At the time of writing, Virgin Money does not have a dedicated online portal for its insurance policies.

You or your beneficiaries can claim with Virgin Money Life Insurance by calling 1300 849 965, and you will be guided through the claims process.

Before you submit a claim, you may need to have some these details on hand:

• Your policy information
• Information about the incident (date, time, place)
• Original birth and death certificate if the incident was fatal
• Medical reports, test/examination/laboratory results
• What damage occurred during the incident
• What other people, vehicles or property were involved in the incident

If your insurance claim is approved, Virgin Money will arrange the payment of your benefit. If your claim for an income protection benefit is approved, this will involve ongoing payments while you are eligible to continue receiving a benefit, rather than one lump sum payment.

Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.

The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Virgin Money charges stepped premiums, which increase as you age.

When you apply for Virgin Money Life Insurance, your insurance premium is calculated based on your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities.

The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.

Premium rates are not guaranteed. For more information about stepped premiums versus level premiums, read this article.

At the time of writing, medical tests are not required to apply for Virgin Money Life Insurance; however, in the event of a claim, Virgin Money may require additional evidence or do a full review of your medical records.

Once you’ve applied for cover, Virgin Money will contact you if a medical examination is required throughout the claims process.

After buying a Virgin Money Life Insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to the same eligibility criteria.

You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact Virgin Money on 1300 814 990 to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium.

It depends on the condition and policy you decide to take out. When applying for Virgin Money Life Insurance, you must disclose (tell Virgin Money about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.

Since landing in Australia in 2000, Virgin has been well-known for its flight services as an airline. Virgin Money was established in 1995 in the United Kingdom and subsequently launched in Australia, where it is now the trusted financial institution for many Australians.

Being an airline, it focusses on frequent flyer rewards, but as it now partners with Visa for its credit cards, it is also able to offer Visa benefits such as discounted holiday accommodation or presale tickets to concerts and sporting events.

The Virgin Group was founded in 1970 by Sir Richard Branson and has now become one of the most famous global brands of the twenty-first century. The Virgin Group employs 50,000 people in 30 countries.

Virgin works hard to make its companies sustainable for the sake of our planet and people. Virgin Australia was the first airline in Australia to create a government-certified carbon offset program and is working with research and industry to develop renewable jet fuel.