AEGON increases free cover benefit for its group life schemes

AEGON increases free cover benefit for its group life schemes
AEGON Scottish Equitable has increased its maximum free cover benefit to £1.25 million from £1 million for all new schemes and for existing group life schemes* at renewal or next rate review.

The free cover benefit terms also apply to group income protection for existing schemes of £100,000, again at renewal or rate review. The reason the changes have been made has been to reduce the amount of underwriting and to provide quicker, immediate full benefit cover for scheme members.

Simon Bailey, Head of Marketing, Head of Service, Employee Benefits, AEGON Scottish Equitable, says: “We’re constantly working to provide our customers with market competitive products. By increasing free cover, we’ve reduced the impact of underwriting on senior staff. That means more time in the office, particularly important in these economic conditions. We want to make it easier for our customers to do business with us.”

AEGON recently introduced a ‘one and done approach’ with a new Health declaration form which asks for more information and provides a greater insight into the member’s medical history. AEGON now need to make fewer requests for additional medical evidence, which saves time underwriting.

Comments are closed.