Compare Aegon Life Insurance Quotes Against The Market

Founded as Scottish Equitable in 1831, Aegon was for many decades a mainstay of the UK's life insurance and pensions landscape. However, the company has recently pivoted its strategy to focus on workplace pensions and investment platforms.

As of April 2023, Aegon stopped accepting new applications for individual life insurance, critical illness, and income protection in the UK. In June 2024, the legal ownership of its existing 400,000 individual protection policies was officially transferred to Royal London.

Want to explore your options with an existing Aegon life insurance policy? Get in touch below and one of our protection insurance advisers will run through them with you.

At a Glance: Aegon UK

• Status: Closed to new protection business; existing policies now managed by Royal London.

• Financial Strength: A+ (Strong) rating from S&P.

• Historical Claims Record: Consistently high, paying out 96% of life insurance and 93% of critical illness claims in recent reporting years.

• Core Focus today: Workplace pensions, ISAs, and investment strategies.

Products Held by Existing Customers

While you can no longer buy a new policy from Aegon, hundreds of thousands of customers still hold legacy "Scottish Equitable" or "Aegon" protection plans now administered by Royal London.

1. Personal Protection Menu

This was Aegon’s flagship offering, allowing customers to mix and match different types of cover under one monthly premium.

• Level and Decreasing Term: Policies designed to provide a fixed lump sum for family protection or a reducing amount to cover a repayment mortgage.

• Family Income Benefit: Instead of a lump sum, this pays a regular tax-free income to beneficiaries for the remainder of the policy term.

2. Critical Illness Cover

Aegon's critical illness plans were known for their breadth, covering 39 conditions in full plus additional partial-payment conditions.

• Children's Cover: Most plans automatically included free critical illness protection for the policyholder's children.

3. Income Protection

Their income protection is a highly flexible product that pays a monthly percentage of your salary (up to 65% of the first £60,000) if you are unable to work due to illness or injury.

Pros and Cons (For Existing Policyholders)

The Pros

• High Payout Reliability: Legacy policies are backed by a strong historical claims record of over 96% for life insurance.

• "Helping Hand" Integration: Policies transferred to Royal London often gain access to additional nurse-led support services.

• Contractual Guarantees: Royal London must honor the original terms, conditions, and "guaranteed" premium rates of your Aegon policy.

The Cons

• Closed Book: You generally cannot add new benefits or increase your cover level without undergoing entirely new medical underwriting with a different provider.

• No Direct Management: Policyholders must now deal with Royal London for claims and administration, which can occasionally lead to initial confusion regarding document locations.

Customer Consensus

Aegon UK holds a "Great" rating on Trustpilot (averaging 3.1 to 3.9 out of 5 stars), though these reviews largely reflect their active pension and investment services rather than the closed insurance book.

• The Positives: Customers frequently praise the helpfulness and knowledge of the staff, with many noting short wait times (often under 5–10 minutes) when calling for support.

• The Negatives: Some reviewers have expressed frustration with the performance of older pension investments and occasional difficulties in navigating the website to manage legacy accounts.

How Their Products Compared to the Rest of the Market

Before closing to new business, Aegon was considered a highly competitive player, particularly for high-net-worth individuals and business protection.

• Rates: Aegon's term life and mortgage protection rates were generally regarded as "fairly price-sensitive" and well-aligned with other major UK insurers.

• Product Range: Their "Protection Menu" was one of the most flexible in the industry, allowing for more customisation (such as adjusting benefit levels and terms at any time) than many standard "big-brand" providers.

• Reviews: While their 5-star Defaqto rating placed them in the top tier for product quality, they occasionally ranked lower in transparency scores (20th out of 24) due to the complexity of their policy documents.

How Our Life Insurance Advisers Can Help

If you hold a legacy Aegon policy, it is vital to ensure that your cover still meets your needs in 2026. Our team of independent life insurance specialists can help you determine if your old plan is still your best option. We provide:

• Policy Audits: We’ll compare your existing Aegon terms against the current market to see if you could get more comprehensive cover for a lower monthly premium elsewhere.

• Transfer Guidance: We help you navigate your new relationship with Royal London, ensuring you understand how to make a claim or update your details.

• Comprehensive Comparison: We stack your old policy up against the latest offerings from Aviva, Legal & General, and LV= to ensure you aren't missing out on modern medical triggers like "NHS Waiting List" payouts.

Want to explore your options with an existing Aegon life insurance policy? Get in touch and one of our protection insurance advisers will run through them with you.