Joe Davine

Review of Aegon Life Insurance

Aegon’s plans offer highly flexible life coverage policies that are structured to grow with you, expanding in coverage as your needs and lifestyle changes. They truly offer a policy for everyone. Below you can find our detailed Aegon life insurance review.

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Pros
  • 96% of applicants received claims in 2016
  • Online application, no paperwork
  • Approximately 89% coverage
  • Critical illness coverage rated 5 stars
  • Option to increase coverage until 80 years of age
  • Multi-benefit discount
  • Health and well-being service
Cons
  • Some plans have a low maximum entry age, as low as 48
  • May need to buy additional coverage with changing life stages
  • No bonus facility
  • No maturity benefit, only death benefit

About Aegon

Aegon is an international, retirement, and workplace protection company.

One of the strengths of Aegon life insurance is that their underwriting approach is highly individualized, so they were able to offer claims to 96% of their applicants in 2015. In the UK, Aegon insurance paid out £114.9 million in life and critical illness claims that year. The Aegon life insurance review and analysis conducted by Defaqto and Moneyfacts has given it a 5 star rating.

Life Insurance Offers by Aegon

Personal Protection Aegon life insurance plans offer various forms of protection for your family if you die, which can include terminal or critical illness according to their definition and total and permanent disability as well as certain circumstances that render you unable to work.

Aegon life insurance and personal protection services can be easily customized by their underwriters through a multi-benefit discount that allows you to choose up to 5 benefits in one policy.

Some of the Benefits of Using Aegon

Benefits and payouts from Aegon are offered in both; the form of lump-sum payments or family income benefits that are paid over the course of 100 months. You can also opt for a combination of the two.

Clients are also able to increase or change Aegon life policy coverage without any additional underwriting as long as it’s done before the age of 55.

Plans are offered for as little as £5 per month, although rates will vary greatly depending on your age, health, and coverage needs. Aegon insurance in the UK is known for providing individual attention to each client. However, some clients have provided negative Aegon life insurance reviews, complaining that their customer service department is difficult to reach when they’ve needed to alter their plan.

Insurance Options: Our Honest Breakdown

A range of plans are offered from Aegon which include customizable benefits according to your needs and eligibility. In addition to regular protection, all plans of Aegon insurance (UK) also include health and well-being service provided by Aegon partners Health Assured. Their counsellors are available to provide support, advice and answer questions 24 hours a day, 365 days a year.

Personal Protection

The personal protection plans from Aegon insurance (UK) offer a wide range of benefits to choose from, as well as a multi-benefit discount that allows you to choose up to 5 benefits that meet your individual needs.

Aegon benefits include:

  • Life protection
  • Critical illness protection
  • Life with critical illness protection
  • Family income benefit
  • Gift benefit
  • Income protection

At no additional cost, you are able to change and increase your benefits as your lifestyle changes with UK Aegon insurance. You can also purchase reducing coverage, where the payout amount reduces each month of the benefit term.

In order to qualify for critical illness coverage, the insured must have one of their defined critical illnesses and must survive for at least 14 days. The optional income protection includes a monthly income payout if the insured person is unable to work for a significant time period due to injury or illness.

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Simply Life Protection

Simply Life, is a simple, quick, and low-cost Aegon life insurance plan. It offers up to £500,000 of quality life and terminal illness coverage. Everything is completed online and there is no paperwork necessary. After applying you will receive an instant Aegon life insurance review of your application followed by an immediate decision.

There are only nine core underwriting questions asked of applicants. You should be aged 18 to 49. Premiums start at £4.95 per month.

Because of the fast and simple process, Simple Life has more restrictions regarding the health status of applicants. For example, if you have been previously diagnosed with a severe heart condition, cancer, stroke, multiple sclerosis, diabetes, or severe mental illness, you do not qualify. Aegon Personal Protection is a better option in these cases.

Whole of Life Protection

In the UK, Aegon insurance provides Whole of Life Protection which will pay your family a lump-sum in the case of your death or terminal illness.

The benefits of this plan are not part of your estate, so your family can use them to pay estate taxes. A trust is designated in your application, so more of your money will go toward your family. There is a gift inter vivos option to protect inheritance as well.

You are also given free immediate coverage for up to 90 days while Aegon life insurance reviews and processes your application.

Why wait? Click the button below to receive your free life insurance quote now.

Overall in the UK, Aegon insurance has many different options, and there’s a plan for almost anyone. The ability to hand-pick your benefits is an excellent option.

Our Aegon life insurance review attempted to cover all the aspects of UK based Aegon insurance company. If you found it helpful, don't hesitate to grab your free quote below!