Aegon N.V. is an insurance and financial services company that has its headquarters in The Hague, which is located in the Netherlands. Worldwide, Aegon has more than 31,530 people working for the company and these employees serve millions of customers throughout the United States and across the globe.
Since the company was first founded in 1983 when AGO Holding N.V. merged with Olveh and with Ennia N.V., AGO has been focused heavily on expansion. In 1999, AGO purchased Transamerica Corporation and Guardian Royal Exchange. In 2007, Aegon also announced a strategic partnership with Merrill Lynch to provide life insurance and investment products. As part of this agreement, Aegon spent $1.3 billion to acquire two Merrill Lynch life insurance companies.
Today, Aegon’s focus on growth has been rewarded, as the company is a major provider of insurance and financial products. Aegon’s main business focuses center on asset management products, savings, life insurance, pensions, supplemental health insurance and various banking activities.
Its subsidiaries include TransAmerica Corporation; Stonebridge Life Insurance Company, various Transamerica life insurance providers in the U.S., and other brands and companies located throughout the U.K., the Netherlands, Hungary, Spain, and myriad other locations.
Aegon Insurance Products
Aegon offers a wide variety of insurance products within the United States including:
- Group and individual life insurance
- Accidental death coverage
- Healthcare, dental care, and women’s illnesses coverage
- Hospitalization coverage
Of the life insurance products provided by Aegon, term life, whole life, universal life, variable universal life, accidental death coverage, and final expense life insurance policies are all offered through TransAmerica corporation and other subsidiaries.
Annuities options are also offered through TransAmerica and other subsidiaries. These options include variable and fixed rate annuities. Fixed annuities are intended to provide a stable source of income over the long term. You make a lump sum payment for the policy and the payouts begin at a designated time.
401(K) and retirement plans, mutual funds, IRAs, and other types of financial planning accounts are also available.
Class Actions & Regulatory Actions Against Aegon Insurance
While Aegon offers numerous insurance and investment products, not all products are a wise purchase for different consumers or for investors. In some cases, Aegon products may not provide promised benefits or may not be appropriate as part of a comprehensive financial plan. A spokesman for Aegon stated: “our business complies with all applicable state and federal estates and regulations and participates in periodic regulatory reviews.” Unfortunately, this may not be true or it may not be enough.
One big potential risk is that Aegon will not fulfill promises of policy returns or will not live up to other guarantees. Customers in the past have accused Aegon of acting improperly to harm consumers financially. Benefits Pro, for example, reports Aegon was sued by a 401(K) participant who was alleging she and her fellow co-workers had paid $40 million in excess fees. The plaintiff who was organizing the lawsuit* was seeking class action certification.
Class actions are a common approach to pursuing claims against insurance companies. If you believe any insurer has misled you or treated you inappropriately, you can potentially become part of a class action or otherwise make a civil claim to hold the insurer accountable. A San Francisco financial elder abuse attorney with Evans Law Firm, Inc. can provide assistance. Call us at (415) 441-8669 or email us at email@example.com.
*Disclaimer: Evans Law Firm, Inc. did not handle this lawsuit.