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‘Ageas Insurance Review’
Who are Ageas Insurance?
Ageas is one of Europe’s largest banking & insurance companies, founded back in 1824. Their main international headquarters are located in Brussels, Belgium.
In 2000, Ageas bought Northern Star Insurance and then became known as Fortis Insurance UK. They expanded in Uk via both broker distribution and by partnering up with various high profile brands.
Fortis Life UK Ltd was launched in 2008, as its long-awaited entry into the UK individual life protection industry. At the time, they stated the Fortis brand would give the Uk life insurance market a much-needed boost for their affinity partners, Ifa’s & brokers among Uk Life Insurers.
From 2011 Fortis Insurance then rebranded & changed their trading name to their parent company, Ageas Insurance. Their life insurance protection plans were also then re-branded from Fortis Life Insurance to ‘Ageas Protect’ Insurance. Ageas also underwrote plans at the time for some Rias life insurance over 50’s plans.
In 2012, they also acquired Groupama Uk insurance operations. Ageas Head Office Uk is based outside Southampton, Hants.
Ageas Protect Insurance and AIG
However, in 2014 re Life Insurance Ageas decided to leave the Uk marketplace for various economic reasons. They looked to another established insurer wanting to gain a further foothold in UK financial services.
Ageas Insurance chose to sell their ‘Ageas Protect Life Insurance’ brand to AIG, who were looking to expand in the UK. They also changed their brand name to AIG Life Ltd.
Ageas Protect Life Insurance had 3 main protection products – YourLife Plan and Real Life Cover, as well as a Low Start product;
Their menu protection plan products for both personal or business cover also covered life insurance, critical illness, mortgage protection and income protection areas. Similar insurance products and more are available today now via AIG Life UK.
Cricket at Ageas Bowl
To help promote their new name at the time, they would then go onto sponsor the former Rose Bowl cricket ground in Southampton, to rename it ‘The ageas Bowl’. Apart from Cricket at the Ageas Bowl, the large sports facility site quickly expanded to incorporate around a golf course and also the Ageas Bowl Hilton hotel.
Ageas LIFE INSURANCE Reviews – Broker FAQ
*Are Ageas Protect & Fortis Life now part of AIG Life Insurance?
Yes. AIG has taken over Ageas Protect Life Insurance administration of old plans and also Fortis Life Insurance under the AIG banner. Please contact AIG customer services for any ongoing policy queries.
Can you make changes to your old ‘life insurance Ageas’ policy?
In terms of changing your life insurance policy, often you can request some of the following via AIG:
- 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
These changes could be subject to new AIG medical underwriting based on your circumstances at the time & may well affect your premiums.
Ageas life insurance contact number
Contact AIG customer services if looking for the ‘Ageas life insurance contact number’.
How do I cancel my Ageas Life Insurance Policy?
You may cancel your existing Ageas Protect or Ageas your life plan insurance cover at any time, if your circumstances change but your death insurance life cover would then end.
However, if you should cancel the Ageas 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 AIG life insurance) policy is put back onto cover again, this maybe declined.
We suggest you seek professional advice before taking this course of action.
Ageas Life Insurance & AIG
Should I put my ‘Life Insurance Ageas’ policy into Trust?
If your ages insurance life cover 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 | (AIG re Ageas)
All Insurers like Ageas AIG are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original ageas your life 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 you have 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 Ageas Life policy out?
Any health or lifestyle changes since, usually does not void your existing ageas protect life insurance policy if doing an ‘Ageas Insurance Review’. This applies especially if it wasn’t relevant at that time of your initial underwritten insurance application. It maybe agea insurance requested 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 ‘Ageas Life Insurance’ do I tell them?
If you had legitimately not been smoking for over 12 months at that time of original ageas 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 ‘AGEAS Life Insurance’ by Martyn Spencer Financial Adviser (2024)