Aegon’s mission statement is to help people achieve a lifetime of financial security and to empower them to take control of their future, whether through pensions, asset management, or life insurance.
This policy combines both life cover and critical illness cover.
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Aegon’s mission statement is to help people achieve a lifetime of financial security and to empower them to take control of their future, whether through pensions, asset management, or life insurance. The company began in 1831 as Scottish Equitable, was acquired in 1994, and rebranded as Aegon in 2009. Scottish Equitable plc remains the legal name for the life and pensions company.
In the event of the policyholder’s death, a lump sum is paid to the policyholder’s nominated beneficiaries. Alternatively, you can choose for the policy to pay out a regular income, known as family income benefit, instead of a single lump sum payment.
Aegon also offers whole of life cover. If a specific term length isn’t suitable for you, this coverage pays a lump sum when you die, whenever that may be.
Critical Illness Cover pays a lump sum to policyholders if they are diagnosed with a critical illness such as a heart attack, stroke, or cancer. This payout can be used for any purpose, but it is commonly used for private medical costs and general living expenses.
This policy combines both life cover and critical illness cover. You are covered in the event of death or if diagnosed with a defined critical illness. You can choose to receive your payout as either a lump sum or regular income.
This insurance pays your monthly income if you are unable to work for an extended period due to sickness or injury. Your payout will continue as long as you meet the policy’s definition of incapacity during the benefit term.
Please note that these policies have no cash-in value at any time, and coverage will cease if premiums are not paid.
Aegon offers several additional benefits with their personal protection policies, which serve as excellent policy enhancements:
We compare plans from the leading life insurance providers
Life insurance is highly individual, so conducting thorough research to find the policy that best suits your needs is essential. However, considering Aegon’s history, starting as Scottish Equitable in 1831, their longevity demonstrates the stability and strength of their product offerings.
They also maintain a high payout rate, averaging 97% over the last three years, consistent with the UK average reported by the Association of British Insurers. While average life insurance payouts in the UK reached a record high of £81,000, Aegon’s average life payout last year was £100,619, significantly exceeding the UK average.
Notably, 3% of claims were declined due to misrepresentation of information. This underscores the importance of providing accurate personal details and medical history, as inaccuracies can lead to claim denials. This principle applies to all insurance policies, including life insurance from Aegon.
Another significant advantage of Aegon’s coverage is the flexibility in how beneficiaries receive payouts. The option to choose between a lump sum or regular payments is beneficial, as individual circumstances may make a steady income more suitable than a one-time payment.
The additional benefits are also a major positive:
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (standalone) | Personal Protection | 5 |
| Critical illness (decreasing) | Personal Protection | 5 |
| Critical illness (level term) | Personal Protection | 5 |
| Income protection | Personal Protection | 5 |
| Life assurance (decreasing) | Personal Protection | 3 |
| Life assurance (level term) | Personal Protection | 5 |
| Whole of life assurance | Whole Of Life Plan | 5 |
