Aegon signs up to funeral payment pledge
Aegon has signed up to the Protection Distributors Group’s (PDG) funeral payment pledge, to help bereaved families meet the funeral costs of their loved ones.
Aegon will pay the family’s funeral director or home up to £10,000 (or the claim value if less than £10,000), in advance on all valid life insurance claims without waiting for probate. This goes beyond the £5,000 payment the PDG proposed for providers to support bereaved families.
Stephen Crosbie, Protection Director at Aegon UK, said:
“We are delighted to get behind this initiative. It was very easy to support as we’ve had this approach to paying claims for a while, advancing claims of up to £10,000 for those without a will or probate and up to £100,000 for those with a will or probate.
“Not enough people are making wills and plans for their passing away, resulting in loved ones getting caught out by funeral bills they weren’t expecting. This pledge will help families avoid getting themselves into debt paying for a funeral they may never have expected to have to pay for, while they are waiting for the full life claim payment to be paid out.
“With the cost of funerals rising over the years, we’ve gone a step further for our claimants to help them through a difficult time and will now offer up to £10,000 in advance, on a valid life protection claim.”
Emma Thomson, Chair of the Protection Distributors Group said:
“We are very pleased Aegon are not only supporting but exceeding our Funeral Payment Pledge campaign, which aims to help people who may face delays to a claim being paid due to there being no will or trust in place. It is fantastic news for families who may otherwise struggle to pay for the funeral.”
The advance funeral payment will be available on all life protection policies from July.
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Notes to Editors
- In the UK, Aegon offers retirement, workplace savings and protection solutions to around two million customers, and employs more than 3,450 staff. More information: https://www.aegon.co.uk
- As an international life insurance, pensions and asset management company based in The Hague, Aegon has businesses in over twenty five markets in the Americas, Europe and Asia. Aegon companies employ over 28,000 people and have millions of customers across the globe. Further information: www.aegon.com
- Protection policies don’t have any cash-in value. Protection cover will cease if contribution payments are stopped.
- Aegon is the Lead Partner of British Tennis.
Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No. 144517). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 165548. An Aegon company. www.aegon.co.uk
© 2017 Aegon UK plc.