Virgin life insurance

Virgin Income Protection

Easy application and cover for involuntary redundancy? Just some of the benefits of Virgin Income Protection

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 $7,500 a month. The policy offers a host of other optional features including:

  • Involuntary unemployment cover
  • Choice of benefit amount to receive per month up to $7,500
  • Choice of benefit and waiting period
  • Optional extras including Permanent Disability Cover, Holiday Injury Benefit and Kids Injury Cover

You also have the option of two product options to meet your cover requirements: Quick and Easy or Tailored. This review will explore exactly whats covered under the Virgin Income Protection Insurance policy.

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Details Features
Income Protection
Income Protection
Cover up to 85% of your income up to $10,000 per month if you can't work due to sickness or injury. Cover for over 1,000 jobs and full-time, part-time and self-employed.
  • Monthly benefit up to $10,000
  • Cover for applicants up to age 60
  • 30 day cooling-off period
Go to site More info
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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 replace your regular income when you are unable to work due to illness or injury. The benefits you receive can be used to 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.

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.
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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.
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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 redundancy.
  • 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.
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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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Exclusions to be aware of

Your Virgin Income Protection claim will not be paid if:

  • It arises due to any intentional, self-inflicted act
  • It is for any mental health disorder, including anxiety, depression, stress, adjustment disorders, eating disorders or any disorders related to fatigue
  • It is for drug or alcohol abuse
  • It arises due to you taking intoxicating liquor or drugs
  • It is for cancer, stroke or heart attack in the first six months after cover commences
  • It is for normal and uncomplicated pregnancy
  • It arises due to terrorism, civil unrest or an act of war
  • It results because you commit a criminal offence
  • If you are in jail or otherwise lawfully detained

In addition, a Quick & Easy Income Protection Insurance claim will not be paid if:

  • It relates to any pre-existing condition you have had in the five years prior to cover commencing
  • You work in a dangerous occupation or participate in a dangerous pastime
  • It is for a football-related injury that results in less than 90 days out of action
  • It is for a back injury that results in less than 90 days out of action
  • You willingly expose yourself to the risk of illness or injury

If you were unable to, or partially unable to, perform your regular daily activities before cover commenced

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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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