Aegon life insurance

Learn more about Aegon life insurance

Last reviewed 31 January 2022.

Why choose Aegon life insurance?

  • Second medical opinion service with face-to-face consultations
  • Free 24/7 counselling service
  • Optional critical illness cover for peace of mind

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Who is Aegon?

Aegon is a life insurance company that also provides pensions and asset management services to almost four million UK customers.

Although part of Dutch multinational Aegon N.V., the firm was formed as Scottish Equitable back in 1831 and its UK business remains headquartered in Edinburgh.

The company has UK offices in London, Lythan St Annes, Witham, Manchester and Peterborough.

Aegon UK is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

In the unlikely event that the company goes under, customers have access to redress as the firm is covered by the Financial Services Compensation Scheme.

In June 2021 Aegon became one of the first insurers to relax underwriting restrictions on life policies brought in as a result of the coronavirus pandemic.

The company made the shortlist for the British Claims Awards 2021 insurer of the year – which it also won in 2020.

It also picked up the Moneyfacts Best Protection Service award in 2021, for the fifth time in a row.

That year alone Aegon life insurance paid more than £139 million in claims to 1,584 families and businesses.

 

What types of life insurance does Aegon offer?

Aegon offers a number of life insurance products, each designed for specific requirements. The life insurance range includes:

  • Level term life insurance
  • Decreasing term
  • Joint life insurance
  • Critical illness cover

Level term life insurance pays either a lump sum or a regular income, also known as family income benefit, if you die during the time you're covered. You get the same payout whether you die at the start or the end of your policy. 

Decreasing term life insurance works a little differently. Here, if you die at the start of your policy, your loved ones would get a greater pay-out than if you died closer to the end of it.

This often makes decreasing term policies cheaper. It also makes them ideal for covering a mortgage as your pay-out can be set to decrease in line with how much you have left to repay.

Joint life insurance policies can work in two ways. You can opt for two individual policies for you and your partner, with each policy insuring one person. Or you could go for a joint life policy that insures two people at once. 

Critical illness cover pays out a lump sum if you're diagnosed with a serious medical condition. The pay out could help cover bills, keep a business ticking over or provide reassurance for the whole family at a difficult time.

Aegon critical illness protection covers 39 main conditions, which would entitle your beneficiaries to a full pay-out.

Children’s critical illness cover would also be included at no extra cost.

What benefits does Aegon life insurance come with?

Aegon life insurance offers several key benefits with their cover.

Not all policies and types may be available through our site, so the exact levels of cover and benefits may vary. Before buying life insurance we recommend you check the cover and benefits included.

Potential benefits include:

  • Policy plus
  • Second medical opinion service
  • Funeral payment pledge
  • Free 24/7 counselling service

Policy Plus is a 24/7 phone contact that offers more than just a means of reporting an issue that may affect the policy. It provides support for a whole raft of issues, including bereavement, family concerns, financial and legal worries as well as consumer rights, all provided by qualified counsellors.

Second medical opinion service is also available. If you're unhappy with your initial diagnosis, this service gives you face-to-face access to a specialist near you. Your specialist can then provide an objective second diagnosis and will run through the various treatment options available to you.

The service is provided by RedArc and initially involves a talk with a registered nurse who will refer you to a specialist in the relevant field to ensure you’re speaking to the right person at all times. Ongoing support and consultations are included in the service.

Funeral payment pledge ensures that the cost of paying a funeral director or home an advance payment of up to £10,000 is covered. It’s intended to avoid distressing problems that can result from a delay in probate.

Free 24/7 counselling is also included with your policy, giving you access to trained counsellors who can support you with anything from bereavement to money worries.

Can I cancel Aegon life insurance?

Yes. You or your nominated advisor can cancel Aegon single life insurance policies by calling 03456 10 00 37 (call charges will vary).

For joint-life policies, the insurance can be cancelled by phone if the benefit amount is under £249,999.

If the total benefit amount of a joint-life protection policy is above this total, the policy holders need to cancel their policy in writing.

To do this, send a letter to:

Aegon Protection,
Sunderland,
SR43 4DJ

Note that both parties need to sign the letter.

Alternatively, your adviser can cancel your joint policy on your behalf by writing to the company.

Need more help? Try our guide on how to cancel your life insurance policy

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How to contact Aegon

The contact number for customer services is 0345 604 4001.

Aegon has a strong social media presence and can be contacted via Facebook, Twitter, Youtube and Linkedin. Or you can reach them via their website.

You can also write to them at:

Aegon,
1 Lochside Crescent,
Edinburgh,
Scotland EH12 9SE.

 

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