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Virgin Income Protection

Receive up to 85% of your income if unable to work with Virgin Income Protection.

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Virgin Money Income Protection

2019 Finder Awards

Winner: Best Income Protection

Virgin Income Protection

Virgin Income Protection has strong features and flexible options to suit different needs. Virgin covers up to 85% of a policy holder's income and offers a wide range of options when it comes to benefit periods and waiting periods.

The Virgin Income Protection policy provides much-needed support in the event of illness or injury by offering a replacement income of up to 85% of your income (up to $10,000) a month on its Tailored policy. Virgin offers a host of other optional features including:

  • Involuntary unemployment cover
  • Choice of benefit and waiting period
  • Optional extras including Permanent Disability Cover, Holiday Injury Benefit and Kids Injury Cover

These are some of the reasons why Virgin Income Protection was awarded Finder's best income protection insurance policy for 2019.

This review will explore exactly whats covered under the Virgin Income Protection Insurance policy.

After a quote? Compare and apply for Virgin Income Protection below

Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period Options
Virgin Tailored Income Protection
5 years
14, 28, 60, or 90 days
Virgin Quick & Easy Income Protection
2 years
28 Days
Cover up to 85% of your Income (up to $7,500 per month) if you can’t work due to sickness or injury. Cover for 1,000 job types - full-time, part-time and self-employed.

Compare up to 4 providers

Maximum monthly income$10,000 (Up to 85% of your monthly income)
Age of entry18-65
How do I apply?Online with the insurer.
  • Separate "Quick & easy" or "tailored" cover options
  • Lower cover amounts with "Quick & Easy" cover.
  • Additional unemployment, permanent disability, holiday injury and kids cover options
  • Fewer waiting period, and benefit period options with "Quick & Easy" cover than "Tailored".
  • Flexible cover for full time workers, as well as those who aren't working

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

This cover might be suitable if:

Apply carefully if:

Don't get this cover if:

Maximum monthly benefit amount$10,000 (Up to 85% of your monthly income)
Cover types available
  • Quick and Easy (No underwriting)
  • Tailored
Age of entry18-60
How do I apply?Online with the insurer.
  • Separate “Quick & easy” or “tailored” cover options
  • Lower cover amounts with “Quick & Easy” cover.
  • Additional unemployment, permanent disability, holiday injury and kids cover options
  • Fewer waiting period, and benefit period options with “Quick & Easy” cover than “Tailored”.
  • Flexible cover for full time workers, as well as those who aren’t working

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

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What does Virgin Income Protection cover?

Virgin Income Protection is designed to offer a financial safety net through an ongoing benefit to help replace your regular income when you are unable to work due to illness or injury. The benefits you receive can be used to help repay your mortgage, buy groceries and manage all your other ongoing expenses, allowing you to concentrate on your recovery. There are two policies to choose from:

Quick & Easy Income Protection Insurance.

  • Offers fast and easy cover for people who don’t want to go through a lengthy application process.
  • If you work more than 20 hours a week, up to 85 per cent of your pre-tax monthly income is covered, up to a maximum amount of $7,500 per month.
  • If you’re a stay-at-home parent who doesn’t work, up to $3,000 of cover per month is available.
  • A fixed 28-day waiting period applies and there are three choices of benefit period (six, 12 or 24 months).
  • Optional involuntary unemployment cover is also available for up to three months if you are self-employed or working on a permanent basis (see conditions below).

Tailored Income Protection Insurance.

  • Higher level of cover than a Quick & Easy policy, but it requires you to answer more health and lifestyle questions during the application process.
  • Designed for people who are in stable employment and working more than 20 hours a week, this policy covers up to 85 per cent of your monthly pre-tax income, up to a maximum of $10,000 per month.
  • There are several choices of waiting period (14, 28, 60 or 90 days) and benefit period (six, 12, 24 months or five years) available.
  • Optional involuntary unemployment cover is also available for up to three months if you are self-employed or working on a permanent basis (see conditions below).
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Virgin Income Protection Additional Options to Consider

Permanent disability cover.

  • Offers a lump sum payment if you become permanently disabled and a doctor declares that you are unable to ever perform two of the following activities without assistance from another person or using special equipment: bathing, dressing, toileting, mobility, feeding.
  • The lump sum is paid six months after the date of the disabling sickness or injury, and you can choose a cover level of between $50,000 and $500,000.
  • This option is available to Australian residents aged from 18 to 60 years.

Holiday injury cover.

  • If the accident that leads to your claim occurs during state school and public holidays or while you’re more than 200km from home, this optional extra ensures that you receive a higher level of cover.
  • It doubles the amount of your first month’s benefit, up to a maximum of $3,000. For example, if you have $4,000 of cover per month plus holiday injury cover and then you injure yourself 500km from home, your first monthly benefit would be $7,000.

Kids injury cover.

  • This benefit offers a cash payment to help your family cope with the treatment of and recovery from common childhood injuries. The benefit can also be used to cover lost income while a parent takes time off work to care for the child.
  • The payment amount you will receive varies depending on your child’s injury. For example, while the benefit for a fracture ranges from $1,000 to $2,500, serious events such as paralysis and major head trauma qualify for a benefit of up to $50,000.
  • The cover under this additional option ends when the cumulative benefit paid for the insured child has reached $50,000, or when the child reaches 18 years of age.

Involuntary Unemployment Cover.

  • Covers involuntary unemployment for up to 85% of your income, up to $3,000 a month for up to three months.
  • This option is available to self-employed or permanent employees working 30 hours per week or more.
  • Cover will commence six months from the cover start date.
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How Much Will Virgin Income Protection Cost?

The cost of your Virgin Income Protection Insurance premiums will be affected by a range of factors, including:

  • The type and level of cover. You may be able to save money by choosing a Tailored policy and answering more questions about your health and lifestyle.
  • The options you select. Adding extra options to your policy will increase its cost, such as adding cover for involuntary unemployment.
  • Discounts. You may be able to take advantage of a policy discount from Virgin, such as a five per cent discount if you purchase cover for your partner as well as yourself.
  • Your gender. As a general rule, life insurance cover tends to cost more for men than it does for women.
  • Your age. The older you are when you take out cover, the more your premiums will cost.
  • Your occupation. If you work in a hazardous occupation you will have to pay more for cover than someone who works a low-risk job.
  • Your health. Your overall health and medical history may also be taken into account when determining the cost of your cover.
  • Your lifestyle. If you’re a smoker, for example, you will pay more for your premiums than a non-smoker because of the many health risks associated with smoking.
  • Your waiting period and benefit period. The longer your benefit the higher your premium. On the other hand the shorter your waiting period, the higher your premium will be.


Premiums can be paid fortnightly, monthly or annually, and by paying annually you can get one month per year free. You can also get a discount for insuring multiple people under the same policy, with 5% off your premiums.

You can pay premiums in various ways, with direct debit generally being the most straightforward.

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What is the age of eligibility for Virgin Income Protection?

Virgin Income Protection Insurance is available for Australian residents aged between 18 and 60 years. Quick & Easy Income Protection is designed for stay-at-home parents and those who are in stable employment, and who don’t want to answer any lengthy health or lifestyle questions. Tailored Income Protection is designed for people who are in stable employment. You’ll also need to answer a few more detailed health and lifestyle questions in order to take out cover.

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What are some key exclusions of the insurer?

All policies have exclusions, where no benefits are payable. Your exclusions depend on whether you have Tailored or Quick & Easy cover.

With Tailored cover no benefits are payable for self-injury and suicide within 13 months of taking out cover, as well as some specific exclusions which may apply to your policy based on the entry questionnaire.

Quick & Easy may be designed to be more one-size-fits all, and so has some additional exclusions to be aware of, instead of medical and similar tests.

  • No cover for pre-existing conditions within 5 years of taking out a policy or increasing cover.
  • No cover for suicide or intentional self injury within 5 years of taking out a policy or increasing cover.
  • No cover for dangerous occupations or dangerous pastimes at any time. If you have a dangerous occupation or pastime, it may be preferable to look at Tailored cover instead.
  • No cover for known genetic conditions.
  • No cover while participating in any criminal acts.
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Virgin Income Protection - Other things to know

  • Choice of Waiting period. If you choose Virgin Quick and Easy Income Protection Insurance, a fixed waiting period of 28 days applies. Tailored Income Protection Insurance allows you to choose a waiting period of 14, 28. 60 or 90 days.
  • Choice of Benefit period. You can choose a benefit period of six, 12 or 24 months, while Tailored Income Protection Insurance also comes with the option of a five-year benefit period.
  • Choice of Benefit Indexation. Unless you specify otherwise, your benefit amount will increase each year up to the expiry age of the policy (age 75) Your level of cover will increase in line with the Consumer Price Index or three per cent, whichever is greater. This obviously also means that your premiums will increase.
  • Choice of Premium payments. You can pay your premiums fortnightly, monthly or annually, but you will get 12 months cover for the price of 11 months if you choose to pay annually. If you fail to pay a premium within 30 days of its due date your cover will cease.
  • Cooling-off period. If you wish to cancel your policy in the 30-day period after cover commences, you can contact Virgin to cancel your policy and receive a full refund.
  • Worldwide cover. Virgin Income Protection Insurance covers you 24/7, anywhere in the world.
  • Wide range of occupations covered. Virgin covers more than 1,000 jobs, while cover is also available for stay-at-home parents.
  • Claims. If you need to make a claim under your policy, call Virgin on 1300 849 965.
  • Cover ends. Cover ceases under your Virgin Income Protection policy when the first of the following occurs:
  • you reach the age of 75
  • the cover expiry date detailed in your policy schedule
  • your or the insurer cancels the policy
  • the policy lapses because you fail to pay your premium

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2 Responses

  1. Default Gravatar
    CoreyJuly 14, 2019

    Is their a better option for income protection then AIA on behalf of Rest, which I currently receive. As I intend on studying in order to enter a new field because of my neck injury, I don’t intend on receiving the payment for more then a year or two. I do however, need access to funds greater then what I currently receive. Is their a fund that allows loans, lump sum payments or credit cards?

    • Avatarfinder Customer Care
      NikkiJuly 15, 2019Staff

      Hi Corey,

      Thanks for getting in touch!

      Sorry to hear about your neck injury. Here is the page that shows income protection options with lump-sum payments. I understand that you wouldn’t need access to payments until after 12 months or so. In contast with regular income protection, one with a special injury benefit may not have waiting periods (dependent on the insurer). You may find out more when you read the insurers benefits on one of our review pages.

      You can view your options by going to the part of the page that says “Which income protection brands also offer lump sum benefits for disabilities?” or speak to an insurance adviser by accomplishing the online form in the page.

      As a friendly reminder, carefully review the Product Disclosure Statement of the product before applying. You may also contact the insurance provider should you have any questions about their policy.

      Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.


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