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400,000 Aegon policies bought by Royal London

If you have a life insurance, critical illness cover or income protection policy with Aegon, you will find yourself covered by Royal London instead as of 2024. This is due to Aegon selling their individual protection portfolio to Royal London (subject to court approval).

We spend a lot of time choosing the right provider for our insurance policies, so understandably you might be concerned about being switched to a new one. One of the main questions for Aegon customers could be ‘who are Royal London?’.

This news follows insurance provider Canada Life also withdrawing from individual protection back in November 2022.

Why are Aegon selling to Royal London?

Aegon has been well known for life, pensions and investment products and services in the UK for years. They have decided to withdraw from the UK individual protection market to focus on ‘core retail and workplace platform activities’. This means they will not provide any more insurance policies, focusing other products like pensions and investments moving forwards.

Royal London and Aegon have negotiated a deal to expand the Royal London customer base, by buying Aegon’s individual protection book (existing life insurance, critical illness and income protection customers). This deal means over 400,000 Aegon customers will be switched over to Royal London in 2024. These will be combined with over 900,000 existing customers

Who are Royal London?

Royal London are one of the UK’s biggest insurance providers with over 150 years of experience in the UK life insurance industry. They have also won several awards including Money Marketing Best Protection Provider 2022 and are rated 4.6 out of 5.0 stars on Feefo.

Do I need to contact Aegon about my policy?

NO – you won’t need to get in touch with Aegon, as they will switch your policy over on your behalf.

The terms and pricing of your existing policy will be honoured, so you don’t need to worry about less cover or additional costs. You should be contacted by Aegon directly about your policy. Any claims currently being processed by Aegon will continue to be assessed as normal.

Of course, you may choose to cancel your policy or switch to a new provider if you don’t wish to be covered by Royal London.

It is sensible to review your cover periodically anyway, to make sure the policy you have is still the one best suited to your needs. If you have married, divorced, had a new child etc since you took out your policy, you may find that the level of cover you have isn’t quite right for what you need now.

Can I still apply for a policy with Aegon?

NO – As of today (4th April 2023), Aegon UK will no longer accept new online applications for life insurance, critical illness cover or income protection insurance. Paper applications will still be accepted up until 11th April.

For anyone with an open application with Aegon, there will be 30 days in which this process needs to be completed. After this Aegon will close any cases that are still in progress and you will need to reapply with a different provider.

If you are worried about how your policy will be affected, you can speak to one of our specialist insurance advisors for FREE, FRIENDLY advice and support.

For more UK insurance news and updates, check out our News & Blogs section.

Recent insurance news stories include:

Useful resources

Aegon – Protection update

Royal London – Our 2021 claims experience

Finder.com – Life insurance statistics

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