What if one decision today could protect a family’s future for decades to come? Life is a voyage filled with changing tides, shifting priorities, and unexpected storms. One solution our businesses offer to help people chart a steady course is life insurance.
This is, of course, not a new concept. An early form of life insurance existed in Ancient Rome, and the first written policy was recorded in England during the 1580s. Financial services have come a long way since then and the range of solutions on offer has grown enormously.
Life insurance sits at the heart of Aegon’s strategy, and our ambition to become a leading US life insurance and retirement group.
In the US, our largest business, Transamerica, is undergoing a transformation to become America’s leading provider of life insurance and retirement solutions for middle-income and mass affluent American families.
Research reveals a paradox: while ownership of retail life insurance has declined in the US, recognition of its importance is rising. Although affordability remains a concern for some people, often, the real barrier isn’t cost – it’s confusion. Many people simply don’t understand life insurance features or pricing.
People are, however, keen to know more, with many beginning their research online. “This is why it is important to have a really good digital experience in place that provides clear information about the support our life insurance solutions can offer,” explains Transamerica’s Director of Advanced Markets, Trey Fairman.
Transamerica also offers support to potential customers through agent networks. These include World Financial Group, an affiliated network of around 93,000 agents, as well as Transamerica’s own in-house agent network, and third party independent financial advisers.
Fairman said: “We encourage agents to think about what is going on in a person’s life and to reach out to offer support at moments when people need it most. This means agents can provide a solution that really matches what is going on in that person’s life.”
Smooth waters: Early adulthood and affordable coverage
In early adult years, life insurance can often be both affordable and adaptable. This is, therefore, an ideal time to lock in lower rates and coverage while a person is likely in peak health.
“Most people are generally much healthier in their 20s and 30s. Locking in your insurability early means you’re protected no matter what life brings,” said Fairman.
Anchoring security: Building a family and financial stability
For those buying a first home, starting a family, or managing shared financial responsibilities, life insurance offers valuable protection. Coverage ensures families are supported financially in the case of unexpected illness, disability, or death. This provides peace of mind and a secure financial foundation.
As a person travels further into life, financial responsibilities grow, adding new layers of complexity. Life insurance can provide an anchor to safeguard what a person has built, ensuring their family can maintain their lifestyle, and pursue long-term goals.
“Life insurance can, for example, serve as a way of planning for costs like a child’s college fund. Again, this is about agents offering support at critical moments when people are making big decisions about setting aside money for what matters most,” says Fairman.
Navigating storms: Living benefits and flexibility
Transamerica also offers customers additional features such as living benefit riders – an optional add-on to a life insurance policy that allows the policyholder to access part of the death benefit while they are still alive – that can provide additional support. These features can, for example, help offset medical and long-term care costs or supplement income during tough times.
“Long-term care costs are rising faster than inflation, making it increasingly valuable for customers to have access to solutions that include a long-term care rider. This feature allows long-term care benefits to grow alongside the policy’s death benefit, providing enhanced support over time,” explains Fairman.
Charting the course ahead: Retirement and legacy planning
As retirement approaches, many people start to think about what they plan to leave behind for loved ones. Life insurance can help cover final expenses, pay off remaining debts, or provide a financial cushion for children or grandchildren.
Expanding the fleet: Favela Seguros in Brazil
In Brazil, Aegon’s joint venture, MAG Seguros (MAG), has launched an initiative to provide life insurance to the country’s 18 million favela residents – marking the first insurance product designed specifically for these often-neglected communities.
For many people in these neighborhoods, life insurance has never been an option. With local partnerships – such as with social empowerment NGO CUFA – MAG is piloting services to change that in several of Brazil’s largest favelas.
Another program, known internally as “Alsleben” – which means “Welcome Warmly” in Portuguese – focuses on supporting families who receive a life insurance payout. Instead of leaving them to manage a lump sum on their own, MAG provides a financial advisor to guide them in making informed, sustainable decisions.
Luxury vessels: Transamerica Life Bermuda in Asia and the Middle East
In Asia and the Middle East, Transamerica Life Bermuda (TLB) provides life insurance solutions to high-net-worth (HNW) individuals. TLB recently announced the launch of Opus One Indexed Universal Life, which offers HNW customers access to a sophisticated life insurance solution that helps them grow their wealth and plan their financial legacy for generations to come.
This flexible insurance solution safeguards what matters most to clients – whether that means security for their family, protection for their business, or support for their succession planning goals.
Steady at the helm: Confidence through coverage
Whether they are supporting communities in Brazilian favelas, high-net-worth families in Hong Kong, or middle-income families in the United States, Aegon’s businesses are working hard to close life insurance protection gaps to help people live their best lives, and navigate their future with confidence.