Aegon Life Insurance Review For 2021
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Aegon (Scottish Equitable) Life Insurance Review For 2021

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 history

Aegon roots in the UK go back to 1831 when the Scottish Equitable Life Assurance Society, which was established in Edinburgh. In 1994, the company became Scottish Equitable plc with Aegon N.V., a Dutch insurer, whose roots go 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 highlights

  • 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.

Aegon policies

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
Recommended 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 2021

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:
CriterionScore
Claims65.00%
Complaints92.34%
Transparency      43.9%
Overall67%

Net promoter score of Aegon has been reported as 9, which is relatively low.

Contact details

AEGON Life Insurance
Customer Services
Aegon
Edinburgh Park
Edinburgh
EH12 9SE
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.
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One of the most effective ways to protect family's finances

Many UK families still don’t realise that life, income protection and critical illness insurance is one of the most effective and efficient ways to protect their family's finances

Benefits offered by life insurance

Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.

Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.

If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.

Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

Types of life insurance policies

Common reasons for getting a life insurance policy are to:
✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs

Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.

Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.

Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.

Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.

Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.

Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.

Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.
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What do I need to get a life insurance quote?

To get a life insurance quote, you’ll just need to tell us:

  • your name
  • date of birth
  • whether you are a smoker or use nicotine substitutes
  • who do you want to protect
  • and your preferred contact details

The options our advisers provide will also address extras you might want to consider, such as critical illness or income protection cover

It's as easy as 1, 2, 3!

1. Fill out a quick form


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2. Receive a call


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3. Get Protected!


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