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Aegon introduces reducing life cover for businesses

Aegon Scottish Equitable is introducing two new benefits to its business protection offerings.

As of July 30 Aegon will offer reducing life protection, for guaranteed rates only, and reducing life with critical illness protection, for guaranteed and reviewable rates.

This means the amount the insurer will pay out on a claim reduces each month over the term in the same way that a capital and interest loan would reduce if it was repayable over the term at a yearly loan interest rate of 10 per cent. It will never pay out more than the original benefit amount.

The structure of these two benefits follows the same approach as the reducing benefits available with the personal protection menu.

Head of individual protection marketing Rod McKie says: “This development reflects feedback we have received from advisers on how we could improve our already market leading business protection proposition.

“As a result this development means that our business protection menu now offers advisers even greater opportunities to tap into the lucrative business protection market.”

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