Helping customers on low incomes

Like many other insurance companies, AEGON has contractual measures in place to help those customers who find themselves on low incomes and, often through no fault of their own, are unable to maintain premium payments. These measures include introducing lower premium payments, grace periods, contribution breaks and loans or, in some cases, reducing the coverage offered by a particular policy. In the United States, for example, there are provisions in place to help customers serving in the military overseas. In addition, US state regulators require grace periods be extended for those affected by natural disasters, such as hurricanes and floods. Some AEGON companies also offer products and services specifically aimed at customers on low incomes.

• In Poland, in 2009, AEGON introduced a special savings program and a pension product with a minimum monthly premium of 100 zlotys, equivalent to EUR 25.
• In Hungary, AEGON launched a low-cost whole life product for the over-50s, which provides cover for funeral expenses.
• In the Netherlands, AEGON launched a new, easy-to-understand savings product, called AEGON Eigen Stijl Sparen, or 'Save-in-your-own-way', which enables customers to save small amounts each month to help pay for holidays, cars or other consumer items.
• In the United States, staff at Transamerica Reinsurance in Charlotte, North Carolina, took part in a role-play to discover problems faced by those living in poverty and dependent on government assistance. The aim of the project was to help participants better understand the day-to-day challenges faced by those on low incomes.