Get flexible cover tailored to your needs or a quick "off-the-shelf" policy if you're time-poor with Virgin Life Insurance.
Life insurance is easy to put off thinking about, especially when you are young, healthy and at the peak of your earning capacity.
Unfortunately, as you get older, health issues will become inevitable or you may have to come to terms that you are nearing the final stages of your life, and it can be very difficult to take out a life insurance policy easily and affordably.
After great success in other areas of personal finance, Virgin Money entered the Australian life insurance industry with TAL Insurance Australia, to offer straightforward and flexible cover to meet the requirements of a range of Australians.
Virgin's Life Insurance policy provides up to $1.5 million in cover with a host of great options including a $10,000 advance cash payment on approved claims. Read on to learn more of the benefits of this policy.
Get a quote for either a Quick & Easy Policy or Tailored Cover from Virgin
What are the highlights from these Virgin Life Insurance policies?
- A choice of coverage options. With Virgin Life Insurance you can choose from a Quick and Easy or a Tailored policy. This means you can choose a flexible insurance policy that meets all of your family's needs after you're gone, but also fits into the budget now.
- Savings and discounts. You can add your partner to your Virgin Life Insurance policy and qualify for a discount, and you could be eligible for a discount if you choose coverage over $500,000.
- Easy application and peace of mind. Virgin Money allows you to apply over the phone or online in minutes, and you have the freedom of a 30-day money-back guarantee to make sure you are happy with your choice.
What's the difference between these two policies?
When you choose your coverage with Virgin Money, you can choose from their Quick & Easy coverage which offers guaranteed acceptance, or you can choose one of their Tailored policies, for the opportunity to save on your premiums and receive a benefit of up to $1.5 million.
1. Quick and Easy Cover
Some of the options available through the Quick & Easy Virgin Life Insurance policy include:
- Guaranteed acceptance. You can rest assured that you'll be approved for life insurance cover with Virgin if you are an Australian resident, aged between 18 and 65.
- Generous maximum coverage. You can be covered for up to $750,000 which will be paid on your death, or if you are diagnosed with a terminal illness.
- Just a few exclusions. You won't be covered for suicide for the first five years, and your Quick & Easy policy does not cover you for dangerous occupations or pastimes, or criminal activity. You will not be covered for pre-existing conditions unless you have been free of the condition for at least five years.
2. Tailored Life Insurance
With a Tailored Virgin Life Insurance policy you have access to:
- A tailored policy and price. The more details you are able to provide, the more tailored your life insurance policy can be. This means more relevant coverage for your family's circumstances, and often more affordable premiums, because you're not paying for things you don't need.
- Higher maximum coverage amount. With a Tailored policy you can apply for up to $1.5 million cover that is paid when you die or are diagnosed with a terminal illness.
- Exclusions. You are not covered for suicide in the first 13 months of your policy. Other exclusions will depend on your individual circumstances and risk factors.
What's common on both policies?
With Virgin Life Insurance policy, every policy will be entitled to:
- Family cover. You can easily add your partner to your life insurance policy, and this can even qualify you for a discount.
- Flexible payments and premiums. You have a choice of payment options when managing your life insurance policy, and can also increase or decrease your coverage, or freeze or fix your premiums to suit your budget.
- Fast cash claims. You can receive a $10,000 fast cash payment when you make a successful claim.
Applying for Virgin Life Cover
- You are eligible to apply if you are an Australian resident between 18 and 65 years old
- You don't need to undergo a blood test or medical test
- Exclusions in your coverage may apply based on your lifestyle, health and occupation.
Virgin Life Insurance carries through the brand's values of competitive pricing, modern features and ease of use, to simplify a traditionally complex and boring product. The result is aimed at helping more Australian families secure the right life insurance coverage, to avoid financial hardship at an already devastating time of loss.