Aegon upgrades its range of protection cover

Aegon UK has today announced changes to its multi-benefit proposition for both personal protection and business protection.  The changes include improved definitions, an increase in the level of cover and extending age limits to make sure the protection products remain flexible, competitive and can meet the changing needs of customers.

The top reasons for customer claims are cancer, heart attack and multiple sclerosis, so the critical illness changes have focused on those definitions:

  • Simplified Heart Attack definition by removing the need for specified troponin levels and making it easier to claim
  • Removed the need to see 3 continuous months of symptoms for Multiple Sclerosis
  • Introduced a carcinoma in situ of the breast definition, an early form of breast cancer, to replace mastectomy.  This is an additional critical illness benefit which pays 25% of the benefit amount, over and above the original benefit amount, up to a maximum of £25,000

Income Protection

  • Increased the age limit of cover from 65 to 70
  • Increased the sum assured from £130k to £150k for individual only
  • Introduced an income promise, to protect the customer against a drop in income after the policy has started
  • Removed all standard exclusions

As part of the changes a joint life separation option has been introduced and all Family Income Benefit policies now offer guaranteed rates.

Dougy Grant, Protection Director at Aegon UK, said: “We need to recognise the trend of increased life expectancy and longer mortgage terms which means people are continuing to work beyond the traditional retirement age. It is more important than ever to make sure that clients can keep their financial plans on track with a range of protection products that guard against life’s uncertainties.

“As a company it’s our ambition to increase the number of families and businesses that are protected financially. The breadth and depth of the changes recognise the need for advisers to be able to create a package of high quality solutions, within one menu plan, to make sure they can tailor their advice for the individual needs of their clients. The enhancements will meet that challenge and make sure that when these valuable benefits are needed the most, we’ll be there to help support them. We’ve concentrated on the top reasons for making a claim so that we can pay even more claims.”

Aegon’s Personal Protection and Business Protection menus allow customers to shape their protection policy according to their needs.  Customers can combine up to 5 main benefits in one online policy, including life protection, critical illness protection and income protection.

Aegon’s critical illness policies now provide cover for 53 illness definitions, 17 definitions exceed the ABI’s standard definitions and are classed as ABI+.

Aegon is proud to be a partner of the 7 Families initiative

In 2014 Aegon became a partner of the 7 Families initiative to promote the benefits of income protection cover.

One family to see the value of protection is the Snell family. Until last summer Graeme Snell was a fit and healthy Hartlepool United fan. He worked full time as and Advanced Health and Wellbeing Practitioner and described himself as being very fit.

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