Review: Aegon Life Insurance

Hazel McHugh By Hazel McHugh

In summary

Aegon has a Dutch heritage that stretches back to 1844, but today it is very much a global business with a presence in over 25 countries worldwide. It offers a range of insurance, pension and savings products.

Aegon UK has been part of the Aegon Group since 1994 when Scottish Equitable’s 175 years of life insurance experience was combined with the global strength of Aegon.

You can get a quote for Aegon life insurance at Activequote.com.

Overview of the cover provided by Aegon life insurance

Aegon UK launched its individual protection plans in 2001 and now insures over 400,000 lives.

It offers a range of different life protection plans including:

Its “Simply Life” proposition lets customers apply for up to £500,000 of life insurance cover quickly and easily by answering just nine key questions. Visit the Aegon website for more details of its qualifying criteria.

Or, to compare Aegon with other life insurance companies, visit Activequote.com.

During 2013 94% of life insurance claims and 93% of critical illness claims were successfully paid out.

How much does life insurance from Aegon cost?

Cover starts from just £4.95 per month and on some propositions, for example, “Simply Life”, premiums are guaranteed not to increase while the plan is in force.

Before you decide on a life insurance policy it is vital to carry out your own research and obtain life quotes tailored to your own lifestyle and circumstances but to help you get started, we’ve used the scenario below to obtain a typical cost for level term life insurance from Aegon:

Applicant details

- 35 years old

- Female

- Non-smoker

Cover required:

- £170,000 (typical size of a UK mortgage)

- Level term life insurance

- Over 25 year

Example cost

£9.31 per month

What we say

Aegon is a well-established global brand. Its customers appear to be very happy with the service provided which is great to hear, however, with life insurance, the crunch often comes when people have to claim on a policy so, as well as comparing life insurance costs, it’s vital to look at the success rate on claims paid out.

For example, in a Aegon vs. Zurich life insurance comparison we can see that whilst Zurich successfully pay out on 99.8% of claims, Aegon paid out on 94%. The difference might look slight now but it could make all the difference if the worst happens and you find yourself having to claim. At times like that, quibbling over policy exclusions is the last thing you want to be dealing with so try to weigh up cost, customer service and claims pay out rates to make a well rounded decision on which life insurance provider to use.

What the expert reviews say

Unfortunately, leading financial research firm Defaqto do not include Aegon in its tables for life insurance so expert reviews are hard to find. If you are unsure which firm to opt for, however, you could consider enlisting the help of a financial advisor but remember to ask upfront how you will be charged for any advice you receive.

What Aegon life insurance customers say

According to financial review website money.co.uk Aegon offer a good range of flexible life insurance policies, rated “excellent” and 5/5.

You can compare life insurance quotes from Aegon with other life insurance companies at Activequote.com

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