Who has the best income protection insurance to meet your…
As of April 2023, Aegon are no longer providing income protection, life insurance or critical illness cover policies.
Aegon life is now part of Royal London and all existing customers’ policies will be transferred over to Royal London in 2024 subject to court approval.
Reassured Advice can compare quotes from the whole of the market to help you find an alternative provider.
To find the right cover, at the best price, simply get in touch for your fee free quotes.
An income protection plan will pay out a percentage of your usual earnings, on a monthly basis, if you’re unable to work due to illness or injury.
Payments are tax-free and could help you to keep up with your financial commitments.
You may have once seen offerings by Aegon on the market, but what did they offer and how did it compare to others on the market?
Keep reading this in-depth review to find out about the income protection policies previously offered by Aegon.
It’s no longer possible to take out a new policy with Aegon, so why not find an alternative solution using the FCA-regulated broker service offered by Reassured Advice?
Simply get in touch today for your personalised, no-obligation and fee-free quotes.
Aegon were founded 190 years ago, starting life as a Scottish Equitable.
After officially re-branding as ‘Aegon’ in 2009, they’re now an international provider of financial protection.
As of 2023, Aegon have ceased sales of their life cover, including income protection, life insurance and critical illness cover.
Pending court approval, existing customers will be transferred over to Royal London.
However, Aegon still offer a range of pension, savings and investment solutions.
Across all products, Aegon are rated 3.5 stars on Trustpilot.
Aegon income protection offered to pay out up to 65% of your usual income, up to a maximum monthly benefit of £20,833.
However, the percentage that was paid out depended on your earnings:
|Income||Percentage paid out|
|Up to and including £20,000||65%|
|Between £20,000 - £100,000||55%|
At Reassured we can help you to compare income protection quotes from other providers who offer to pay out up to 70% of your earnings. Simply get in touch.
Aegon income protection covered you while you were unable to work due to ill health or serious injury.
The tax-free payments the policy provided could help to cover essential financial responsibilities, such as:
To find out more about income protection, why not contact the friendly team at Reassured Advice?
Aegon income protection was designed to pay out if you developed an illness or injury that prevented you from working.
The illness or injury needed to meet Aegon’s definition of incapacity.
Aegon used an own occupation definition of incapacity, meaning you were able to claim for any illness or injury that prevented you from doing your own job.
The policy would pay out to you once the deferred period had come to an end and would continue paying out on a monthly basis until one of the following happened:
The deferred period is a set period that will be decided upon during the application process.
Often ranging from 4 - 52 weeks, the deferred period refers to the time that must pass before your payments will commence (you must still be unable to work after this time in order for your payments to begin).
As with any income protection policy, it’s important to check the terms and conditions to ensure they best meet your needs.
Aegon income protection terms and conditions were as follows:
If you have any questions or queries about income protection, why not speak to an expert?
The friendly team at Reassured Advice will be happy to take you through every step of the application and provide all the information you need.
The team can also help you compare income protection quotes from all major UK insurers.
The price you paid for Aegon income protection varied depending on your personal circumstances.
During the application, Aegon required the following personal details:
As well as details about your policy, such as:
As Aegon only offered an own occupation definition of incapacity and guaranteed premiums, these weren't variable factors that influenced the price that you paid.
Why not compare other leading insurers through Reassured Advice to find the most affordable deal?
Income protection starts from as little as 20p-a-day.
In 2021 Aegon paid out 90% of their income protection claims.
While pay out rates can help to give an indication about the likelihood of a provider paying out, it’s not the only thing that should be considered when trying to find the right provider for you.
The most important thing is finding a provider that offers the right terms to meet your needs, while being at a price within your budget.
Why not compare quotes from the whole of the market through Reassured Advice, free of charge, to find the right provider for you?
As well as their personal plans, Aegon also offered executive income protection.
Executive income protection is a business income protection policy, available to limited companies.
The policy will pay out to an employee while they’re unable to work due to illness or injury (this can include employed directors of their own limited company).
The policy will be arranged and paid for by the limited company, which means any premiums paid by the company can be classed as a business expense.
Executive income protection can be beneficial if your company is too small to be a part of larger group protection schemes but you’d like to offer some form of financial protection.
Why not read this complete executive income protection guide for more information?
Aegon are no longer taking new applications or providing cover to new customers.
For this reason, Reassured Advice are unable to provide you with Aegon income protection quotes.
However, a friendly member of the team can provide you with a range of quotes from alternative insurers.
Their comparison service is whole of market, allowing you to find the right income protection to meet your needs at the best available price.
Quotes through Reassured Advice are free of charge, and you’ll also benefit from having a dedicated team member to answer any questions you might have.
To find the best deal, simply get in touch today.
The information used in this article has been taken from the Aegon website and is correct as of 11/08/23. Please be aware this information is subject to change at any time
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
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