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“Aegon” was founded in 1883 and now is one of the biggest life insurance and pension companies in the world. “Aegon” hires about 30 000 workers, serves more than 40 000 customers worldwide and operates in more than 20 countries. “Aegon” company has a presence in United Kingdom in two markets: pensions and insurance and started business in this country by buying “Scottish Equitable” in 1994.Life business consists of individual protection and individual annuities. Individual annuities are used to convert money collected until retirement to regular income throughout the retirement. Protection business offers insurance for individuals and groups of people for life events like death or terminal illness.
“Aegon” personal protection business offers 4 protection choices: critical illness protection benefit, life insurance cover, income protection benefit and life insurance with critical illness protection benefit. All these protection choices can be combined in different ways and for an additional cost some other benefits can be included in life insurance policy. These benefits include waiving premiums in case of incapacity of the insured person and free critical illness cover for children. Moreover, people are allowed to choose from fixed and renewable premiums and adjust their benefits and insurance cover to inflation. What is more, “Aegon” insurance company allows people to increase or reduce their level of benefit and the term of the insurance contract, change the frequency of payments and the differed period, add or remove a main benefit and a life assured. What is more “Aegon” allows people to choose guaranteed insurability option, which means that a person can increase cover over time without further medical check-up.
At the moment Aegon critical illness list includes 36 different illnesses and accidents beginning from mental illnesses such as Alzheimer disease and ending with accidents like third-degree burns. Those people who decide to sign a life insurance contract with “Aegon” will have to provide medical check details of their health. These details include average alcohol and tobacco consumption, neurological problems,
A claim on “Aegon” life insurance can be made through phone, mail, e-mail or financial adviser that helped the insured to sign the insurance contract. Within 24 hours all necessary documents forms are sent to the client. Most death claims are handled as soon as insurance company gets back the filled forms. Death that requires more medical information claim and critical illness analysis can require about eight weeks. Income protection claims take the longest to process and a result the process may last for approximately 12 weeks. As a result, it is very important to make a claim as early as possible. Payments of successful claim can be transferred to the dependents or the insured using two ways: direct debit and writing a cheque.