About Aegon

Aegon is a leading provider of income protection, alongside other things like life insurance, pensions and asset management – one of the largest in the world, with 29 million customers in 20 countries (3 million of which are in the UK). It started out as Scottish Equitable back in 1831 and has grown ever since into a global brand. Aegon’s mission, as they put it, is to help people in the UK and elsewhere achieve a ‘lifetime of financial security’.

Aegon income protection policy features

If you buy your income protection through Aegon, your policy is likely to come with the following features:

Back-to-work benefit If you become able to work while making an income protection claim, but can only go back part time (or to a different job with a lower salary), you’ll continue to receive a proportion of your income protection benefit.
Benefit guarantee Your income protection benefit will never fall below £1,500/month – as long as you bought at least that amount when you took out your policy. You normally need to be working a minimum number of hours to qualify for this benefit.
Guaranteed insurability You’d have the opportunity to increase your income protection cover after certain life changes. In an Aegon policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your existing mortgage.
Waiver of premium Most income protection policies come with this handy add-on that means you won't keep paying your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit..

Aegon income protection extra policy benefits

Aegon income protection policies also come with a number of extra benefits, outlined below. These features are ‘non-contractual’, meaning they’re not related to the contractual conditions of your own policy, and are usually provided by a third party. These may be subject to change in the future.

Second medical opinion service This service, provided by RedArc, entitles you to a second medical opinion from a specialist. The outcome of the consultation would be summarised in a report that you can share with your GP.
Health and wellbeing service This service provides access to counselling for you and your family, as well as web and mobile self-support tools.

Aegon income protection claim rate

In 2019, Aegon paid out 100% of income protection claims, amounting to £1.3m. While not applicable in this case, claims not paid out are usually due to not meeting the insurer’s definition of incapacity or misrepresentation (i.e. providing inaccurate information during the application process).

Aegon income protection prices

The following prices are based on:

  • Healthy 25-year old male or female office worker
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term income protection 13 weeks £36 £39
26 weeks £23 £27
  • Healthy 25-year old male or female plumber
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term income protection 13 weeks £90 £100
26 weeks £56 £65
  • Healthy 35-year old male or female office worker
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term income protection 13 weeks £46 £55
26 weeks £32 £39
  • Healthy 35-year old male or female plumber
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term income protection 13 weeks £117 £142
26 weeks £78 £92

Long-term income protection: Aegon Personal Income Protection
Quoted on 06/03/2020

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This review is intended for informative purposes only and does not constitute advice.