Virgin Money Income Protection Insurance
Compare Virgin Money income protection
Considering Virgin Money income protection insurance? The table below displays a snapshot of Virgin Money income protection policies on Canstar’s database, sorted by star rating. These results are based on a 30-39-year-old non-smoking male in a medium blue-collar occupation, such as trades.
Click here to compare more policies based on your circumstances.
What income protection does Virgin Money offer?
At the time of writing Virgin Money offers 2 income protection insurance policies which offer cover for a variety of conditions that may prevent you from working. The first is their Tailored policy which covers up to a $10,000 benefit per month. If you’re unable to be covered under the Tailored policy due to health, lifestyle or occupation, you’ll be able to take out the Quick & Easy policy which covers up to a $7,500 benefit per month.
What features does Virgin Money income protection offer?
Both the Tailored and Quick & Easy policies offer the following features:
- The option of choosing a benefit period of 6, 12, or 4 months – however the Tailored policy also offers a benefit period of up to 5 years
- 30 day money-back guarantee
- Phone-based support and an easy-to-apply online process
- Other features, such as 25,000 Velocity Points for new customers if they purchase an eligible policy before 31 August 2018.
- Option to add involuntary unemployment cover (up to $3,000), permanent disability cover, holiday injury benefit and kids’ injury cover
- Flexible waiting periods – as low as 14 days
What does Virgin Money income protection cost?
The cost of your income protection insurance will vary depending on several different factors such as:
- Your age and gender
- Whether you’re a smoker or a non-smoker
- Benefit period and waiting period
You can customise your policy to suit your specific needs. Get a quote for Virgin Money income on its website before applying to see what you might need to pay.
In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.
Virgin Money FAQs
The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. 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.
Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.
Virgin Money advises that their income protection insurance premiums may be tax deductible.
Lodging a claim for income protection with Virgin Money is a straightforward 3-step process.
1. Contact Virgin Money: Call Virgin Money on 1300 814 990 (Mon to Fri 8am to 6pm) and let one of their customer service representatives know you’d like to make a claim. Make sure you have your policy number, details of your diagnosis and the date you stopped working.
2. Submit claim: You can find all the information and forms you need to fill out to lodge a claim on the Virgin Money website. You can choose to either fax (1800 731 122), email (email@example.com) or mail your documents to:
Virgin Life Insurance claims
Reply Paid 72
Carlton South VIC 3053
3. Approval: Virgin Money will assess your claim and let you know of the outcome. Once the waiting period expires, and your claim has been approved, you’ll receive your benefit.
You can apply for Virgin Money income protection after comparing your options in Canstar’s comparison tables and generating a quote on Virgin Money’s website.
Virgin Money may ask you:
- Your name, date of birth and gender
- Your smoker status
- Your occupation details (salary, how many hours you work etc.)
Virgin Money’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:
- You must be between 18 and 65 years old
- You must be an Australian resident
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.