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Virgin Life Insurance review
Keep you and your family's future secure with Virgin Life Insurance.
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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.
What's offered by this life insurance brand?
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 Life Insurance and Income Protection Insurance.
About Virgin Life Insurance
Virgin Money is an Australian financial services business that aims to provide simple and transparent financial products and services to its customers. In addition to life, car, home and contents and travel insurance, it also provides home loans, credit cards and savings and superannuation solutions. Virgin Money is part of the global Virgin brand.
Virgin Life Insurance is issued by TAL Life Limited. Australia’s largest life insurance specialist, TAL Life Limited has been providing cover for more than 140 years and insures more than 3.7 million Australians.
| Maximum sum insured | Cover types available | Age of entry | How do I apply? |
|---|---|---|---|
| $1,500,000 |
| 18-65 | Online through Virgin Money |
| Pros | Cons |
|---|---|
|
|
|
This cover might be suitable if:
- Cover that can be kept for life (as long as premiums are paid)
Apply carefully if:
- You have pre-existing conditions - as you'll need to declare when you apply (and wait for assessment). Otherwise, they could be excluded at claim time.
Don't get this cover if:
- You want your premiums to stay the same for life.
Based on the Tailored Life Insurance plan. Information last updated April 2019. Always consult the Product Disclosure Statement (PDS)
Cover Options Available from Virgin
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.
Tailored Income Protection Insurance.
- Applying for Tailored Income Protection Insurance from Virgin requires you to answer 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 6, 12, 24 months or five years.
How much will insurance from Virgin Cost Me?
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.
Note: You can pay your premiums fortnightly, monthly or annually, but people who pay annually can access a discount – you can get 12 months’ cover for the price of 11.
Some questions you might have about your Virgin Insurance
How do I make a claim?
If you need to make a claim on your Virgin Life Insurance policy, it’s important to phone the claims hotline as soon as possible to notify the insurer of your claim. The line is open from 8am to 8pm Monday to Friday (AEST).A dedicated claims case manager will send out any forms you need to fill out and advise you of the next steps. You will also need a few important documents to support your claim, including:
- A certified copy of the death certificate, medical attendant’s certificate or other relevant document showing evidence of death
- A certified copy of the life insured’s birth certificate, passport, or other official ID document that shows their date of birth
- A certified copy of an official document that proves your ID, and proof of your relationship to the life insured
These documents are essential for the processing of your claim and can be faxed or posted to the insurer.
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Ask an Expert
My wife has been diagnosed with breast cancer. Can she still get life insurance ?
Hi Elliot,
Thank you for getting in touch with Finder.
I’m sorry to know that Elliot. Getting health insurance for your wife since she’s diagnosed with cancer will depend on the nature of her condition and the insurance company’s terms for providing cover. You may want to check out our review on life insurance for cancer patients. By law, you must disclose any known information about your wife’s health that may be relevant to the insurance company’s decision on whether or not to provide her with cover.
I hope this helps.
Have a great day!
Cheers,
Jeni
Hi
I have Angioplasty done twice,could I still apply for life insurance
Thanks
Ekram
Hi Ekram,
Thanks for your question.
I’m sorry to hear about your angioplasty. I hope you feel much better now.
There are insurers who may still be able to accommodate you. We have a list of insurance brands for pre-existing conditions. You may want to check that page and learn more about how you can get life insurance with your current medical conditions.
On the same page, you’ll find a form, which you can fill out, and let someone get in touch with you to discuss your options.
While looking for insurers, please make sure you read the terms and conditions of the policy to learn more and know if it is the right policy for you or not.
I hope this helps.
Cheers,
Anndy