Aegon is one of the world’s largest providers of life insurance, pensions and asset management services. After buying Cofunds in 2016 it became the largest platform provider in the UK, now offering over 4,000 investment options for both advisers and customers. The company was originally known as Scottish Equitable and was formed in 1831.
Life protection can be set up as an individual single life policy or as joint life cover. Individual policies are set up on a single life basis. Each policy insures one person, spouse or partner, and you can make a claim when each insured person dies.
The joint life cover, known as a joint-life first death policy, insures two people and pays out one benefit. You can only make a claim when the first insured person dies. With both policies you can decide whether the policy will pay a lump sum or a regular income (also known as family income benefit) if you should die during the life of your policy. The policy does not have a cash-in value at any time; your protection will stop if you stop paying your premiums.
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Over 50s Life Insurance
Aegon does not offer life insurance for over 50s.
Mortgage Life Insurance
Aegon does not offer mortgage life insurance.
Critical Illness Cover
Critical illness policies can be set up to pay a lump sum or a regular income (also known as family income benefit) if you’re diagnosed with a defined critical illness. The policy covers 39 critical illness conditions whereby the full benefit amount will be paid out, if you meet the definition.
This includes 18 ABI+ conditions – the Association of British Insurers – which details the model definitions set out for insurers. The policy also covers 12 additional critical illness conditions a proportion of your benefit amount will be paid if you meet the definition. Child-related cover and benefits are also available.
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Whole Life Insurance
With whole life insurance you make regular payments throughout your lifetime, which will then pay out a lump sum when you die or are diagnosed with a terminal illness. You can apply on your own, as Single Life Cover. Or with another person, as Joint Life Cover. Each policy gives free cover up to £1million. The option to pay extra to cover the cost of inflation is also available, which is known as indexation.
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Income Protection Insurance
Income protection policies pay an income if you’re unable to work for a lengthy period, due to illness or accidental injury. With this product you will be paid an income for as long as you continue to meet the definition of incapacity that applies to your policy, during the benefit term.
The payouts include 65% of your income if you earn up to £20,000, 55% of your income if you earn between £20,000 and £100,000, and 45% of your income if you earn over £100,000.
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Aegon offers several other products for consumers, including Pension Schemes, Stocks and Shares and ISAs, as well as various workplace and investment products for businesses. The company also offers various support services, called Policy Plus, at no extra cost for its customers, which includes a Health & Wellbeing Service, Second Medical Opinions, Key Person Replacement Service and a Funeral Payment Pledge.
Aegon Reviews and Ratings
Online reviews for Aegon are not good, with some users complaining about a lack of response and accountability from the company, and others accusing them of deception and using ‘bully boy’ tactics. Communications is deemed to be slow or non-existent with very poor customer service.
- One of the world’s largest providers of life insurance
- Useful online resources such as a Retirement Advisory Library, Pensions Technical Zone and Retiready retirement planning service
- Multiple award winner including 2019 Best Claims Management / Claims Team award, Cover Protection award, Moneyfacts award, HR Specialist of the Year
- Moneyfacts 5 Star Rating
- Defaqto 5 Star Rating
- Free Health and Wellbeing service and counselling support available 365 days a year
- Large range of critical illness types pay out
- Second medical opinions offered
- £128 million paid in claims last year
- Very poor customer reviews
- Unsatisfactory service levels
- Does not provide insurance for Over 50s or Mortgage Protection
- Policies have no cash-in value at any time
- Protection ends if you stop paying premiums