About Aegon

Aegon is a leading provider of life insurance, alongside other things like 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 life insurance policy features

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

Guaranteed premiums The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the policy.
Guaranteed insurability This means you’d have the opportunity to increase your life insurance 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; taking out a new mortgage or increasing your existing mortgage; or increasing your sole trader earnings.
Reinstatement If you accidentally miss a monthly insurance payment and your life insurance policy gets cancelled, you can reinstate it without having to apply again – as long as you do so within a set period of time. This is a good thing because it means you won’t have to go through medical underwriting again (which could lead to your policy being more expensive).
Terminal illness benefit If you fall terminally ill while you hold an Aegon life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis.
Waiver of premium Most life insurance policies come with this handy add-on that means you won't be required to pay 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 life insurance extra policy benefits

Aegon life insurance policies also come with a number of extra benefits, outlined below. These are what's known as ‘non-contractual’, meaning they’re not related to the conditions of your own policy, and are usually provided by a third party.

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.
Key person replacement service If you own a business, get access to recruitment support if the illness or injury of a key employee threatens business continuity.
Funeral payment pledge Your partner/family would be entitled to an advanced payment of up to £10,000 to help cover your funeral costs if there was a delay in your life insurance paying out due to probate (i.e. the legal process of having your will approved). The money goes straight to the funeral home/director.

Aegon life insurance claim rate

In 2018, Aegon paid out 98% of life insurance claims. 1.5% of the claims not paid out were due to misrepresentation (i.e. the policy holder not providing accurate information about themselves when they took it out) and 0.5% were due to exclusions (i.e. death by suicide within the first 12 months of taking out the policy) or policy conditions not being met.

In the same year, 23% of claims were made via the life insurance policy’s terminal illness benefit – a feature which allows the lump sum to be paid out early if you’re diagnosed with a terminal illness. 95% of these claims were paid out – with 3.5% rejected because they didn’t mean the definition required and 1.3% because of misrepresentation.

Aegon life insurance prices

The following prices are based on:

  • Healthy 25-year old male or female
  • £150,000 of life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £6.10 £8.10 £5.60 £7
20 years £6.50 £8.60 £5.70 £7.60
30 years £7.50 £10.20 £6.40 £8.60
  • Healthy 25-year old male or female
  • £250,000 of life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £7.90 £11.10 £6.90 £9.30
20 years £8.30 £11.80 £7.30 £10.30
30 years £9.70 £14.80 £7.80 £12
  • Healthy 35-year old male or female
  • £150,000 of life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £8.10 £12.70 £6.20 £9.40
20 years £9.40 £14.90 £6.90 £11.20
30 years £12 £21.20 £8.60 £14.50
  • Healthy 35-year old male or female
  • £250,000 of life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £11.50 £18.30 £8.30 £13.10
20 years £12.90 £21.60 £9.20 £15.70
30 years £16.30 £31.20 £11.60 £20.30

Quoted on 14/02/2020

Need help buying life insurance?


It’s important to make an informed decision when buying life insurance – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).

Good to know: Our recommendations are regulated, completely impartial – and free. And we also have a team of human advisers who can help over the phone, if you prefer.

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