Keep you and your family's future secure with Virgin Life Insurance
Virgin Money is the Australian financial services arm of the global Virgin brand. With a focus on honesty and offering financial products and services that are easy to understand, Virgin aims to offer its customers a better deal. established in 1970 by Sir Richard Branson, Virgin now operates in more than 50 countries around the world and employs in excess of 50,000 people.
If you’re looking for the peace of mind and financial protection offered by life insurance, Virgin offers a suite of life insurance policies designed to suit the needs of a range of customers. Its products include Quick & Easy Life Insurance, Tailored Life Insurance, Quick & Easy Income Protection Insurance and Tailored Income Protection Insurance.
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- Quick & Easy Life Insurance.
- Virgin Life Insurance offers a ‘plan B’ so that your loved ones can survive financially if disaster strikes and you pass away unexpectedly.
- Quick & Easy Life Insurance allows applicants to take out cover in just a few minutes, providing up to $750,000 of cover if you die or are diagnosed with a terminal illness. No medicals or blood tests are required, and you can apply for cover online or over the phone.
- The funds can be used by your family to manage ongoing expenses and repay debts, while a $10,000 advance cash payment is available on approved claims to help cover funeral expenses.
- Cover can be reduced or increased to suit your changing needs and is available to Australian residents aged between 18 and 65.
- Tailored Life Insurance.
- This life insurance option requires applicants to answer more questions about their health and lifestyle, allowing Virgin to create a policy that matches your cover needs and hopefully resulting in cheaper premiums.
- It provides a benefit of up to $1.5 million when you die or are diagnosed with a terminal illness, with a $10,000 cash advance payment on approved claims.
- You can choose the cover level that suits your needs and also choose from flexible premium payment options to suit your budget.
- Quick & Easy Income Protection Insurance.
- Virgin Quick and Easy Income Protection Insurance can be applied for on-the-spot either online or over the phone, and is available to Australian residents aged between 18 and 60 years.
- It provides a replacement income in the form of an ongoing benefit when injury or illness prevent you from working:
- if you work more than 20 hours a week, you can receive cover for up to 85% of your pre-tax income, up to a maximum of $7,500 per month
- if you’re a stay-at-home parent, you can receive up to $3,000 of cover per month
- There are no lengthy health or lifestyle questions to answer during the application process, and a 28-day waiting period applies.
- You can also choose from a benefit period of six, 12 or 24 months, while Optional involuntary unemployment cover is available for self-employed applicants.
- Tailored Income Protection Insurance.
- Applying for Tailored Income Protection Insurance from Virgin requires you to answer a some questions about your health and lifestyle in return for cheaper premiums.
- Designed for people who are in stable employment and working more than 20 hours per week, it covers up to 85% of your monthly pre-tax income, up to a maximum of $10,000 per month.
- You can choose a waiting period of 14, 28, 60 or 90 days, while the benefit periods available are six, 12, 24 months or five years. Optional involuntary unemployment cover is also available for self-employed applicants.
The cost of your Virgin life insurance policy may be influenced by:
- The level of cover you choose. The higher your sum insured, the more you will have to pay for your premiums.
- The type of cover you choose. There are different costs involved when purchasing life insurance cover as opposed to income protection cover.
- Options selected. Adding extra cover options to your policy will increase the cost of premiums.
- Policy discounts. You can save money by taking out more than one policy with Virgin or taking advantage of other policy discounts.
- Your gender. Cover generally costs more for men than for women.
- Your age. The older you are when you apply for cover, the more your premiums will cost.
- Your occupation. High risk jobs, for example if you work on a construction site, are more expensive to cover than if you work in an occupation that isn’t hazardous.
- Your health. Virgin will consider your health and medical history when assessing your application.
- Your lifestyle. If you regularly engage in high-risk activities and adventure sports, expect your cover to cost more.
Q. How can I take out a policy with Virgin?
- A. You can take out cover online or by phoning Virgin directly.
Q. How long does it take to apply for cover?
- A. In most cases you can apply for cover within a few minutes, and there are no medicals or blood tests to take.
Q. How much life insurance cover is available?
- A. You can take out up to $750,000 of cover under a Quick & Easy Life Insurance policy and up to $1.5 million under a Tailored Life Insurance policy.
Q. Is suicide covered by Virgin Life Insurance?
- A. Suicide is not covered for the first five years of the Quick & Easy Life Insurance policy, or for the first 13 months of Tailored Life Insurance.
Q. Is there a cooling-off period on a Virgin income protection policy?
- A. Yes, a 30-day cooling-off period applies. You can cancel your policy during this period and receive a full refund of the premiums you have paid.
Q. Do my life insurance premiums increase?
- A. Yes, your premiums will increase each year as you get older. However, there is a premium freeze option available that allows you to lock your premiums in at a certain rate and sees your level of cover reduce a little each year.
Q. Are there any premium discounts available?
- A. Yes. Virgin offers discounts on cover amounts over $500,000, and discounts when you cover your partner as well as yourself. You can also get one month of cover free when you pay your premiums annually over the phone.
Q. How can I pay my Virgin life insurance or income protection insurance premiums?
- A. Premiums can be paid fortnightly, monthly or annually. Payment options include direct debit, credit card, cheque and money order, with the last two options available for annual payments only.
- Quick & Easy Life Insurance. This policy is designed for Australian residents aged between 18 and 65 years and who want fast cover.
If you wish to make a claim on your Virgin life insurance policy, you’ll need to phone the insurer to notify them of this fact as soon as possible. The insurer will then send you any claim forms you need to complete, and let you know whether there is any additional documentation you need to provide. For example, you may need to provide a medical report to prove that you are unable to return to work.
You can then return your completed claim forms and any supporting documentation to Virgin for processing.