Is Aegon The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of Aegon life insurance. You might already know that Aegon has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is Aegon the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

Aegon life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Aegon . 

4 Safe overall rating for Aegon

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

Support Services are provided
5 star rating on Defaqto
Policy documents are readily available on the website
No live chat or chat bot option is available
1.8/5 rating on TrustPilot
Contact details are not provided

Coverage options

Increasing and Term Covers are provided
Permanent and Total DIsability Benefit is provided
Cover for children is provided
The Critical illness cover offered provides cover for up to 39 critical medical conditions
Whole life cover is not provided

Value for money

£250,000 worth of cover is provided for the accidental benefit option
Family Income Benefit is provided
Free cover is offered while the policyholder waits for approval
No Gift vouchers or Cashbacks are given to policyholders
No cash in value

Financial strength

In 2019, Aegon paid a total of £148.1 million in claims

Apps and technologies

Support Services like RedArc which gives access to a medical practitioner for second opinions are available
Health and Wellbeing services are provided. The app can be easily downloaded
Website is confusing to use and not user friendly
No live chat option

Safe rating for Aegon Life insurance

Expert and customer satisfaction reviews for Aegon

Review organisationConsumer satisfaction rates for Aegon Life insurance
Trustpilot1,8/5 based on 179 reviews
Defaqto5
Experts rating for Aegon

Aegon insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Aegon . 

CriteriaAegon details
Minimum age18 years
Maximum age 89 years
Pay-outNot stated
Life insurance with free giftsNot stated
Extras

Term Insurance calculator is available on the website

Terminal illnessYes
Aegon life insurance in a nutshell

What are Aegon life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is Aegon term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaAegon life insurance
Minimum term5 years
Maximum term50 years
Pay-outNot stated
Minimum monthly premiumNot stated
Extras or any interesting facts 

RedArc which is a Second Opinion Medical Service Option

Aegon term life insurance

Should you take level or decreasing term life insurance?

Aegon offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
Aegon term life insurance (level)
  • The term life insurance can range for a period of 5-50 years
  • The cover is available for policyholders between the ages of 18 and 89
  • The premiums remain the same throughout the duration of the policy
  • Terminal illness cover is provided
  • Family Income Benefit is provided
  • Total and Permanent Disability Benefit is offered
Aegon decreasing term life insurance, also known as life insurance for mortgage

The Decreasing cover that Aegon offers provides the following:

  • The decreasing cover is designed to reduce every month in line with a capital and interest repayment mortgage that has a fixed interest rate of 10%
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

Aegon does not offer Increasing cover

Can you take out a Aegon insurance with someone else?

Yes, you can either have a single or a joint policy at Aegon .

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are Aegon life insurance extras? 

You can add these extras at additional cost to your Aegon life insurance: 

Details Reviews
RedArc

With this service, policyholders can get a second medical opinion from a trusted medical practitioner

Terminal Illness

Cover is provided in the case that a policyholder dies as a result of a terminal illness (an illness that has no known cure or one that is expected to result in the death of the policyholder in a 12 months time frame).

Total Permanent Disability Benefit

Cover is provided in the case that the policyholder is unable to work as a result of a total or permanent disability that is caused by an accident.

Waiver of Premium

This benefit will pay the policyholder’s premiums after the deferred period in the case that he/she is unable to work due to sickness or accident.

Free cover

It provides the policyholder with up to £500,000.worth of protection cover while he/she is waiting for the property purchase to be completed.

Aegon life insurance extras

Should you take out Aegon life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is Aegon the best critical illness cover? 

Here are the main features when you take out Aegon life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that Aegon provides offers the following:

  • £250,000 worth of cover for Accidental Benefit which is only valid for policyholders below the age of 55
  • Children’s Critical Illness cover is provided
  • Child Care benefit is provided
  • Cover for up to 39 conditions
  • Cover for 12 additional critical illness conditions
  • A sum of £25,000 is provided for these additional critical illness conditions
Children’s Cover
  • This cover provides up to £25,000 or 50% of the amount of cover in the case that the child is diagnosed with one of the critical conditions.
  • A sum of £5,000 is provided in the case that the child dies during the policy term
What should you know about Aegon critical illness cover?

In 2019, Aegon paid a total of £148.1 million in claims

Aegon life insurance

How much is Aegon life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact Aegon life insurance?

Here are all the important phone numbers for contacting Aegon life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at Aegon 1800-120-4433Monday-Saturday | 9am – 7pm
How to claim at Aegon 1800-209-9090Monday-Saturday | 9am – 7pm
How to cancel at Aegon

1800-209-9090

Monday-Saturday | 9am – 7pm
Aegon phone numbers

What are Aegon general contact details? 

You will find in this table all the general contacts that you would need if you want to reach Aegon life insurance: 

General contacts
Mailing address

Lochside Crescent 1
EH12 9SE
Edinburgh
United Kingdom

Social media 

Facebook, Twitter, YouTube, LinkedIn

Chatbot

No

Aegon general contacts

How to claim at Aegon life insurance? 

You will find on this table the different possibilities for reporting a claim on your Aegon life insurance: 

How to claim on your life insurance at Aegon ?
When to claim?

Claims should be made as soon as possible.

Claim by mail

Aegon
Edinburgh Park
Edinburgh
EH12 9SE

Claim by emailNot Available
Claim online

Not Available

Claim by phoneNot Available
Claim at Aegon life insurance

How to cancel my Aegon life insurance? 

You will find on this table the different ways to cancel your Aegon life insurance: 

How to cancel your life insurance at Aegon
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

Protection Customer Service Centre
Aegon
Edinburgh Park
Edinburgh
EH12 9SE

Cancel by email

[email protected]

Cancel onlineNot Available
Cancel by phone

1800-209-9090

How to cancel my Aegon life insurance?

How do I get Aegon life insurance quotes? 

Here are the different ways to get a life insurance quote at Aegon : 

How to get a life insurance quote at Aegon
Quote online
  • On the Homepage, click on the Life button
  • Click on "calculate my premium"
Quote phone1800-120-4433
Get a quote at Aegon

How do I log into Aegon life insurance?

Click on the "Log in" option on the Homepage

Do we recommend Aegon life insurance?

Aegon was founded in 1831 and they provide insurance services in more than 25 countries Aegon has around 3.5 million customers in the UK alone and they offer different types of life insurance services like Family Income Benefit, Critical Illness Cover, Terminal Illness Cover, and Accidental Death Benefit which is only available for policyholders under the age of 55. Aegon has 5-star Defaqto rating and a 1.8 rating on TrustPilot. The bad side to this insurance company is that contact details are not provided on the websites and as such, it is hard to contact customer care representatives. They however paid £123.4 million in claims for its personal protection products in 2016 so their financial capabilities can be trusted.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.