Aegon

Aegon has announced changes to its individual and group protection offering with changes to definitions and increases in levels of cover and age limits.

The critical illness market remains driven by definitions as 2015 sees insurers facing an ABI deadline and advisers with a need for 'complex' knowledge, writes Thomas Smith

Over three quarters (77%) of consumers are unaware of claims statistics being published while 32% said claim rates had been discussed with them by their adviser.

Aegon has revealed it paid 98% of life claims, 95% of terminal illness claims, 93% of critical illness (CI) claims and 92% of income protection claims during 2014.

Aegon UK's new protection single premiums for annuities and protection fell by 53% in 2014, with sales of £1.6bn in 2014 compared to £3.4bn in 2013.

Thomas Smith spoke to Patrick McIntosh, the chartered financial planner and director at adviser firm KMG, who went to Antarctica to raise awareness of critical illness cover.

Aegon UK saw 20% growth across its protection business in 2014, the insurer has reported.

Patrick McIntosh, a chartered financial planner and director at adviser firm KMG has reached the South Pole on his expedition to raise funds for charities.

Aegon's results for the first 10 weeks of its latest whole of life offering have exceeded expectations for the provider with the results described as 'fantastic' by its protection director.

Chartered financial planner Patrick McIntosh from KMG will head for the South Pole to raise awareness of health issues and the importance of protection.