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ActiveQuote Global Reach, Dunleavey Drive Cardiff South Wales CF11 0SN 0800 862 0373

Aegon Life Insurance | ActiveQuote

Aegon sells itself as “one of the world's leading providers of life insurance” which, for a business that started in 1831 with 3.5 million customers, is a statement! As far as Aegon’s life insurance goes, the company has a few major life insurance options, each having its own advantages and disadvantages. Here, we provide an Aegon life insurance overview, whilst breaking down the benefits and qualities of this insurance provider.

Types of Aegon Life Insurance

Broadly-speaking, Aegon has two major life insurance options: 

  • Life Insurance
  • Life Insurance With Critical Illness Cover

These both fall under the company’s wider protection cover, which has a myriad of options. Strictly for life insurance, though, these are the two major Aegon life insurance features. To qualify, you must be at least 18 years old and a UK resident. 89 is the age cap for life insurance, with 85 being the cap for life insurance with critical illness cover.

Aegon Life Insurance

The Aegon life insurance can be paid out as either a lump sum or regular income – known as a family benefit – if the insured party dies within the benefit term.

Life Insurance with Critical Illness Cover

Aegon’s life insurance with critical illness cover, on the other hand, also covers for when the insured person dies or is diagnosed with a defined critical illness. Aegon has a full list of defined critical illnesses on its website, coming to a total of 43 covered conditions. This includes 16 conditions listed in the Association of British Insurers trade association, which reached ABI+ standards by exceeding its model definitions. Much like life insurance, the insured party has the option to take a lump sum or regular income. Alongside this, those insured with critical illness cover receive access to Aegon’s health and wellbeing service.

Other Types of Benefit

As mentioned, Aegon has family income benefit, which splits the agreed sum over a number of months. This is a great advantage for families who want to organise their finances, as paying one lump sum requires you having the full funds straight away. Being paid in one lump sum can be overwhelming, as well as making it hard to stagger out monthly expenditure at a balanced rate. Terminal illness benefit is available at no extra cost as part of the company’s critical illness cover. Terminal illness is defined in the instance where death is expected within 12 months. Accidental Death Benefit is also included in any life insurance product. This is for those under 55, it only covers you for 60 days from your policy application date. In simple terms, if an insured party dies while an application is being reviewed, a lump sum will be paid out. Accidental death is defined by Aegon as ‘death within 72 hours following accidental bodily injury resulting solely and independently from causes not related to or contributed to by any pre-existing illness, disease or physical disorder’. The amount awarded will be limited to the benefit amount that was applied for or £250,000. Other miscellaneous benefits include an optional waiver of the premium, a renewal option, cover for possible inheritance tax liabilities, income protection and an optional indexation option. Indexation is an insurance term which means insurance benefit is adjusted with inflation.

Aegon Life Insurance Review and Results

Aegon life insurance’s underwriting results as of 2018 include:

  • £128.6m in protection claims to 1,552 families and/or businesses
  • 98% of life claims paid
  • Average life claim size of £90,435 and critical illness claim of £80,644