Virgin Money Life Insurance

Virgin Money is a provider of credit cards, home loans, car insurance, home insurance, life insurance, travel insurance, savings accounts and superannuation funds.

Compare Virgin Money Life Insurance policies

Virgin Money logoConsidering Virgin Money Life Insurance? See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoker male in a professional occupation who is seeking cover. The results are sorted by estimated monthly premium (lowest to highest).

To compare other life insurance policies, please click here.

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How much does Virgin Money Life Insurance cost?

The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. You can get a quote for Virgin Money Life Insurance by comparing direct life insurance on our website.

Compare the quoted premiums to the average premiums for direct life insurance on our database.

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Eligibility to apply for Virgin Money Life Insurance

All permanent Australian residents may apply for a Virgin Money Life insurance policy, although your age will be a major factor of your eligibility. Upon application, you’ll also be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover Virgin Money is willing to offer to you.

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How to apply for a Virgin Money Life Insurance policy

If you fit the eligibility criteria, you can apply for Virgin Money Life Insurance by clicking on a Virgin Money Life Insurance product in the Canstar direct life insurance comparison tables for your occupation and age, and confirm your choice of policy.

You can apply for a quote by clicking on the link in our comparison tables. If you need help obtaining a quote, call Virgin Money on 1300 814 990, or get a quote on the Virgin Money website.

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Virgin Money FAQs

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.

It depends on whether you buy a policy through Virgin Money or your financial adviser, or if you only have life insurance included through your super fund.

The situation may be different for income protection insurance. The insurance premiums for income protection will be generally tax deductible if you buy it directly from an insurance company or through your financial adviser, but not tax deductible if you buy income protection through your super fund. Ask your tax accountant or financial adviser for details.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible. Ask your tax accountant or financial adviser for details.

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.

The table below shows some of our best life insurance options available for a non-smoking female aged 30-39 years old, who is working in a white collar occupation group such as a clerk or office administrator. This table is sorted by Star Rating (highest to lowest).

Compare the rest of your options when it comes to term life insurance using our website:

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Life Insurance - Tailored Option

Canstar Research
Rating:
Award: Outstanding Value Life Insurance

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2017 Star Ratings Report

Written by: Regina Collins | Last updated: