Nigel Rowe is a finance professional specialising in protection and life insurance. Nigel supports individuals and businesses in safeguarding their financial futures through tailored insurance solutions.
Aegon Life Insurance
Aegon Life Insurance is offered by Aegon UK plc, part of the global Aegon Group, a major financial services provider with expertise in life insurance, pensions, and investment products. Aegon’s life cover is designed to provide a tax-free lump sum to your beneficiaries if you die during the policy term or are diagnosed with a terminal illness.
Aegon focuses on flexible and customizable term life insurance, allowing you to select cover that aligns with your financial responsibilities, such as mortgage protection, family income replacement, or legacy planning. The insurer also offers optional add-ons like critical illness cover for extra peace of mind.
What types of Life Insurance do Aegon provide
Aegon offers several options for UK customers:
Level Term Life Insurance
- Pays a fixed lump sum if you die during the policy term
- Ideal for long-term financial protection, family support, or paying off debts
- Amount of cover remains constant for the entire term
Decreasing Term Life Insurance
- Cover reduces over time, usually in line with your mortgage balance
- Designed to ensure your home can be paid off in the event of your death
- Often a more affordable option for mortgage protection
Family Income Benefit
- Pays out a regular income instead of a lump sum
- Helps cover household expenses if the main earner dies
- Provides predictable, ongoing financial support
Critical Illness Add-on (Optional)
- Pays out a lump sum if you are diagnosed with a serious illness covered by the policy
- Available as an add-on to term life policies for extra financial protection
Policies can be taken as single or joint cover, depending on your family circumstances.
Policy Benefits
Flexibility
Aegon Life Insurance is designed to be tailored to your needs:
- Choose the amount and term length of your cover
- Add critical illness protection if desired
- Select between lump sum or regular income payout for family protection
Optional Features
- Terminal illness benefit included automatically
- Family income benefit for ongoing financial support
- Option to increase cover in the future (subject to underwriting)
Aegon also provides online tools and calculators to help you determine how much cover you need based on your lifestyle and financial commitments.
What's Covered
Aegon Life Insurance generally pays a tax-free lump sum if:
- You die during the policy term
- You are diagnosed with a terminal illness (expected to live less than 12 months)
With optional critical illness cover, the policy may also pay out if you are diagnosed with a qualifying serious illness during the term.
Payouts can be used for:
- Supporting living expenses for your family
- Paying off debts or mortgages
- Funding children’s education
- Covering funeral costs or leaving a financial legacy
What's Not Covered
- No cash value or investment component – pure protection cover
- Suicide or intentional self-harm may be excluded in the first policy year
- Non-disclosure of medical history can invalidate the policy
- Optional critical illness cover may not cover all conditions or may have exclusions
Always review the Key Features and policy documents to understand limits and exclusions before purchase.
How to get Joint Life Insurance
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How it compares to other UK providers
Aegon has a strong presence in the UK life insurance market and is known for:
- Flexible policy options
- Transparent online quoting and application processes
- Positive claims handling record
Customer reviews are generally favourable, though some note that claims for critical illness add-ons require detailed medical evidence and may take time to process.
Trusted Life Insurance Advisor
Our Verdict
Aegon Life Insurance is a versatile and reliable option for UK residents seeking term life insurance with optional critical illness protection. It is suitable for:
- Families looking to protect income
- Homeowners needing mortgage protection
- Individuals who want customisable, flexible term cover
Carefully compare quotes and policy options to ensure the cover meets your financial goals and family needs.
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