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Aegon Life Insurance Review & Compare
As one of the world’s largest life insurance providers, AEGON Life Insurance is a name that’s guaranteed to make an appearance. But a well known name doesn’t necessarily equate to the right life insurance. In fact, even though their 2016 purchase of Cofunds made AEGON the largest platform provider in the UK, research is essential for making sure that the policies on offer live up to those large-name claims.
That’s why we’ve delved deep into the AEGON world, to understand exactly what their life insurance offers. What it could do/not do for you in the long-term.
Getting to know AEGON
AEGON’s has a long history behind it with the company beginning from Danish heritage as Scottish Equitable way back in 1831. Since those small beginnings, they’ve gone on to provide cover to customers across 25 countries worldwide. A standing that’s been further strengthened by the fact that they’ve now purchased companies like Cofunds.
Ultimately, the mission at the heart of all AEGON do is to help customers achieve financial freedom by ensuring their finances work harder. AEGON life insurance fits well into their offering.
AEGON life insurance in a nutshell
Of course, AEGON could be the largest company on the planet, and still fail to offer life insurance that satisfies. That’s why you’ll also want to consider the pros and cons of their policy.
Ultimately, AEGON life insurance UK includes various forms of cover, which are -
- Level term life insurance: Where benefits due to be paid remain the same over policy term.
- Decreasing term insurance: Where benefit decreases over term, often to cover remaining mortgage payments, etc.
- Family income benefit : It’s also possible to invest in a range of different packages, including -1. Life insurance
2. Critical illness cover (complete with automatic coverage of children)
3. Life insurance and critical illness cover
4. Income protection
Consumers can apply for up to £500,000 of cover under these policies by answering a simple questionnaire that contains just nine questions. This makes for a simple approval process and fast cover. What’s more, 94% of life insurance claims and 93% of critical illness claims usually lead to payouts.
This life insurance offering also comes complete with an accidental death benefit for anyone under 55. In this instance, you’ll be covered for accidental death even during your application.
How does AEGON life insurance compare with market costs?
AEGON may offer some tempting life insurance benefits, but it’s also crucial to consider how their costs compare with other providers on the market. After all, those benefits won’t seem half as tempting if you have to pay through the teeth for them.
Luckily, costs here are relatively reasonable, with plans starting as low as £4.95 per month. Of course, as with any plan of this kind, those results will vary depending on the answers you give to the nine questions mentioned. As with other providers, things like your age, health, required term length, and the amount of coverage you’re after.
What’s everyone saying about AEGON?
AEGON score a 5 star review from Defaqto which is great as serves well for those looking for quality cover. Individual customer reviews seem to be mostly favourable thanks to high payout rates, and reliable plans. They seem to offer fantastic value for money in accordance with their customers. That said, AEGON widely seems to fall just short of the 5* rating you might hope for, with standard reviews placing that at around 4.39* across the board.
If you’re looking for reasonable cover from a trusted name in the market, then AEGON definitely don’t disappoint. AEGON do not offer life insurance direct to the market. So if you are looking for a quote you would need to go through a broker like us. Please feel free to give us a call or use our quote form to check out prices and apply online.
Discount Life Insurance…Why Use Us
We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.
Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.