval.

life insurance aegon

'Life Insurance Aegon' | Product Review

In this Life Insurance Aegon review below, we look at some broker only protection plans that were once available, key facts & FAQ. Most Aegon protection products also gave access to ...

Life Insurance on Mortgage Protection AEGON MORTGAGE PROTECTION Review

Designed to cover a repayment mortgage on death or terminal illness (with optional earlier critical illness at extra cost). As the mortgage balance slowly decreases during its repayment mortgage term, an Aegon mortgage insurance term policy is designed to help mirror that of the mortgage. It is protecting what is for the majority of us, our biggest debt & to remain in their family home, our biggest asset.

Key features

  • Guaranteed fixed level premiums [ no cash value ]
  • Decreasing loan rate flexibility
  • Terminal Illness means less than 12 months to live
  • Waiver of premium option with fixed 26 weeks deferred period
  • House purchase cover

Summary

Part of Aegon Life Personal Protection menu plan, their Aegon Mortgage decreasing life insurance was fairly price sensitive. It was usually cheaper then Aegon mortgage level term insurance (which is used to insure interest only style mortgages). As such, if you were to sadly die during its term, your family would still be able to protect the mortgage to help stay in the family home.

Life Assurance Policy AEGON LIFE INSURANCE Cover Reviews 

Offered family protection if the policy holder dies or is diagnosed with a terminal illness during the term (Offered also with optional earlier critical illness at extra cost). The Aegon life insurance term plan benefits was available on either on single, joint life 1'st death insurance or more rarely 2nd death basis.

Key features

  • Lump Sums or Family Income Benefits or gift inter vivos IHT cover options
  • Aegon family income benefit key features
  • Guaranteed premiums [ no cash value ]
  • Terminal Illness means less than 12 months to live
  • Level or Increasing cover
  • Life change and separation benefits
  • Waiver of premium option with fixed 26 weeks deferred period
  • Renewal option
  • Part of Aegon Personal Protection menu plan

Summary

Aegon life insurance was usually a well priced competitor in the term life insurance market. Designed with many useful features to help protect your family & loved ones if you were to sadly die or critically ill during its term. Range of complimentary Aegon protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

Whole-Life-Cover AEGON WHOLE OF LIFE INSURANCE Review

A whole of life policy that will always payout ( whenever death may occur ) and is available on either on single, joint life 1'st death or joint life 2'nd death basis. Aegon Whole of Life Insurance was as simple way to provide peace of mind life cover with no end or fixed term.

Key features

  • Guaranteed none reviewable premiums [ no cash value ]
  • Level or indexed cover
  • Waiver of premium option with fixed 26 weeks deferred period
  • Life change, IHT and separation benefits
  • Part of Aegon Personal Protection menu plan

Summary

This Aegon whole of life insurance plan also offered a solution to those wishing to potentially mitigate IHT inheritance tax liabilities that an estate could be impacted by. It also helped you to provide a legacy gift for the family. Range of complimentary Aegon protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

UK Critical Illness Cover - Broker deals AEGON CRITICAL ILLNESS INSURANCE Review  

Helped ease financial worries if you or one of your children are diagnosed with a listed critical illness as specified by Aegon Critical Illness Insurance. The Aegon critical illness plan was available on either on single or joint life 1'st claim and on a stand-alone protection basis.

Key features

  • Level, decreasing, increasing, family income cover ( all available optional lifecover and critical illness)
  • Guaranteed or reviewable premiums [ no cash value ]
  • Waiver of premium option with fixed 26 weeks deferred period
  • Total permanent disability
  • Child benefits inclusive
  • Additional critical illness benefits covers further % payment conditions.
  • Life change and separation benefits
  • Part of Aegon Personal Protection menu plan

Summary

Their offering was a highly competitive range of adult and inclusive child benefits in the UK critical illness market. Claims paid if the policy holder or child is sadly diagnosed with a specified critical illness during the term. Like most UK Insurers Aegon's critical illness terms & conditions often changed regularly. Please call us for latest advice when doing your comparison quotes.

Aegon Critical Illness Insurance - Suzanne's Story

Income Protection for Bills AEGON INCOME PROTECTION Review  

Provided longer term security by way of a tax free monthly income if you are off longer term sick or have an accident or disability as specified by Aegon Income Protection insurance. Was available as a longer term policy that paid out if you can't work and so suffer a loss of earnings due to illness or injury during the policy term.

Key features

  • Level or increasing cover
  • Risk class assessed based on occupation
  • Guaranteed premiums [ no cash in value ]
  • The cover amount paid tax free calculated on % of annual salary
  • Full cover to term or 2 year limited payment term
  • Initial waiting, deferred periods of 4, 8, 13, 26, 52, 104 weeks or dual deferred
  • Waiver of premium to tie in with income benefit
  • Hospital, Back to work benefits
  • Benefit guarantee
  • Deferred period arrangement specially for Frontline NHS doctors, surgeons, nurses and midwives

Summary

Part of Aegon Personal Protection menu plan, their Income Protection paid average monthly benefits when reviewed against some other Income Protection PHI Insurers. Check their terms when doing a quote or call us as to whether PHI policy being offered to you is paid under own occupation, any occupation or specified work tasks.

PHI Income Protection Insurance Quote AEGON GIFT INTER VIVOS Review

The Aegon Gift Inter Vivos plan was a special form of life insurance where the amount paid on a claim reduces over a 7 year term. The policy was designed to help cover a possible inheritance tax (IHT) gift liability rules 7 years following a gift being made. *

Key features

  • Pays out if the policy holder dies during the term (but not diagnosed with a terminal illness)
  • Single life cover only basis
  • Fixed level premium
  • Contours the current IHT tax 7 year guidelines
  • Legislation option allows an increase to the benefit amount and/or increase the benefit term.
  • Flexibility to any changes in IHT legislation increases your potential tax liability.
  • No need to provide any more information about the insured health via this option

*  We do not advise on Inheritance Tax (IHT) Gifts Policies, we only recommend the provider as per needs of specified cover or advised by an IHT adviser.

Summary

Aegon is one of few Insurers offering this specialist 7 year IHT gift inter vivos lifecover, following a Potentially Exempt Transfer (PET) gift being made. The legislation option is a valuable flexible benefit.

Business Life - Protection AEGON BUSINESS PROTECTION Review

Aegon business protection offered company protection for a variety of reasons (with optional earlier critical illness at extra cost); Key person cover, loan or share protection or an employee dies, is diagnosed with a critical or terminal illness during the term.

Key features

  • Lump sum cover, relevant life or business loan cover options
  • Aegon relevant lifecover (death on service for employees) tax benefits
  • Guaranteed premiums [ no cash value ]
  • Level lump sum, Decreasing or Increasing cover with installment option
  • Waiver of premium option with flexible deferred periods
  • Conversion or renewal options

Summary

Aegon business life protection was competitive and helped insure your business & employees against life's challenges during its policy term. Range of complimentary Aegon business protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

Aegon Life Insurance | Golf sponsors Zac Johnson Ryder cup captain 2023
US Ryder Cup Captain 2023 Zach Johnson

Aegon life Insurance 'LIFE INSURANCE AEGON' Review - FAQ

Can you make changes to your 'AEGON life insurance' policy?

In terms of changing your Aegon or old Scottish Equitable life insurance policy, often you could have requested some of the following:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • life assured removed from a joint policy eg; if a unmarried couple or new parents sadly split up

However, once closed to new protection business all these changes could be subject to underwriting based on Insurers business decisions for change and your circumstances at the time. This may well affect your premiums and T&C's. Contact Royal London client services going forwards here.

Is Scottish Equitable now Aegon Life?

Yes, Scottish Equitable is now Aegon. From 2009, Aegon became sole promoted brand name for what was Scottish Equitable in the UK. See the background Aegon life insurance reviews history section above.

Aegon Life Insurance | Scottish Equitable Life Assurance Head Office

How do I cancel my Aegon Life Insurance Policy?

You may cancel your old Scottish Equitable or Aegon Life Insurance plan at any time, if your circumstances change. Like all life insurance, you did have the right to change your mind within 30 days of your policy starting. Aegon will then refund any premiums taken and your Life insurance cover would then end. 

However, if you should cancel the policy at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if your health changed adversely afterwards & you then tried to request your Scottish Equitable or Aegon life insurance policy is put back onto cover again, this maybe declined. 

We suggest you seek professional advice before taking this course of action.

Single v Aegon Joint life Insurance?

Single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life. The benefit of having 2 seperate plans (known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy. 

Aegon 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death or claim' basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers ( as it only pays benefits once ) but conversely leaving the surviving partner without any cover.

Should I put my 'Life Insurance Aegon' policy into Trust?

When a life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.

Importance of Disclosure & Claims?

All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original Aegon policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. If so, it may not payout ! eg; If you vape, then you must tell them you are still smoking (even if it costs more).

Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at the Insurers recent claims payout, you will see that it is Good (but like most Insurers - not 100%).

What if my health or lifestyle changes after I have taken the Aegon policy out

Any health or lifestyle changes since, usually does not void your existing Aegon policy, if it wasn't relevant at that time of initial Aegon underwritten insurance application. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not. So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original T&C's.

If I start smoking after taking out "Life Insurance Aegon" do I tell them?

If you had legitimately not been smoking for over 12 months at that time of original 'Aegon Life Insurance' application, you may wish to advise them you have started smoking again. This should not affect the original policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case. 

Aegon Shares Price London Stock Exchange?

For the latest Aegon share price - click on this investment link: Aegon shares ord price lse Note: we do not give any investment or share advice if doing a aegon life insurance review.

Article review on 'Life Insurance Aegon' by Martyn Spencer Financial Adviser (2024)

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Review of: 'Aegon Life Insurance'

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