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5 Aug 2020

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Income Protection News

Aegon announces redundancies but those with cover may have fall back plan

Insurance giant Aegon has revealed it is to wind up one of its operations at its UK headquarters in Edinburgh, threatening a vital source of income in the current economic climate for nearly 150 people.

However, workers that took measures to secure their financial future and that of their families by purchasing accident, sickness and unemployment insurance or income protection insurance may have nothing to worry about.

This is because such insurance comes in handy in situations like this by ensuring people who have obtained it continue to receive monthly payments, although sums will vary depending on the terms of their policies.

Aegon has revealed that its UK arm in charge of group risk business, which specialises in the provision of insurance for employee benefit programmes, will close over the next years.

The company revealed that 147 people that were working in the business will be made redundant.

"However, that does not necessarily mean that there will be 147 job cuts. We hope that many of those staff will be redeployed to other areas where we are expanding," a spokesperson said.

Meanwhile, those considering taking out income protection are advised to do their research and not let cost alone be the determining factor.

To compare life insurance premiums and income protection insurance Go Direct have the latest online quote system to help you.

 

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Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600