‘Aegon Scottish Equitable’ Review (2024)

^{_{Aegon Scottish Equitable Review}}

Background History

Scottish Equitable Life Assurance Society was founded in 1830’s in Edinburgh Scotland, set up as a mutual life insurance company.

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 life insurers game in the 1980’s and 1990’s.

From 1994, they became part of the new Aegon Group. Aegon NV are a Dutch multinational, based at the Hague, Netherlands and were founded 1983.

Scottish Equitable Life | GRE

By 2001, Scottish Equitable had also bought and absorbed Guardian Financial Services (former Guardian Royal Exchange GRE). Scot Equitable was a popular proposition in Uk life insurance & pensions market for their Ifa’s & Brokers among Uk Life Insurance Companies.

From 2006, Scottish Equitable rebranded to become Aegon Scottish Equitable celebrating their 175th birthday. They offered a competitive range of protection, investment & retirement solutions for family & business financial.

In 2009, they quietly dropped the well established Scottish Equitable name & re-branded as just Aegon in the UK.

The parent company Aegon to promote their international brand sponsored events on the ATP tennis tour. From 2009-2017, they were the Lead Partner of British tennis. Abroad, they sponsored the former US Masters golf champion Zach Johnson.

In spring 2023, parent group Aegon UK advised they will close to all new protection business and transfer their customer base over to Royal London instead and all subject to legal approval.

Scottish Equitable Life Insurance Reviews – FAQ Broker Questions

Is Scottish Equitable now part of Aegon?

Yes. Aegon is the administrator of old Scottish Equitable Life Insurance plans. Re existing Scottish Equitable life insurance contact customer services for any ongoing policy queries.

Can you make changes to your old Aegon Scottish Equitable life insurance policy?

In terms of changing your Scottish Equitable Life Insurance policy, often you can request some of the following via Aegon:

• 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
• take off a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up

As they may no longer offer new protection business, all these changes could be subject to new underwriting business decisions all based on your circumstances at the time. This may well affect your premiums, T&C’s.

How do I cancel my Life Insurance Policy?

You may cancel your existing Scottish Equitable Life Insurance plan at any time, if your circumstances change but your death insurance life cover would then end. 

However, if you should cancel the insurance policy, 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 a new (now 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.

Should I put my Aegon Scottish Equitable Life Insurance 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 Scottish Equitable insurance 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. eg; Don’t advise a familial history of high blood pressure or cholesterol.

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 had taken the Life policy out?

Any health or lifestyle changes since, usually does not void your existing Aegon Scottish Equitable life insurance policy, if it wasn’t relevant at that time of initial 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 the Aegon Scottish Equitable Life Insurance do I tell them?

If you had legitimately not been smoking for over 12 months at that time of original 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. 

Article on ‘Aegon Scottish Equitable’ by Martyn Spencer Financial Adviser (2024)

For reassurance re health for men & women – we review many of the best Life Insurers selling Life Insurance in UK (inc NI)