Aegon Life Insurance Review

Making the decision to buy life insurance was probably one of the easiest decisions you have made but it starts to get complicated when you start trying to find the best life insurance company. That’s because the choices you have for a life insurance company is almost endless! Don’t worry because we are here to narrow down your list and if you are looking for an honest review of Aegon Life Insurance Company then you have come to the right place! It can be harder narrowing down your list when the reviews you are reading are biased and here at InsureChance we believe that biased reviews don’t help the consumers, you, because when a review is biased they may leave out useful information. Life insurance is not a one size fits all kind of thing so those biased reviews are really no help because what might be the worst company for one may be the best for you since we all have different needs, health, and different lifestyles. In this article, we will be talking about Aegon Life Insurance Company and how they operate under Transamerica, we will provide our honest review of the company, and we will show you some of the life insurance products with highlights. Here is a quick summary for the glancers otherwise feel free to check out this great article;

1. Aegon Life Insurance Company has their roots going back 170 years but they were formerly called Aegon Religare Life Insurance Company Limited.
2. If you haven’t heard of Aegon that is because in the U.S they operate under the name of TransAmerica.
3. Aegon Life or Transamerica have been rated an “A-” by Standard & Poor’s, Moody’s rated them an “A3” and Fitch rated them an “A”.
4. Since they operate as TransAmerica in the U.S we have mentioned their name in a couple of our top 10-15 lists, such as the top 15 best life insurance companies, the top 10 best term life insurance companies, and the top 15 best life insurance companies for seniors.
5. In the United States, Aegon offers a wide variety of life insurance products under the name TransAmerica.

Aegon Life Insurance Company 2017 Review

Aegon Life Insurance Company has been around for over 170 years and they are located in India. If you haven’t heard of Aegon that is because in the U.S they operate under the name of TransAmerica. They have received many rewards and recognitions over the many years they have been operating for but over the last year, they were honored with the “100 Most Influential HR Leaders in India” at the World HRD Congress. Aegon received the “Best Service Quality Program Award” at the Service Quality Awards, and have also received the “Best Use of Technology” at the Insurance Sector in the Golden Star Awards of 2016. Aegon Life or Transamerica have been rated an “A-“ by Standard & Poor’s, Moody’s rated them an “A3” and Fitch rated them an “A”. 

Since they operate as TransAmerica in the U.S we have mentioned their name in a couple of our top 10-15 lists, such as the top 15 best life insurance companies, the top 10 best term life insurance companies, and the top 15 best life insurance companies for seniors.

Here are some of the companies values from their website:

Why you should always read a company’s rating

Just like you do your research when hiring someone to renovate your home or when searching for a new car, you should take the same approach with life insurance companies. The best way to get burned is to simply pick a company because you saw their logo somewhere before or their name sounds good to the ear. So how do you know if the company you’re about to apply with is a good fit for you, well it comes down to their rating. There are few different agencies that will rate the insurer and you need to check the grades with at least 3 or 4 of them. Looking at the companies grade will save you a lot of time and should be the first place you look before you check consumer reviews, product lines and etc.

A strong rating is usually associated with grade letter “A” just like the days you were in school. Great rating lets you know that the company keeps adequate reserves to get claims paid out which is quite important since a company can go under pretty quickly if too many claims come in at once and they haven’t had saved up. If a company does go out of business there are steps your family can take to collect the death benefit but why go through the hassle and simply get a strong carrier from the get go. We personally do this for our clients but you should still do your due diligence.

Aegon Life Insurance Company Products

In the United States, Aegon offers a wide variety of life insurance products under the name TransAmerica including Term life, Whole life, Universal life, and Variable Universal life. 

Term Life Insurance

• Term life is a plan that will provide coverage for a set duration of time like 10, 15, 20 or 30 years.
• This product is available for ages 18-75.
• A medical exam is necessary.
• It’s a pure protection product that doesn’t build any cash value.
• Death benefits for this product begin at $100,000.
• There are no annual fees for maintaining this term policy.
• Return of premium option is available which refund you all the premium payments, but only if you outlive your policy term.
• There are two types of term life insurance policies under TransAmerica, a traditional term or Trendsetter.

TrendSetter Super

• This is another term life insurance policy.
• The coverage amounts for this policy are the minimum of $25,000 to the maximum of $2,000,000.
• The available term lengths for this policy are 10, 15, 20, 25, and 30-years.
• This policy is available for anyone between the ages of 18-80.
• This policy offers a guaranteed coverage and rate amount during the term length.
• If you get diagnosed with a terminal illness and have 12 months or less to live you can be eligible for an advanced payout.
• Term life insurance is the most affordable life insurance in the market.
• Before your term policy expires you have the option of converting your term life policy into a permanent life insurance policy without having to prove good health or you can renew your coverage which can result in a big leap of change for your premiums.

Whole Life Insurance

• Whole life is a form of permanent life insurance that provides coverage for, you guessed it, your WHOLE life.
• This product is available for those between the ages of 0-75.
• This policy offers an opportunity for cash value build up and accumulation.
• The death benefits are the minimum of $100,000.
• There is a minimum 4% interest rate and 7% of premium fees.
• You will have level premiums which mean your premiums will never increase.
• Premiums will be higher than a term life policy but that is because your coverage is permanent.
• Available riders for this product are Accidental Death Benefit, Child Protection, Disability, Guaranteed Minimum Cash Value, and Survivorship Option.

Universal Life Insurance

• Universal life is another form of permanent life insurance and does provide coverage for your entire life but it also allows for flexibility.
• This product is available for those between the ages of 16-89.
• There is a minimum 4% interest rate and 7% of premium fees.
• There is also a minimum $25,000 of death benefits.
• You get a lot of flexibility on your premiums and cash value investments.
• In some cases your death benefit can also be flexible.
• Universal life offers a cash value opportunity and you can accumulate this cash value on an income tax-free basis.
• Available riders for this product are Accidental Death Benefit, Child Protection, Disability, Guaranteed Minimum Cash Value, and Survivorship Option.

Variable Universal Life Insurance

• Variable Universal life is yet another form of permanent life insurance in which still provides coverage for your entire life, is still flexible but offers more investment options than an index universal policy.
• This product is available for anyone between the ages of 0-80.
• You have the flexibility to choose when and how much to pay for your premiums because life changes and so should your premiums.
• You have the flexibility when it comes to your death benefit as well.
• Cash value can still be built and accumulated.
• You can also access the cash value through loans or you can borrow against your policy.
• There is a minimum of $100,000 of death benefits with this product.
• Premium fees are 7%.

Policy Riders Offered by Aegon

Accidental Death Benefit- An add on to your plan that will pay out an additional death benefit on top of your life insurance coverage if the cause of your death was an accident. For instance, if you had a $500k term life plan with accidental death rider and you died in a car crash your family would get $1 million dollars.

Additional Insured Rider- Another type of add on to your existing plan that allows you to put others under your insurance policy. Not many carriers do this and this can be a convenient option to have your family members under one plan. However, we usually recommend that everyone have their own individual policy since anything can happen in the future. (divorce rate is very high)

Child Rider- A rider we don’t really see a huge need for but does get requested sometimes. This will give coverage to all the kids you have for one monthly cost. Typically the coverage is limited to about 10k to 50k depending on the plan.

Disability Income Rider- This option allows you to get your life insurance premiums waived if you become disabled for at least six months. This would be handy if your life insurance premiums are similar to Mercedez payment otherwise we don’t see a huge use for it.

Long Term Care Rider- If you want your death benefit to be used for long term care this can be a great option. However, it is always recommended to get a stand alone long term care plan since it will require a lot more money to take care of you for a longer period of time.

Whole Life Guaranteed Insurability Rider- Allows you to buy more coverage in the future without any new underwriting. So basically regardless of your healthy, you can increase the death benefit.

Work with us!

In conclusion, it is safe to say that Aegon is a pretty great company and are tied to another awesome carrier we work with which is TransAmerica. Regardless of this, you should always devour the marketplace in search of the most competitive product from one of the top rated companies out there. Each company will look at your overall health, age, family history and background details differently so work with an independent broker to find what’s best for you. If you’d like to see whats out there run some options on one of our quoters or simply call one of our professionals at 888.492.1967. Welcome to InsureChance, an independent online life insurance marketplace that is designed to empower modern day consumer!