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 cover 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. |
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| Guaranteed insurability | This means you’d have the opportunity to increase your life 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. |
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| 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
Is Aegon life insurance right for you?
Choosing which policy and insurer to go for when buying life insurance takes time. There's lots to consider and compare. But protecting your family financially in case the worst happens to you should never be about guesswork.
This is why we created Anorak. We're an independent online broker for life insurance, which means we're here to help you make truly informed decisions when buying cover. We provide regulated advice and help you choose which insurer to go for based on your unique circumstances – so you have peace of mind you're choosing the right one (especially if the most suitable insurer for you is actually one you haven't used before).
Use Anorak's online tool or talk to one of our advisers over the phone to get:
- Free advice about your life insurance needs
- Helping choose the right policy and insurer
- Peace of mind that you're making informed decisions
Does Aegon pay out?
How long does it take to get the life insurance payout?
Does Aegon life insurance pay for suicidal death?
Can you extend Aegon life insurance?
