Virgin Money is one of the over 400 companies in Virgin Group Limited, the British-branded venture capital conglomerate founded by Richard Branson.
Initially called Virgin Direct, the company began in March 1995 and by 1997, it was already changing the industry.
This company was the first to pledge not to request genetic test results from life insurance applicants. Virgin Money is now 100 percent owned by Richard Branson and offers various insurance, banking, and investment products.
In September 2009, Virgin Money began collaborating with Friends Provident to offer new life insurance products to UK residents age 18 to 64. Life insurance policies are currently offered and administered by Friends Life Limited, which has a 200-year history of providing protection to UK consumers.
Level term coverage features a cash benefit and monthly premiums that remain the same for the duration of the policy term. The lump sum benefit provided by a level term policy is designed to help with mortgage, childcare, and living expenses of beneficiaries.
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With decreasing term coverage, the cash benefit decreases during the term but monthly premiums remain the same. The benefit typically reduces in line with a repayment mortgage because the cash sum is intended to repay this debt. Both types of coverage are flexible, allowing the insured to increase coverage level to accommodate life changes.
Coverage may be taken on a single or joint life basis with a civil partner, spouse, or someone else with whom a financial commitment is shared. With a joint life policy, the benefit is paid upon the first death or terminal illness diagnosis and the coverage then ends.
Premiums are fixed for the duration of either policy and begin at £5 per month. Level term policyholders under age 50 and in good health have the option to increase coverage level (up to age 55) due to marriage or civil partnership or birth or adoption of a child, without having to provide additional information regarding lifestyle, job, or health.
With level and term life policies, an insured under age 50 and in good health has the option (up to age 55) to elect additional coverage or term extension for mortgage-related changes.
A terminal illness benefit is included with both fixed and decreasing term policies. If the insured is diagnosed with a terminal illness at least 18 months before the policy term ends and has no longer than 12 months to live, the cash benefit will be paid early.
In some cases, individuals will receive free accidental death coverage for up to 60 days. Those who are purchasing a home will receive up to £200,000 of free life coverage for as long as three months to covert the time between contract exchange/missives conclusion and completion of the mortgage.
For an extra charge, an insured may elect a premium waiver option. This allows premium payments to be waived if the individual cannot work for more than six months due to injury or illness. This option is available for both single and joint point policies.
With a joint policy, the waiver can be established for one person or both people insured.
When considering how much coverage they need, consumers should think about the financial commitments of surviving family members. If a policy is needed to cover a repayment mortgage, then a decreasing term plan is appropriate. If the individual has an interest only mortgage, a level term policy is recommended.
If the family has other debts and relies upon the salary of the insured, the coverage level should reflect this. Some consumers prefer to select coverage based on monthly premiums and Virgin Money can accommodate this.
In regard to policy term, most consumers select a term that lasts until a key date such as retirement, mortgage repayment, or children reaching adult status. The longer the term, the higher the premiums, so careful thought is recommended before settling on a specific period.
Consumers select different coverage levels based on whether they are newly married, purchasing a home, changing jobs, or starting a family. They can also protect an individual policy from inheritance tax by completing a trust form. With a joint policy, the payout is automatically made to the other insured.
Virgin Money life insurance policies do not have cash-in values. If the insured stops making premium payments, the policy will terminate and premiums paid will not be refunded. If the insured outlives the policy term, the coverage ends without a refund.
During the policy lifetime, the insured may be able to extend the coverage term.
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