Virgin Money Direct Income Protection
CANSTAR congratulates Virgin Money on winning an award for outstanding value direct income protection insurance in CANSTAR’s 2017 star ratings. Find out why Virgin Money’s direct income protection insurance rose above the crowd this year.
The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current options and inclusions for the product you are considering.
Outstanding features and premiums from Virgin Money
For their Tailored Income Protection policy, Virgin Money received a 5-star rating in 49 of the 80 profiles considered by CANSTAR.
They are competitively priced and their feature offering is very strong relative to the market.
Virgin Money’s Tailored Income Protection offers:
- A range of waiting periods to choose from, with waiting periods as short as 14 days on offer.
- A selection of benefit periods, with the longest on offer being a 5-year benefit period.
- An online application process, where the consumer can save the application and return to it later to complete.
- Phone-based support to assist with an application for insurance.
- This is one of a few products in the market offering a specified injury benefit (covering 21 specified injuries) and a specified illness benefit (for 3 specified illnesses). If the person insured is injured or ill and can still work, if it is because of one of the illnesses or injuries specified they may receive a special payment (of between 1 and 24 months of their monthly benefit).
See below table for a snapshot of the current products on offer from Virgin Money, based on a 30-39 year old non-smoking male, in a white collar occupation.
About Virgin Money
Since landing in Australia in 2000, Virgin has been well-known for their flight services as an airline. Virgin Money was established in 1995 in the UK and subsequently launched in Australia, where they are now a trusted financial institution for many Australians.
Virgin Money is a provider of income protection insurance, life insurance, car insurance, home insurance, travel insurance, credit cards, home loans, and superannuation accounts.
The Virgin Group was founded in 1970 by Sir Richard Branson and has now become one of the most famous global brands of the 21st century. The Virgin Group employs 50,000 people in 30 countries.
Virgin works hard to make their companies sustainable for the sake of our planet and our 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.
The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement (PDS) to determine all the current options and inclusions for the product you are considering.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular insurance product. If you decided to apply for an insurance policy, you will deal directly with an insurance provider, and not with CANSTAR. Premiums, coverage, benefit limits, and product information should be confirmed with the relevant insurance provider. For more information, read our detailed disclosure and our Financial Services and Credit Guide (FSCG).
Important Notes: The Star Ratings in this table were awarded in March 2017. The search results do not include all providers and may not compare all features relevant to you. Read the CANSTAR Direct Income Protection Insurance Star Ratings Methodology. The rating shown is only one factor to take into account when considering these products. The products and star ratings displayed for each product in the table may not match your specific inputs in the selector. The star ratings displayed are those whose methodology most closely matches your inputs. In some cases, the methodology uses profiles comprising categories or bands eg. income, loan amounts, monthly spend. In other cases, a single methodology (without any categories or bands) is applied.