Aegon (Scottish Equitable) Life Insurance Review
When you request a life insurance quote from WeCovr, amongst other providers, our insurance experts will review Aegon life policies and determine if any would be suitable for your particular circumstances. Below is some background information on Aegon life insurance for your reference.
Aegon roots go back to 1831 in the UK when the Scottish Equitable Life Assurance Society was established in Edinburgh. In 1994, the company became Scottish Equitable plc with Aegon N.V., a Dutch insurer, whose own origin goes back to 1859, taking a 40% stake in the business.
By 1998, Aegon NV became the sole owner of the UK company. It re-branded itself into Aegon Scottish Equitable in 2006 and in 2009 to Aegon, although the legal entity remains Scottish Equitable plc.
Aegon UK currently has over two million customers in the UK.
Aegon Group is considered to be the 19th largest insurance group by non-banking assets globally with the total assets in its latest annual report at ca. EUR445bn and own capital of about EUR25.6bn. (Source
Aegon companies employ approximately 28,000 people worldwide.
Aegon UK enjoys a financial strength rating of A+ by S&P (S&P Report
Despite the challenging conditions in 2020, Aegon managed to receive a number of awards: COVER Excellence Awards for Best Business Protection, a Moneyfacts 5 Star Rating for level and reducing critical illness protection, a Defaqto 5 Star Rating - highest rating for our protection menu, critical illness protection and whole of life (Source
Its Trustpilot review rating is 3.9 with over 500 reviews in the UK (Source
Aegon Life Insurance highlights
In 2019, Aegon paid out 96% of life insurance claims and 94% of critical illness claims. They paid £148.1 million in claims, helping 1,543 families and businesses in 2019.
Aegon offers its policyholders access to its health and wellbeing service providing support, counselling and online tools, as well as a second medical opinion service.
Aegon life insurance is a complex product available from advisers such as ours. It may not necessarily be the cheapest option so to ensure that you get the right policy at the right price, it’s important to shop around and compare deals carefully.
When people choose personal protection insurance from Aegon, they have several options: level term, decreasing term, increasing term, whole of life, or family income benefit.
Terminal Illness cover is automatically included at no additional cost and pays out if you are diagnosed with an illness that is expected to cause death within 12 months.
You can choose the indexation option for your sum assured, which means the sum of payout will rise in line with the Retail Prices Index each year. This is limited to a maximum increase of 10% and a minimum increase of 0%. Your premiums will go up each year at 1.5 times the increase in the price index.
Premiums may be fixed for the duration of the policy or renewable and subject to increase every five years throughout the term without a medical examination.
Waiver of premium can be included for an additional cost, which means you won’t have to pay your premiums after 26 weeks if you are unable to work due to an accident or illness.
Minimum age when buying the policy is 18, while maximum ages are 83 for life insurance and 74 for critical illness insurance.
Worth noting is that policy excludes coverage of suicide within the first 12 months and terminal illness cover will not pay out if the illness is not likely to cause death within 12 months.
Cover for possible inheritance tax liabilities with gift inter vivos benefit - this option allows to insure against possible inheritance taxes resulting from death that occurs within seven years of providing a gift.
Random batch of five recent life insurance reviews taken in a row
MR Lawson | 9 reviews | 4 stars: Great | Invited
Great people to look after my insurance
All of the team who I have had dealings with over a recent claim, have shown great empathy, care and efficiency - helping reach a positive outcome.
The claim did need to be reviewed (hence the loss of one star) because of specific policy conditions that initially pointed towards rejection - but the review was carried out very well, and the claim was settled efficiently. The service was 5 star - the people were great and actively kept me updated. I would not hesitate to recommend this company.
Richard Burke | 1 review | 5 stars: Excellent | Invited
I rang with a problem
I rang with a problem, the operator was brilliant, she was clear ,understanding and very polight,hopefully it will be sorted out soon I was told it may not be done straight away as she needed to contact my employer, but she was great
Denis | 2 reviews | 5 stars: Excellent | Invited
Easy, fast, efficient and friendly support team.
the moist flamingo | 1 review | 1 star: Bad | Unsolicited
Their error is my problem
Attempted to resolve a mistake on paperwork after receiving information from aegon. An obvious mistake from their end but had to waste my time to convince them that we had not sent or caused this error. Unable to resolve so will have to give up more life for these robots.
Mike Owen | 1 review | 5 stars: Excellent | Invited
I had a query and the way they dealt…
I had a query and the way they dealt with it was first class. Everything I needed to know was explained fully
Aegon review services ratings
In addition to a good Trustpilot score of 3.9, Aegon has 5-star score from Defaqto and a 67% score from Fairer Finance. The latter rating service has reviewed Aegon as 20th out of 24 insurance providers reviewed mainly due to lower claims and transparency score of its policy documents:
Net promoter score of Aegon has been reported as 9, which is relatively low.
AEGON Life Insurance
Phone: 03456 001402
Phone lines are open 8.30am-5.30pm, Monday-Friday.
Before taking any practical steps, it is always recommended to consult your own financial adviser who will be able to look into your specific situation and assist in making those decisions.
Our FCA-authorised and award-winning insurance experts can guide you in a friendly and free phone consultation as to what life insurance plans can be most suitable to your particular circumstances and life planning.
To check how Aegon Life Insurance plans compare against other life insurance companies active in the UK, one can apply for a free, no-obligation consultation from award-winning FCA-authorised life insurance experts by filling in a quick 30-second form available here.