Compare Scottish Equitable Life Insurance Quotes Against The Market

Scottish Equitable is one of the oldest names in British insurance, having been founded as a mutual society in Edinburgh in 1831. For much of the 20th century, it was a household name for life protection and pensions.

However, if you are looking for Scottish Equitable today, you will find they operate under the brand name Aegon. Furthermore, as of 2024/2025, the company completed a major strategic shift, transferring its entire individual life insurance and protection business to Royal London.

If you are an existing Scottish Equitable or Aegon policyholder, or if you are considering their current "Aegon" investment and pension products, get in touch below for independent advice about your options.

At a Glance: Scottish Equitable (Aegon)

• Status: Closed to new protection business. All existing life insurance policies have been transferred to Royal London.

• Core Focus (2026): Pensions, workplace savings, and investment platforms.

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

• Claims Record: Historically excellent, paying out approx. 95-96% of life claims prior to the transfer.

• Best For: Existing policyholders who are now part of the Royal London family and employees with Aegon workplace pensions.

What Happened to Scottish Equitable Life Insurance?

In April 2023, Aegon UK (the parent company of Scottish Equitable) announced it would stop selling new individual life insurance, critical illness, and income protection policies.

By July 2024, following court approval, approximately 400,000 policies were officially transferred to Royal London.

• Existing Policies: If you have an old "Scottish Equitable" or "Aegon" policy, your cover remains exactly the same. Royal London now manages the claims and administration, but the original terms and premiums are legally protected.

• New Customers: You can no longer buy a policy directly from Scottish Equitable or Aegon. Instead, applicants are typically redirected to Royal London’s current protection suite.

Historical Product Range (Now Managed by Royal London)

Before closing to new business, Scottish Equitable/Aegon was famous for its Personal Protection Menu, which allowed high levels of customization:

1. High-Net-Worth Protection

Scottish Equitable was a market leader for "large sums assured." They were the go-to provider for business protection and high-value inheritance tax (IHT) planning.

2. Critical Illness with "Policy Plus"

Their critical illness cover included Policy Plus, a suite of support services. This gave policyholders access to:

• Second Medical Opinions: Expert reviews of diagnoses from world-leading doctors.

• Health and Wellbeing Support: 24/7 counseling and mental health assistance.

3. Income Protection

They offered highly flexible income protection, particularly popular with doctors and dentists due to specialised "deferred periods" that matched professional sick pay schemes.

Current Aegon UK Services (2026)

While they no longer sell life insurance, Scottish Equitable (Aegon) remains a titan in the UK's pension and investment market.

• Workplace Pensions: They manage retirement savings for millions of UK employees.

• Retiready: A digital planning tool designed to help people check if they are on track for the retirement they want.

• Investment Platform: Aegon is one of the UK's largest platform providers, offering access to thousands of funds for financial advisers and their clients.

Pros and Cons (For Existing Policyholders)

The Pros

• The Royal London Safety Net: Your policy is now backed by the UK’s largest mutual insurer, which has an even higher payout rate (99%+) than the original Aegon book.

• Contractual Certainty: Your premiums cannot be increased, and your definitions cannot be worsened just because the company changed hands.

• Legacy Quality: Scottish Equitable policies were often "gold-plated" with generous definitions that are sometimes better than basic modern "budget" policies.

The Cons

• Administrative Confusion: Some customers have reported difficulty finding their old policy documents during the transition between Aegon and Royal London systems.

• No "New" Add-ons: Since the book is closed, you generally cannot add new benefits (like adding Critical Illness to an existing Life policy) through the old Scottish Equitable framework.

Do You Have an Old Scottish Equitable Policy?

If you have a policy that started before 2024, it is highly likely that your protection is now being looked after by Royal London. However, many people find that their older "legacy" policies no longer provide the best value compared to modern 2026 standards.

Our team of independent life insurance advisers can help you:

• Policy Audit: We’ll review your old Scottish Equitable or Aegon contract to see if the "Critical Illness" definitions are outdated or if you are overpaying compared to modern rates.

• Transfer Assistance: If you’re confused about who is now managing your claim or premium, we can help you get the clarity you need.

• New Coverage: If you need additional cover now that Scottish Equitable is closed, we can find the best alternative from the current "active" market.

Get started here and ensure your old Scottish Equitable plan is still working hard for your family.