Virgin Life Insurance review

Keep you and your family's future secure with Virgin Life Insurance.

Virgin Money 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.

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 Quick & Easy Life Insurance, Tailored Life Insurance, Quick & Easy Income Protection Insurance and Tailored Income Protection Insurance.

Compare policies from Virgin Life Insurance and get a quote

Name Product Short Description Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period
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 1,000 job types - full-time, part-time and self-employed.

5 years
14, 28, 60, or 90 days

Compare up to 4 providers

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 insuredCover types availableAge of entryHow do I apply?
  • Quick and Easy (No underwriting)
  • Tailored

Online through Virgin Money

Get quote

  • No medical questionnaire option available as well as a Tailored option.
  • Standard premium can be changed at anytime (to all policyholders).
  • Discounts for cover levels over $500,000.
  • Some occupations excluded under Quick and Easy cover.
  • Flexible cover that can be increased to suit your family's needs.

This cover might be suitable if:

  • You're looking for quick and easy cover with no medical assessment.
  • 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

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 $250,000 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.
Back to top

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

Back to top

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.

Was this content helpful to you? No  Yes

Recommended guides

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

4 Responses

  1. Default Gravatar
    ElliotMarch 29, 2018

    My wife has been diagnosed with breast cancer. Can she still get life insurance ?

    • Avatarfinder Customer Care
      JeniMarch 29, 2018Staff

      Hi Elliot,

      Thank you for getting in touch with finder.
      I’m sorry to know that Elliot. Getting a 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 this link . 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!


  2. Default Gravatar
    EkramMay 17, 2017

    I have Angioplasty done twice,could I still apply for life insurance

    • Avatarfinder Customer Care
      DeeMay 25, 2017Staff

      Hi Ekram,

      Thanks for your question.

      To review the condition surrounding angioplasty from the brands in our panel, please see the table at the top of this page.

      If you would like to speak with an adviser about your eligibility for cover, please complete the contact form and they will be in touch to discuss your options.


Ask a question
Go to site