Aegon Life Insurance
Aegon UK’s Life Insurance policies were transferred to Royal London on 1st July 2024.
Black Lion Insurance
Royal London acquire AEGON UK’s personal protection portfolio.
Before the move could be approved a period of consultation took place with both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). An independent expert was also assigned to assess the possible impact on policyholders.
On 14th June the move was favourably ruled upon by the courts of England and Wales and as of 1st July 2024 all life insurance, critical illness and income protection policies were transferred to Royal London.
What This Means for Aegon Policyholders
For existing policyholders of Aegon UK, the terms, conditions, and the level of protection provided by their current plans will remain unchanged.
For those who have an existing Aegon life insurance policy this means ;
- No changes to the life insurance policy or how it works.
- No change to the cost the cost of the policy.
- Royal London will assess any future claims.
- Royal London will now pay any benefits due from valid claim.
- Future correspondence will come from Royal London.
- Direct Debits will be updated automatically.
- Policyholders making premium payments by cheque must make payments to “Royal London” from July 1st 2024.
Helpful Information
Existing policyholders needing to make a claim for Income Protection should call 03456 00 04 93 (Mon – Fri 9am – 5pm).
Aegon Website – Policy Transfer Information
Royal London Website – For Aegon Customers
About Royal London
As the largest mutual life, pensions and investment company in the UK, Royal London has significant experience in life insurances, critical illness and income protection policies. As of September 2023 Royal London manages over 8 million policies and £150 billion of assets. For more information please see Royal London Income Protection or Royal London Life Insurance.
Aegon Life Insurance – Overview
Aegon offered a range of life insurance products, which included a number of additional benefits at no extra charge.
- Terminal illness benefit were automatically included at no extra charge.
- Family life benefit divided then benefit into monthly pay out amounts.
- Reducing life insurance option with payments over a fixed period of time, with decreasing pay out levels.
- A combined life insurance and critical illness policy option covered 43 illnesses.
- Aegon offered additional critical illness benefit to its critical illness cover, enabling payments to be made for certain critical illnesses without the policyholder having to cancel their policy or removing the benefit from the total benefit amount.
- Including critical illness cover provided additional cover for the policyholder’s children if they were over 30 days old, up to 18 years (21 if in full-time education).
- Joint life policies could be split into two single policies provided this was done before the policyholders reached the age of 71.
- A £10,000 advanced payment could be made directly to the policyholder’s beneficiaries before probate completed.
- Access to Health Assured a health and wellbeing service at no extra cost.
