Aegon is a large global company. It originally started in Holland in the middle of the 19th century. Today it has assets in excess of €800billion and 26 million customers around the world.
In 1998, Aegon expanded in the UK through the full acquisition of Scottish Equitable, a company founded in Edinburgh in 1831.
Today in the UK, Aegon has around 3.5million customers. Its UK headquarters remain in Edinburgh and it also has large offices in the north of England and London. In the UK it employs over 3,400 personnel.
For your peace of mind, Aegon is regulated by the Financial Conduct Authority (FCA).
Aegon’s Life Insurance options
Aegon’s products include the following:
You can choose a policy that provides benefit in the form of a lump sum or a regular income (sometimes called “family income benefit”) in the event of the covered person’s death.
Cover is available as:
- level term – where the benefit paid out in the event of the insured’s death would remain the same over the whole term of the policy;
- decreasing term – where the benefit would reduce over the term. This is often used in the context of covering a remaining but decreasing mortgage debt over the same period of time. Decreasing term cover typically also reduces the cost of cover (when compared to level term), though your premium payments will remain the same.
In some cases, life cover for a specified length of time might not be the most appropriate solution for your requirements. Examples might include situations whereby your mortgage was paid off and your children were no longer direct dependents.
In such situations, you can select insurance known as “whole of life” instead.
This type of policy would pay out a lump sum when the person covered dies regardless at whatever age that is. This type of cover is often, though not necessarily, associated with funeral plan provisions (known as Over 50s life insurance) and leaving small legacies behind for your family and friends.
Critical Illness Cover
This form of cover will pay out either a lump sum or regular income (family income benefit) if the person covered is diagnosed with a specified critical illness.
43 conditions are covered and they would result in a full payout of the policy. A further 15 would generate a partial payment in qualifying situations.
Aegon also offers two child-related benefits for any children, step-children or legally adopted children of the insured person(s).
Life insurance with critical illness cover
Aegon also offers an integrated life and critical illness policy.
If selected, it would pay out a lump sum or a regular income (also known as family income benefit) either when the person covered dies or if they’re diagnosed with a defined critical illness.
That would apply depending upon whichever happened first, during the benefit term.
Income Protection Insurance
This form of cover would pay out a regular income if the person covered by the policy was unable to work for a lengthy period due to specified illnesses or an accidental injury.
The policy would continue making payments for as long as the insured met their chosen definition of incapacity.
Important – please remember that Aegon’s life insurance and related policies, as outlined above, are not savings or investment plans of any kind. These policies have no cash-in value and should not be considered as any form of investment.
Your premium provides you with life cover. If you stop paying your premiums, your cover will cease. There would be no money due back to you from previously paid premiums.