Aegon Life Insurance Guide
We search all of the Life Insurance providers in the UK to compare and provide Life Insurance quotes for our customers. Aegon Life insurance have been providing protection policies since 1831. Making them one of the oldest Life Insurance providers in the UK. Within the Aegon Life Insurance Guide we look into who they are and some of the policies they offer. Could they be the Life Insurer for you?
Who Are Aegon Life Insurance?
Aegon first started providing protection policies in 1831 as Scottish Equitable from their Edinburgh offices. Aegon still have offices in Edinburgh, London, Lytham St Annes, Witham, Manchester and Peterborough. In 1994 Scottish Equitable Plc was created and Aegon N.V obtained a 40% stake in the company, which grew to 100% ownership in 1998. In 2006 the branding began to change with the co-branding of Scottish Equitable and Aegon. Subsequently by 2009 the dual branding had been replaced with the Aegon Life Insurance brand we know today.
Throughout the history of Aegon, which includes employing their first female employee called Fanny Murray who was a lady typist. As a part of the larger Aegon group, they are now a global provider for Life Insurance, pensions and many other protection policies.
Aegon Life Insurance products are available to people in the UK, Channel Islands, Isle of Man and Gibraltar. Currently you are unable to obtain for life insurance through Aegon directly. However, you can obtain Aegon Life Insurance protection through an FCA regulated broker, like Life Insurance Cover.
Aegon Life Insurance Policy Types:
Term Life Insurance
Term life insurance protection is one of the most popular types of Life Insurance Cover that people buy. It will pay either a lump sum or fixed amount per month to your family or beneficiaries. If you pass away during the insurance period (term). But if you survive the term of the policy a claim payment will not be made.
A policy term with Aegon Life Insurance can be selected from 1 year to a maximum of 50 years. They also have a term end date of the day before your 90th birthday. All Aegon Term Life Insurance policies are available to people aged from 18 to a maximum age of 83. This includes both single and joint policy types.
Level Term Life Insurance
A Level Term protection policy will pay an agreed fixed amount of money to your family and loved ones in a lump sum. A claim payment will only be made if you pass away during the policy term. The sum assured will remain the same (or level) throughout the length of the policy term.
Many people who choose a Level term Life Insurance policy do so to protect an interest only mortgage. Or any potential outstanding debt that might require payment. A Level Term Policy can also be used for the family day to day living costs. Which will help protect your family after you have passed away. A Level Term policy can also help to cover the funeral costs or leave an inheritance for your loved ones.
At Life Insurance Cover we can help you arrange the best level term cover for you. Simply get a Life Insurance Quote today and let us compare Aegon Life Insurance and many others for you.
Level Term Life Insurance With Critical Illness Cover
In addition to the benefits of having a Level Term Life insurance policy, Aegon also provide a combined policy including Critical Illness Cover. Because the policy has two separate levels of protection, the monthly premiums might be slightly higher. Also it is worth noting that because it is a combined policy, once a claim is received for either side of the policy it will lapse.
At Life Insurance Cover we can help you compare the benefits of a combined Level Term Life Insurance policy with Critical Illness cover against other providers as well as potentially two individual policies.
Decreasing Term Life Insurance
Another popular choice is a Decreasing Term Life Insurance policy to protect a repayment type mortgage or large financial outgoing. This is a common choice of policy because a Decreasing Term policy provides a reducing amount of protection to mirror a repayment mortgage.
It is very important to remember that although the amount you insure or sum assured will decrease. The monthly premium payment will remain the same during the length of the policy. A Decreasing Term Life Insurance policy is one the most cost effective policy types available. This is due to the level of risk to the insurer diminishes over the length of the policy term.
Many first time house buyers purchase a Decreasing Term Life Insurance policy because the monthly cost is cheaper than other Life Protection policies. When arranging a new mortgage or re-mortgaging a property you may choose a repayment type mortgage. So a Decreasing Term policy might be beneficial for you.
Aegon Life Insurance do offer Decreasing Term for second event policies. This means that if the policy was purchased on a Joint Life Insurance basis you may want to defer protection to the last surviving person named on the policy.
Life Insurance Cover can help you find the best available Decreasing Term Insurance protection for the future.
Decreasing Term Life Insurance With Critical Illness Cover
One of the many benefits of a Decreasing Term Life Insurance Policy is that premiums are lower than many other policy types. This is exactly the same with this combined policy type. The level of cover reduces over the length of the policy. Therefore creating less risk for the insurer, which provides a low risk premium price.
However it is important to note that because the level of protection reduces over time, the level of risk increases on the policyholder. If a policyholder outlives a Decreasing Term Life Insurance with Critical Illness Cover policy, it may leave them unprotected later on in life.
Family Income Benefit
A Family Income Benefit policy will pay a monthly fixed amount to your family each month, tax free. Instead of a standard policy payment which is paid in a lump sum to your family. However there are limitations on with this policy type.
A Family Income Benefit might be a suitable if you have dependants who rely on your monthly income and who may need to budget for mortgage repayments and other living costs. An Aegon Life Insurance Family Income Benefit policy is available for purchase to people aged from 18 to a maximum age of 85.
You can also decide if you would like Level Term or Decreasing Term. However the policy length must end the day prior to your 90th birthday.
Contact Life Insurance Cover to find out more about the benefits of choosing a Family Income Benefit and to compare Life Insurance quotes.
Family Income Benefit With Critical Illness Cover
As an additional product which mirrors the Family Income Benefit policy. You are able to have a combined policy including Critical Illness Cover. This would mean if a claim was made against the policy for Critical Illness, the policyholder would receive a claim payment each month. This could be used for adaptions to the home, ongoing medical care or spending time with your family.
It is important to note that with all combined policies, they are limited to only paying one claim per policy. With this policy combination it could pay for ongoing treatment or provide a monthly payment to your family after you have passed away.
Can I Buy Just Critical Illness Cover?
Aegon offer a standalone Critical Illness Cover policy to their customers, unlike some Life insurers who only provide combined policies. Which include Level Term Life Insurance & Critical Illness Cover as well as Decreasing Term Protection. The benefit of having an individual policy means that the worry of closing down a combined policy because of a Critical Illness claim is no longer an issue.
Critical Illness Cover is a very important level of Insurance protection. At Life Insurance Cover we have covered the subject extensively within The Critical Illness Cover Guide. This protection type will provide a tax-free lump sum if you receive a diagnosis of a non-life-threatening illness. The claim payment would be made directly to the policyholder to help them. Unlike a Life Insurance policy which will make a payment to your family or beneficiaries.
A Claim For Critical Illness Could Pay For:
Ongoing care or private medical treatment
Adaptations to the family home to make it more accessible
Replace the loss of an income if unable to work
Aegon Critical Illness Protection will offer protection for many different illnesses or operations, including cancer, heart attack and stroke. Also if you have a Critical Illness Policy it will cover any of your children up to £25,000, at no additional cost.
A Critical Illness Policy can be obtained by people aged between 18 -75 years. However the policy must expire prior to the oldest policyholders 85th birthday. A policy term length can range from 5-50 years depending on your age.
Additionally Aegon offers an additional protection option to add to a Critical Illness policy for a small increase to your monthly premium:
Total Permanent Disability: Protection for permanent disability. This means your claim payment would be received for the full sum assured after 26 weeks. There are two different categories which include being unable to do your own occupation again and not being able to look after yourself.
Over 50s Life Cover
An over 50s plan, or also known as over 50s life insurance. Guarantees a payment to your loved ones when you pass away. One of the most common uses for an over 50s Life Policy is to cover funeral costs. Or clear any outstanding debt and potentially leave a legacy for the family.
Unfortunately Aegon currently does not offer an over 50s Life cover policy. However, because we search the entire life cover market in the UK for Life Insurance. We have many providers who are able to offer Over 50s Life Insurance protection.
Aegon Whole of Life Insurance
Whole of life insurance which is also known as whole of life assurance. Provides protection for the entirety of your life, rather than a fixed term. The key benefit of a A whole Of Life Insurance policy is that guarantees a payment to your family and loved ones when you pass away. This policy type will be a little more expensive than a fixed term policy as the benefit payment made to beneficiaries is usually higher. You may choose to take out a whole of life policy if you would like to leave behind a guaranteed amount for your family which could help with:
Paying off an outstanding mortgage
Household day to day family living costs
A legacy for your family
A Whole of life policy through Aegon is available to customers aged 18 – 84 and can be taken out as single or joint life cover. Aegon also offer a Whole of Life policy with either level or increasing cover. Many Life Insurance providers do not offer this option. With level cover, the sum assured remains fixed throughout the length of the policy. Increasing cover will allow your policy sum assured to remain in line with the Retail Prices Index (RPI).
At Life Insurance Cover we compare new Life Cover Quotes for Whole Of Life Insurance protection from all of UK Life Insurance including Aegon.
How Much Does Aegon Life Insurance Cost?
The monthly cost of getting your long term protection with Aegon is calculated on many key factors which include your age, health, smoking and your lifestyle. The largest factor for your monthly premium is the amount of Life Insurance protection Cover that you need. With all of the many choices available from Aegon including Whole of Life, Level term, Critical Illness Cover and Decreasing term. It can be quite a hard process to decide on the right level of protection that you need.
With Life Insurance policies starting from £5 a month it is worth getting your protection in place before any potential problems, which may increase the premium cost. After deciding which policy you need, you can choose to add on other benefits, such as waiver of premium, Critical Illness Cover. Some of these additional benefits will add more to your monthly premiums.
Get in touch with Life Insurance Cover and we will help you compare the protection policies you need. Saving you time and money on your life insurance.
Making A Claim With Aegon
When the time comes to make a claim against a Life Insurance policy with Aegon, they do try to make things as easy as possible. Although it will be a very distressing time for your family, Aegon will help them through the process. It is very important that you make your family aware about your Life Cover and the location of your policy documents. When contacting Aegon initially it would be advisable to have all the relevant paperwork to hand. They will likely ask for name of the policyholder, policy number and if the policy is in trust.
During the claim process, your family or loved ones will also need to provide a copy of the death certificate for the full claim process to be completed. If your family are making a critical illness claim, Aegon will need your doctor’s contact details, details of treatments and any further details which will help from a medical professional.
The Claims team at Aegon can be contacted by:
Telephone: 0345 600 0493
Email: [email protected]
By letter: Claims Department, Aegon, Edinburg Park, Edinburgh, EH12 9SE
Terminal Illness Cover
Similar to all other protection policies provided through Life Insurance Cover, all protection policies provided by Aegon come with terminal illness cover as standard. Terminal illness cover allows you to make a claim on your life insurance prior to passing away, if you are diagnosed with a terminal illness and expected to pass away within 12 months. Once the claim payment has been received, you can use the money as you wish, without any restrictions. You could choose to hire a carer or pay for private medical care. Whilst planning your protection policies, it is also possible with any policy secured with Life Insurance Cover to add other products like critical illness cover, for further protection.
Waiver Of Premium
All of the protection policies available from Aegon have the option to come with a waiver of premium benefit. To enable this benefit will mean a small additional cost to your monthly premiums but, it will offer further protection if your employment status were to change. If you lose your job or become ill during the term of the policy and are unable to pay your premiums for a period of 26 weeks or more. A waiver of premium add on benefit will cover the payments for your Life Insurance until you are able to return to work.
Any missed monthly premium payments can place your policy at risk, by purchasing a waiver of premium add on benefit can protect your life insurance policy. To add the waiver of premium benefit to your policy with Aegon, you will need to be aged 18 or over when the policy starts.
For further information on the waiver of premium benefit and the many other protection options available contact Life Insurance Cover.
Life Insurance Benefits From Aegon
There are a number of different benefits that come from all Life Insurance providers. As an Aegon Policyholder you will have inclusive benefits and some that are additional products, every Aegon policy includes:
Health and Wellbeing Service
Aegon offers a free on-demand phone service that looks to provide support and counselling to policyholders and their family over a number of issues, such as bereavement, finances, mental health, debt and legal issues. This service is available 24 hours a day, 365 days a year.
Second Medical Opinion Service
This benefit is a great addition to your policy as it gives you and your loved ones extra confidence that the diagnosis and treatment you are receiving is right for you. With this service you will have the benefit of a face-to-face consultation with a dedicated medical professional to discuss your initial results and what next steps should be taken. You will also receive a detailed report compiled by your consultant and sent to your GP.
Funeral Payment Pledge
This benefit is very useful for all life insurance policies, Aegon pledges that they will help meet policyholder’s funeral costs, paying a £10,000 advance payment to help with funeral costs on valid Life Insurance claims, where probate may cause a delay. This means that there will be no need to worry about these details in the immediate aftermath of a family member’s passing, helping to smooth the grieving process as much as it can be.
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