AEGON Scottish Equitable Life Insurance Reviews 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 10th March 2024

aegon scottish equitable life insurance

If you want to provide financially for surviving loved ones upon your death, AEGON life coverage may be the solution.

Consumers can select the type and level of protection they need. Individual and joint policies are available, and policyholders may change their coverage level at any time.

This allows the family lifestyle to continue following the death of the insured. Peace of mind is the main reason that consumers purchase this coverage.

Choosing a life insurance policy from a trusted and stable company like AEGON continues to make sense for many people.

Without proper life insurance protection, would your loved ones be able to make the following financial contributions if you weren’t around to make them?

  • Pay off the mortgage
  • Clear any outstanding debts in your name
  • Fund their current lifestyle
  • Buy a new home
  • Plan for a funeral
  • Deal with inheritance tax

Ease The Financial Strain On Your Loved Ones At A Difficult Time. Get A Quote Today.

scottish equitable life assurance policy

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Scottish Equitable life insurance company was established in 1831. In 1994, it became part of the AEGON Group, a Dutch financial services company. The name was initially changed to AEGON Scottish Equitable and has since been shortened to AEGON.

This global, multibillion-dollar company includes life insurance among its many personal protection products.

When you request a life insurance quote from us, we review the AEGON life policies and determine if any suit you.

When people choose personal protection insurance from AEGON, they have several options. Term life policies pay a lump sum or regular income upon the insured’s death. They also payout upon the diagnosis of a terminal illness if this does not occur within the final year of the policy term.

A term life policy with critical illness protection pays a lump sum upon the first diagnosis of a specified critical illness (subject to a 14-day survival period) or death of the insured.

Flexibility With Many Options Available

The insured may increase or reduce the benefit level or policy term at any time. The main benefit being the insured may be added or removed whenever desired. The frequency of payment and a prolonged period may also be changed at any time. An individual may choose to have a policy cover one or two people.

scottish equitable life assurance

If more than one type of protection is included in a policy, not all benefits need to cover both people. With certain types of coverage, the insured may decide whether the benefit will be paid as a lump sum or regular income.

An insured may add options to a policy, including waiving premiums during incapacity and adjusting benefits in line with the Retail Prices Index to reflect inflation.

Premiums may be fixed for the duration of the policy or renewable and subject to increase every five years throughout the term without a medical examination.

There is also the option to insure against possible inheritance taxes resulting from death within seven years of providing a gift.

Consumers select a level of benefit when they want to sustain the family lifestyle following their death. A decreasing benefit policy is typically chosen when the insured intends to cover a mortgage or loan balance. People unsure of their life expectancy may hesitate to purchase a plan with a long term.

Extending the term as needed allows them to remain covered for a lifetime. Partners may initially take a joint policy but then change to two individual policies because they wish to receive twice the benefits.

Achieving the correct level of insurance can be difficult. Adding or removing a primary benefit of an AEGON personal protection policy allows an insured to adjust coverage as needed.

For example, critical illness may not seem like a necessary coverage during youth but may become more important in later years. Adding this coverage without taking a new policy is very convenient.

AEGON term life policies will only pay out if a valid claim is received during the policy term. Drug abuse and alcohol are two of the payout exclusions. A claim may not be paid if the information provided when the policy was purchased is found to be incorrect, incomplete, or untrue.

Early Cancellation Option

An AEGON life policy has no cash-in value; if premium payments cease, the protection will immediately end. Consumers can cancel a policy during the first 30 days and receive a premium refund.

The flexibility that AEGON provides to its policyholders is one thing that makes it a preferred insurer. Consumers can add critical illness and income protection to their life policy.

This allows them to receive payment during their lifetime. Income protection goes into effect when an individual cannot work due to an unexpected illness or injury.

The company will provide income payments for as long as the individual is deemed incapacitated. Benefits like free critical illness coverage for children are automatically included at no charge.

Combining personal protection options, choosing whether one or two people are covered, and selecting the form of benefit payout are nice features. Being able to make changes to benefit levels, terms, and payment frequencies is something that many other companies do not provide.

This has made AEGON an industry leader and one of the best life insurance companies in the UK, resulting in a five-star rating for its personal protection and a four-star rating for its critical illness coverage.

AEGON Life Insurance Contact Details:
Customer Services
Edinburgh Park
EH12 9SE

Phone: 0845 610 0010

AEGON Life Insurance Closing Thoughts

Are you searching for the best life insurance policy to secure your future and provide peace of mind to your loved ones? Look no further than AEGON Life Insurance. Their claim settlement ratio is better than other insurance providers, and the online portal and customer service are excellent.

Here are some recent testimonials that illustrate how AEGON Life Insurance has assisted UK people in difficult situations:

  • “Thanks to AEGON Life Insurance, I could provide for my family even when I couldn’t work due to illness.” – Jim D.
  • “I feel safe knowing that my family will be taken care of if something unexpected happens to me.” – Mary Simons.

While their policies have some limitations, such as requiring payments until the 30th anniversary of your policy or age 90, the peace of mind and protection it provides are top-notch.