Aegon Life Insurance Review
This article was last updated:
Our experts review costs, policy features, and customer feedback on Aegon's range of Life Insurance policies.
This article was last updated:
Our experts review costs, policy features, and customer feedback on Aegon's range of Life Insurance policies.
Aegon's Life Insurance is a life insurance policy that pays out a death benefit to the policyholder's beneficiaries after the policyholder's death.
In this guide:
Aegon was founded in 1983 with the aim of providing simple and straightforward life insurance products that could be easily understood by consumers.
In 1999, Aegon acquired Scottish Equitable, a leading provider of pensions and investment products in the UK. This gave the company a significant boost in scale and helped to establish it as a major player in the UK financial services industry.
In 2003, Aegon made its first move into the US market with the acquisition of Transamerica, one of the largest life insurers in the country. This was a key strategic move for the company, giving it a strong foothold in one of the world’s largest insurance markets.
Since then, Aegon has continued to expand its operations globally, with a particular focus on emerging markets such as China and India. The company now has businesses in over 20 countries and serves over 25 million customers worldwide.
Aegon offers a range of different life insurance policies in the UK, which can be tailored to suit the needs of the customer. The main types of policy on offer are whole of life, term life, joint life, and family life insurance. Whole of life insurance provides cover for the policyholder's entire life, regardless of when they die. Term life insurance provides cover for a set period of time, and joint life insurance covers two people under one policy. Family life insurance provides cover for a family unit, including children.
The cost of Aegon's Life Insurance policy will depend on the age of the policyholder. For example, a 40-year-old will pay £10.39 per month for a policy with a £100,000 payout, while a 60-year-old will pay £26.19 per month for the same policy.
Aegon's UK customers are generally happy with their Life Insurance policies. They find the policies to be easy to understand and the coverage to be adequate. The customer service representatives are also praised for being helpful and responsive. There are a few complaints about the premium increases, but overall, customers are satisfied with Aegon's Life Insurance policies.
Aegon's UK Life Insurance policies have a number of pros and cons. One pro is that they offer a wide range of coverage options, which can be customized to meet the needs of the policyholder. Another pro is that Aegon offers a variety of riders and benefits that can be added to the policy, which can provide additional protection and value. However, one con of Aegon's UK Life Insurance policies is that they are not available to residents of all countries. Additionally, some of Aegon's riders and benefits come with an additional cost.
Aegon Life Insurance Company paid out 97% of the death claims it received in 2019.
In 2020, it paid out 96%.
In 2021, it paid out 95% of life insurance claims.
Aegon's pay out rates on life insurance are therefore slightly lower than the UK industry average.
"I'm so glad I bought life insurance from Aegon. I never thought I would need it, but it's such a relief to know that my family will be taken care of financially if something happens to me."
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
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