Learn the types of cover available and what's right for you
Virgin Life Insurance review
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.
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.
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?|
Online through Virgin Money
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)
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.
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.
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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