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Insurers: Aviva, Legal & General, Liverpool Victoria, Scottish Widows, Vitality, Zurich

Key Features of AEGON's Personal Protection Critical Illness Cover

Aegon’s Critical Illness Benefit is part of its Personal Protection and Business Protection menu of benefits. This article will focus mainly on the Personal Protection section of their product offerings.

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Quick Facts on Aegon Critical Illness

Availability of Aegon’s Critical Illness

  • Offered as one of the main benefits in the Personal Protection menu provided by Aegon.
  • It can be taken as:
    • Critical illness protection
    • Life with critical illness protection
    • Critical illness family income benefit
    • Life with critical illness family income benefit

This can either be for a single or joint coverage.

Payment of critical illness benefit

  • Critical illness Protection. Pays out a lump sum when the person insured is diagnosed with a covered critical illness.
  • Diagnosis of a children’s critical illness for the child of the person covered (payout will be a specified portion of the benefit amount)
  • The death of the person covered (for those with a life assurance component)

The cover stops once the benefit amount or sum assured is paid out in full.

Condition for payout

  • Critical Illness protection.  The lump sum is paid upon diagnosis of a covered critical illness and the person insured survives for at least 14 days after the diagnosis.
  • Life with critical illness protection. The lump sum is paid upon the death of the insured or upon diagnosis of a covered critical illness. For a critical illness payment, the person insured should survive for at least 14 days after the diagnosis.
  • Critical illness family income benefit. A monthly income is paid upon diagnosis of a covered critical illness. The insured person should survive for at least 14 days after the diagnosis. The payments will continue until the end of the benefit term.
  • Life with critical illness family income benefit. A monthly income is paid upon the death or diagnosis of a covered critical illness for the insured.

Amount of cover

  • For the Critical Illness Benefit:
    • There is no minimum sum insured.
    • Maximum sum insured: £3,000,000
    • The client has the option of getting increasing, decreasing or level coverage.
  • For the child critical illness cover: 50% of the sum insured or £25,000, whichever is lower

Age and other restrictions

  • Covered person must be 18 to 74 at the start of the cover.
  • Covered child must be between 30 days to 18 years of age
  • The cover is only for permanent UK residents, including foreign nationals who are residents of the UK. British expatriates that reside overseas are excluded.

Length of coverage

Minimum term: 5 years

Maximum term:

  • 50 years (for stand-alone critical illness cover)
  • 40 years (for the guaranteed premium cover)

Premiums

Premiums can be:

  • Guaranteed. Premiums remain level throughout the life of the policy and are included in the premiums for the entire plan.
  • Reviewable. Premiums are up for review every 5 years and will increase over time.

Benefits automatically included

  • Accidental death benefit (for up to 60 days from the start of the term of the policy and except for critical illness protection)
  • Terminal illness benefit
  • Children’s critical illness protection
  • Ductal carcinoma in situ of the breast

Additional optional cover

  • Total and Permanent Disability
  • Waiver of premium
  • Indexation option (provides an increase of the benefit amount based on the Retail Prices Index). The increase will also be reflected in the premium and is capped at a minimum of 10%.
  • Guaranteed insurability options

Critical Illnesses Covered

The Critical Illness benefit will pay the benefit amount (or a portion) for the following critical illnesses:

Critical Illness Covered

Type of Definition

Exclusions

Alzheimer’s Disease

ABI

Aorta Graft Surgery

ABI+

  • Endovascular repair
  • Insertion of stents

Aplastic Anemia

Aegon

Bacterial meningitis

Aegon

  • Other forms of meningitis aside from the one defined
  • Meningococcal septicaemia

Benign Brain Tumour

ABI

Blindness

ABI

Cancer

ABI

Cardiomyopathy

Aegon

  • Myocarditis
  • Heart enlargement
  • Other forms of heart disease.
  • Cardiomyopathy related to alcohol or drug abuse

Coma

ABI+

  • Coma caused by drug abuse

Coronary Artery Bypass

ABI+

  • Atherectomy
  • Balloon angioplasty
  • Insertion of stents
  • Laser treatments
  • Rotablation

Creutzfeldt-Jakob Disease

Aegon

Other types of dementia

Deafness

ABI

Dementia

Aegon

  • Non-organic psychiatric illnesses

Encephalitis

Aegon

  • Chronic fatigue syndrome
  • Myalgic encephalomyelitis

Heart Attack

ABI+

  • Other acute coronary syndromes
  • Angina

Heart valve replacement

ABI+

 

HIV Infection

ABI

 

Kidney failure

ABI

 

Liver failure

Aegon

  • Liver failure caused by drug or alcohol abuse

Loss of hands or feet

ABI

 

Loss of speech

ABI

 

Major Organ Transplant

ABI

 

Motor Neurone Disease

ABI

 

Multiple Sclerosis

ABI

 

Multiple system atrophy

Aegon

 

Open Heart Surgery

Aegon

 

Paralysis of limbs

ABI

 

Parkinson’s Disease

ABI

 

Primary Pulmonary Hypertension

Aegon

  • Pulmonary hypertension where the cause is not primary

Progressive Supranuclear Palsy

Aegon

 

Pulmonary Artery Surgery

Aegon

 

Respiratory failure

Aegon

 

Rheumatoid Arthritis

Aegon

 

Stroke

ABI

 

Systemic Lupus Erythematosus

Aegon

  • Indications that the neurological deficit does not have persisting clinical symptoms and that the illness has responded to modifying drugs within 12 months

Terminal illness

ABI

 

Third Degree Burns

ABI+

 

Total pneumonectomy

Aegon

 

Traumatic Head Injury

ABI

 

What Is the Critical Illness Cover of Aegon?

Aegon’s Critical Illness Cover is sold as part of its main benefit offerings. The main benefits with critical illness cover include critical illness protection, life with critical illness protection, critical illness family income benefit and life with critical illness family income benefit.

You can choose more than one main benefit for your policy. A discount is given if more than one main benefit is added into the plan.

Aegon’s Personal Protection main benefits are ideal for people who want financial protection against a number of eventualities, including death and critical illness. The choices allow you to either get a lump sum or a monthly income upon diagnosis of a critical illness.

Another feature of its Personal Protection suite is its flexibility. You can easily change:

  • the level of cover, which you can opt to change as needed.
  • The persons covered, where you can add or remove a spouse or a partner
  • The length of the cover, which can be reduced or extended

Amount of Coverage

  • Maximum sum insured is £3,000,000, for all critical illness products
  • Child critical illness cover is 50% of the sum insured or £25,000, whichever is lower.

Who Is Covered

The life insured. Age must be between 18 to 74 when the cover starts.

The life insured’s children:

  • Children, either by birth or legal adoption, as well as step children
  • The children should be between 30 days to 18 years old at the time of diagnosis of the critical illness
  • For the critical illness benefit to be payable, the covered person must survive for at least 14 days from the day of the diagnosis
  • There is no limit to how many children can be covered but only one claim can be made for each child. The critical illness benefit may be payable twice if each of the two parents have a critical illness policy with Aegon.

What You Will Receive

The critical illness benefit will pay:

  • The benefit amount, if you are diagnosed with a covered critical illness. That is, if the critical illness meets the definitions stated in the policy. The insured person should survive 14 days after the date of the diagnosis.
  • £20,000 or 20% of the sum insured, whichever is lower, if you are diagnosed with carcinoma in situ of the breast.
  • £25,000 or 50% of the sum insured, whichever is lower, if your child is diagnosed with a covered critical illness. If the chosen coverage is an income benefit, the supposed income benefit amount will be given out as a lump sum.  Only one claim per child will be paid out, regardless of the number of policies each parent has with Aegon. However, if both parents are each covered by a separate single life critical illness policy, the child can be paid for each policy. Any claims for children’s critical illness protection will not affect the “main” benefit amount (or, the amount to be paid in case of a diagnosis of a covered illness). However, if the “main” benefit has already been paid out, the cover stops and any succeeding claims for children’s critical illness will no longer be payable.

Length of the Cover

The length of the cover is from 5 to 50 years.

Additional Benefits

Carcinoma in Situ of the Breast. This involves total mastectomy surgery where the insured person survives for at least 14 days from the day of the diagnosis. The coverage will pay the lower of £20,000 or 20% of the sum insured.  The cover does not include: Surgery, prophylactic mastectomy or other procedures done without historical evidence or cancer in situ, as well as lumpectomy, partial mastectomy and partial or total subcutaneous mastectomy.

Carcinoma in situ of the breast is an additional coverage on top of the covered critical illnesses in the list. Payment of a claim for mastectomy for carcinoma in situ of the breast will not affect the main benefit amount. However, if a claim for the main benefit amount is paid out, the coverage will stop and succeeding claims for carcinoma in situ will no longer be payable.

What You Are NOT Covered For

The client will not receive any Critical Illness payouts for:

  • Diagnoses that does not match the definitions provided for a specific critical illness
  • Claims made where the insured failed to survive for at least 14 days after the diagnosis
  • Illnesses that arise from pre-existing conditions (for children’s critical illness cover)
  • Illnesses related to alcohol or drug abuse. This is only for the following critical illnesses: cardiomyopathy, coma, liver failure and Parkinson’s disease
  • Injuries that result from suicide or acts of self-injury

Making a Claim

To make a claim, the insured person or representative:

  • Submit the completed claims form
  • Send Aegon’s letter to the doctor/consultant, who will then send his medical report directly to Aegon’s office. The doctor who is providing the reports should be a Consultant (or an equivalent position) at a hospital located in the United Kingdom.
  • Submit himself to an independent medical assessment from an Aegon-accredited doctor, when required. Aegon will shoulder all related expenses.

For claims for mastectomy for carcinoma in situ of the breast, one should submit:

  • Evidence that a total mastectomy has been done
  • Histological reports and evidence confirming the diagnosis of carcinoma in situ of the breast

Submitting a claim should be done as soon as possible – after the diagnosis of a critical illness.

This article is for informational pruposes only and should not be considered a financial advice. Contact AEGON directly for information about their products.

Last updated on: 25.07.2012

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