Aegon Life Insurance

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A Comprehensive Review of Aegon Life Insurance 2023

In the search for a reliable provider of family life insurance, you might have noticed the offerings provided by Aegon. However, who is Aegon and is their life insurance worth investing in? In this comprehensive review, we delve into the depths of Aegon's life cover options to help you discern if they are the right provider for your needs. We cover everything from the types of policies offered by Aegon, their additional policy features, to the rates of successful claims. Read on to find out everything you need to know.1. Aegon: Who Are They?

Aegon Logo

Founded in 1831 as Scottish Equitable, Aegon has since evolved into a global brand and one of the world's largest financial service organisations. Offering a range of products, including life insurance, income protection, long-term savings solutions, investments and pensions, Aegon has become a trusted name in the industry.

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Is Aegon a Reliable Life Insurance Provider

1. Is Aegon a Reliable Life Insurance Provider?

Aegon has consistently received positive reviews from its customers, earning a rating of 'Great' on Trustpilot with a 4 out of 5 stars score. However, it's important to note that this rating applies to all Aegon products as a whole and not just their life insurance.

When it comes to life insurance, Aegon's track record is equally impressive. According to data from 2021, Aegon paid out 95% of life insurance claims and 93% of critical illness claims. This shows their commitment to honouring their policy agreements and providing reliable coverage for their customers.

2. Types of Aegon Life Insurance Policies

Aegon offers a range of life insurance policies, each with its unique features and benefits. These include:

2.1. Term Life Insurance

Under this policy, Aegon offers both level and decreasing term life insurance. With a level term life insurance policy, your payout sum remains fixed throughout the policy term, ensuring consistent coverage. On the other hand, with a decreasing term policy, your sum assured will reduce throughout the policy term.

2.2. Family Income Benefit

With the Aegon family income benefit policy, your loved ones will receive monthly income payments after your death. This ensures a steady flow of income for your family, easing their financial burden.

2.3. Critical Illness Cover

Aegon's critical illness cover pays out if you're diagnosed with a serious illness. It covers 39 medical conditions, including heart attack, cancer, and stroke. You can take out this cover as a standalone policy or add it to your life insurance policy.

2.4. Life Insurance with Critical Illness Cover

Combining critical illness cover with your life insurance policy allows you to make an early claim and receive an early payout if you're diagnosed with a serious illness.

2.5. Income Protection Insurance

This policy offers to pay out up to 65% of your usual income if you're unable to work as a result of sickness or an accident. It helps to ensure that you can maintain your lifestyle and meet your financial commitments even when you're unable to work.

2.6. Whole of Life Insurance

Aegon's whole of life insurance policy guarantees a payout to your loved ones upon your passing. It can help provide them with an inheritance or help cover any inheritance tax that may be charged on your estate.

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3. Aegon Life Insurance Policy Features

Here are some key features of Aegon's life insurance policies:

3.1. Flexible Policy Options

Aegon's life insurance policies offer highly flexible options that allow you to tailor your cover to your specific needs and circumstances.

3.2. Accidental Death Benefit

This feature automatically includes an accidental death benefit for under 55s. This means that for up to 60 days while applying for your policy, you will be covered for accidental death.

3.3. Additional Critical Illness Cover

You can choose to add Critical Illness Cover to your policy. If you do, it will automatically provide cover to any children you have.

3.4. Second Medical Opinion

If a policyholder receives a diagnosis, they can get a second medical opinion from a leading clinician. This can confirm a diagnosis or change it, as well as confirm or provide alternative suggestions for treatment.

3.5. Health Assured

Policyholders receive free access to a health and wellbeing service where they can talk to a professional counsellor 24 hours a day over the phone.

4. Aegon's Life Insurance Policy Benefits

4.1. Terminal Illness Cover

All of Aegon's term policies include terminal illness cover as standard. This feature allows you to make an early claim on your life insurance if you're diagnosed with a life-threatening illness and predicted to pass away within 12 months.

4.2. Multi-Benefit Discount

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Aegon's Life Insurance Policy Benefits

5. Aegon's Critical Illness Cover

Aegon's critical illness cover includes protection for 39 medical conditions, including heart attack, cancer, and stroke. It also includes protection for your children. A lump sum will be paid if your child is diagnosed with an illness listed within the policy and lives for 10 days from when they were first diagnosed.

6. Aegon's Income Protection Insurance

Aegon's income protection insurance offers to pay out up to 65% of your usual income (up to a maximum of £20,833 a month) if you're unable to work as a result of sickness or an accident. It ensures that you can maintain your lifestyle and meet your financial commitments even when you're unable to work.

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Aegon's Whole of Life Insurance

7. Aegon's Whole of Life Insurance

Aegon's whole of life insurance policy is guaranteed to pay out a lump sum to your loved ones upon your passing. It can help to provide your loved ones with an inheritance or help cover any inheritance tax that may be charged on your estate.

8. Aegon's Over 50s Life Insurance

Aegon does not currently offer an over 50s life insurance plan. However, if you're over the age of 50 and looking to take out cover with Aegon, you may consider their whole of life policy.

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9. Aegon's Life Insurance Cost

The cost of life insurance with Aegon will depend on a range of factors such as your age, your health, whether you smoke, your occupation, how much cover you choose, and the length of the term.

10. Aegon's Life Insurance Reviews

Aegon life insurance reviews are generally positive, with customers rating their service as ‘Great’ on Trustpilot with 4 out of 5 stars.

In conclusion, with a strong financial rating and a wide range of flexible policies, Aegon is a reliable life insurance provider. It has a good track record of paying out claims and offers a range of benefits and features that can be customized to meet your specific needs. However, it's always a good idea to compare quotes and policies from different providers to ensure you're getting the best deal for your specific needs.

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Aegon's Life Insurance Reviews

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*Life Insurance: £5 per month, based on 30 year old non smoking male taking a £85000 level term cover for 20 years. Price correct as of 19/11/2019

Page last updated on: 02/09/2024

Page reviewed by: Shay Ramani

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