AEGON Life Insurance

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Aegon Life Insurance -Introduction

Here’s some key facts about Aegon Life Insurance.

Aegon was founded in 1831 as Scottish Equitable and has over 3.5 million customers in the UK. Its headquarters is still in Edinburgh.  However, Dutch insurer Aegon NV, an international provider of protection products. bought a 40% stake in the business in 1994.  Aegon became a 100% stakeholder in 1998.

It operates in 25 countries.

In 2016, Aegon paid £123.4 million in claims for its personal protection products.

How Financially Strong is Aegon?

In a nutshell, Aegon is a long-established company.  Aegon NV, its parent company is one of the world’s ten largest insurance companies.   In 2016, Aegon’s UK company earned a Fitch financial strength rating of A+.

Aegon Life Insurance.  Your At-A-Glance Guide

Aegon offers a flexible range of life insurance products, as well as a number of extra benefits at no extra charge.  You’ll be able to amend your cover with them to reflect any changes in your circumstances or lifestyle.  And, you can combine different types of cover.

  • Your policy will include terminal illness benefit automatically, at no extra charge.
  • Also,  with Aegon life insurance you receive accidental death benefit for those under 55. If you die whilst your policy is in application (up to 60 days), your beneficiaries will receive the lower of £250,000 or the amount your applied for.
  • This insurer offers family life benefit, which divides your benefit payments into monthly pay out amounts.
  • With Aegon you have a reducing life insurance option (payments over a fixed period of time, with decreasing pay out levels over the length of the policy). However, other insurers offer more options on the decrease rate.
  • A combined life insurance and critical illness policy covers 43 illnesses. This is an average number across all the providers we work with, but you should be aware that as many as 80 critical illnesses are covered by other insurers.
  • Aegon offers additional critical illness benefit to its critical illness cover, enabling payments to be made for certain critical illnesses without you having to cancel your policy or removing the benefit from your total benefit amount.
  • Including critical illness cover on your policy extends to your children if they are over 30 days old, up to 18 years (21 if in full-time education). If your child dies, they will pay out £5,000.  If your child is diagnosed with a critical illness, Aegon will pay the lower of £25,000 or 50% of the benefit amount per child.
  • Aegon allows you to split your joint life policy into two single policies, as long as you do this before either of you reach the age of 71. You may not need to give any more medical details.

Overview of Key Policy Details – Aegon Life Insurance

Policy Type Life Insurance
Options Level Term, Decreasing Term, Family Life Benefit
Policy Coverage Single, Joint Life First Event, Joint Life Second Event
Premium Type Guaranteed/Reviewable
Terminal Illness Cover Automatically included
Critical Illness Cover Yes. Optional
Number of Critical Illnesses Covered 43
Children’s Critical Illness Cover Included with Critical Illness


(benefit increases capped at 10% per increase)

Waiver of premium Optional
Maximum Cover Unlimited
Minimum Life Cover Term 1 year (life only), 5 years (life & critical illness)
Minimum Entry Age 18 years
Maximum Entry Age 89 (life only), 85 (life & critical illness cover)
Guaranteed Insurability

Before you are 55:

Increase in your mortgage

Career change or increase in salary

Entering into or terminating civil partnership or marriage

Birth or adoption of a child

More Jargon-Free Information About Aegon from Black Lion Insurance

Life insurance can be complicated – or at least, that’s what it seems.  There are quite a few “technical terms” within this sector, so don’t struggle on your own if you’re not sure what “sum assured” or “maturity age” means.

Talk to the experts at Black Lion. We’re a family-established business and we feel strongly that as a team of insurance experts, we’re here to help you learn what it all means in, simple definitions; or, as simple as we can make it.

We want to make things easy for you.  Give us a call on 0203 011 00 22 if you need further information or help from us.

Additional Benefits and Services from Aegon

  • Aegon offers a £10,000 advanced payment. This can be made directly to your beneficiaries before probate is completed.  In our opinion, this is a very useful benefit, and one of the aspects that sets Aegon apart.
  • Health Assured. Access to a health and wellbeing service at no extra cost.  You’ll be able to speak to experienced, highly qualified counsellors 24 hours a day over the phone.  Also, you are offered free access to their online health assessment tool.
  • Pre-completion benefit. If you take out life protection, reducing life protection, life with critical illness cover or reducing life with critical illness cover, you will be insured while your property purchase is in the process of completion.  This will apply if you are taking out the insurance to cover your mortgage.

Do YOU need advice from Black Lion?

As with all insurance products, some providers may be more suitable for your needs than others.  Life insurance is designed to offer a strong financial safety net to your family and loved ones if you die or develop a terminal illness. As you can see, there’s a lot to think about and Aegon is one of a number of life insurers providers that we work with.

Are their policies right for you?

Black Lion Insurance will help you answer that question.  We’ll present you with the relevant pros and cons of Aegon based on the information that you give us. We’re a whole of market insurance adviser and we’re totally impartial. Looking at all the policies on your behalf will make choosing the right life insurance so much easier, quicker and a whole lot less stressful.

If Aegon is the best provider for you, we’ll recommend them.  If not, we won’t.

Our aim is to educate, guide and advise rather than sell.

So, don’t trawl the internet for hours looking for your best life insurance policy.  You may not find it.  Also, bear in mind that we can negotiate with our providers and may be able to offer you a better deal.

And don’t forget…

Enjoy 3 Months' FREE cover

Fill in the form on this page with the code BL3MF to qualify for THREE MONTHS’ FREE COVER when you set up your Life Insurance policy with us.

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About Us

Part of Halo Consulting, Black Lion Insurance are a dedicated team of insurance consultants with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.