Discovering Aegon’s Product Offerings for Personal Life Protection

Aegon’s Personal Protection line provides:

These are considered some of the main benefits under the Personal Protection line. Other main benefits in the Personal Protection line include family income benefit, gift inter vivos and income protection. The client can choose as many coverage types as they want for a single policy. If a policy has more than one main benefit, the Person Insured can enjoy a discount.

Aside from the Personal Protection line, Aegon also offers mortgage life cover.

Why go with Aegon?

Here are some reasons to go with Aegon:

Quick Facts

  Life Cover / Mortgage Life Cover
Primary Purpose of Product

Provides the type of life insurance cover needed by the individual based on his circumstances.

Plan Basics
  • Offers main benefits that a Person Insured can select
  • Pays out in the event of a Person Insured’s death, terminal illness, total and permanent disability or critical illness, depending on the type of cover selected
  • Main benefits include
    • Life protection
    • Critical illness protection
    • Life with critical illness protection
    • Family income benefit
    • Critical illness family income benefit
    • Life with critical illness family income benefit
    • Gift inter vivos
    • Income protection
Cover Limits

No limits for life cover.

For mortgage life insurance, the Sum Insured should not be more than the mortgage amount.

Cash-In Value None
Eligibility
Minimum Age at entry 18
Maximum Age at entry
  • Life protection: 83
  • Decreasing life term:  79
  • Critical illness cover: 74
  • Life with critical illness: 74
  • Family income benefit: 79
  • Critical illness family income benefit: 74
  • Life with critical illness family income benefit: 74
  • Gift inter vivos: 82
Other eligibility requirements

Must be a permanent resident of the UK, the Channel Islands or the Isle of Man

Length of Cover
Minimum Term
  • Life protection: 1 year
  • Decreasing life term: 2 years
  • Critical illness cover: 5 years
  • Life with critical illness: 5 years
  • Family income benefit: 5 years
  • Critical illness family income benefit: 5 years
  • Life with critical illness family income benefit: 5 years
  • Gift inter vivos: 7 years
Maximum Term
  • Life protection: 50 years
  • Decreasing life term: 50 years
  • Critical illness cover:
    • 50 years (reviewable premium basis)
    • 50 years (guaranteed premium basis)
    • Life with critical illness:
      • 50 years (reviewable premium basis)
      • 50 years (guaranteed premium basis)
      • Family income benefit: 50 years
      • Critical illness family income benefit: 50 years
      • Life with critical illness family income benefit: 50 years
      • Gift inter vivos: 7 years
Maximum Age
  • Life protection: 84
  • Decreasing life term: 84
  • Critical illness cover: 84
  • Life with critical illness: 84
  • Family income benefit: 84
  • Critical illness family income benefit: 84
  • Life with critical illness family income benefit: 84
  • Gift inter vivos: 89
Premiums
Minimum Premium

Premiums are dependent on Sum Insured.

Maximum Premium

Premiums are dependent on Sum Insured.

Guaranteed premiums Yes
Reviewable premium Yes
Joint Life

Yes, but death payments are only paid once. Option includes:

  • Joint life first death
  • Joint life second death
  • Death of a selected life (for policies issued on a single life basis within a joint life policy)
Other benefits/options
  • Terminal Illness Benefit
  • Critical illness (Optional)
  • Waiver of Premiums (Optional)
  • Renewal option (Optional)
  • Indexation option (Optional)
  • Total and permanent disability benefit (Optional)
  • Free cover (Automatic)
  • Accidental death benefit (Automatic)
  • Legislation option (Optional)
  • Guaranteed Insurability (Optional)
Exclusions

No payments if cause of death is due to suicide.

For accidental death, the following are excluded:

  • Alcohol or drug abuse
  • Flying (except as a passenger of a commercially licensed aircraft)
  • Involvement in hazardous pastimes
  • Pre-existing conditions
  • Self-inflicted injury
  • Active participation in war or civil commotion

For critical illness, the following are excluded:

  • Critical illnesses that do not meet the policy definition

Plan details

Types of Cover

Under the Personal Protection menu, there are a number of main benefits that the Person Insured can avail of:

Decreasing Plans

Mainly provided to cover a mortgage, reducing benefits covers are designed to decrease the sum insured in the same way that a repayment mortgage is decreased over the years as it is paid out.

Joint Life Cover

This is available for all main benefits, except gift inter vivos or income protection, which are treated on a single life basis. Joint life policies that pay out on death will only pay once. After this payment, the policy cover will stop and no further payments will be made. Joint life cover is available as:

Length of the Term

The policy will last for the policy term prescribed. However, some benefits may stop early, depending on maximum age limits and the Person Insured’s preference.

Additional Benefits/Options

Free Cover. This is provided free of charge to proposed Persons Insured that apply for cover. While they are waiting for their application to be approved and the policy issued, the Free Cover ensures that they are protected.  This is mainly for mortgage life insurance, to ensure that their mortgage is protected even as they wait for their property purchase to be finalized. Free cover, if offered on a life protection benefit, may also be offered on other main benefits but these cannot be more than the free cover provided for the life protection benefit.

Other details:

Accidental death benefit. This is also a free cover automatically given for up to 60 days while the policy application is being processed. This is offered only for those aged 55 and below.  This is only available for plans that have life cover or family income benefit. Standalone critical illness policies are not included.

Other details:

Waiver of Premium. With this benefit, the Person Insured does not have to pay the premiums to his insurance policy in the event that he is unable to work because of injury or illness.

Other details:

Total and Permanent Disability Benefit.  This is for life cover, critical illness cover and family income benefit (or any combination of the three). This pays the Sum Insured if the Person Insured becomes totally and permanently disabled.

Other details:

Terminal Illness Benefit. This is automatically included in any Personal Protection policy, except for gift inter vivos and income protection. This pays out the Sum Insured when the Person Insured is diagnosed with a terminal illness.

Other details:

Critical Illness Cover. Critical illnesses that are covered:

Other details:

Indexation option. This benefit allows the periodic increase of the Sum Insured to adjust for inflation. The increase will be based on the Retail Prices Index (RPI), but not more than 10%.

Other details:

Renewal option. The Person Insured can opt to have his policy up for review every five years. This is to save up on premiums for the first years. The policy is reviewed every five years. After the review, premiums may change or there may be additional exclusions because of the Person Insured’s medical condition.

Other details:

Eligibility:

Legislation option. This is only for gift inter vivos and aims to protect against increases in one’s tax liability due to changes in legislation. This option increases the benefit amount or the benefit term when inheritance tax laws warrant the increase of the taxes they have to pay. This increase is provided without the need to present any further medical information.

Other details:

Guaranteed Insurability Option. This increases the amount of the sum insured for certain life events, without the Person Insured submitting additional medical evidence.

Other details:

How to make a claim

For life claims, these are the usual requirements:

Other documents may be required for different benefits:

To secure your family's future, call now 0808 231 7035 and get your term life insurance quote immediately.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.