Virgin Money Life Insurance Reviews 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 31st December 2023

virgin money life insurance reviews

Virgin Life Insurance 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 Life Insurance is now 100 percent owned by Richard Branson and offers various insurance, banking, and investment products. Over 75% of applicants get a rapid decision with zero medical evidence required.

Without life insurance protection, would your loved ones be able to do the following if you weren’t around to make a financial contribution?

  • Pay off the mortgage
  • Clear any outstanding debts in your name
  • Fund their current lifestyle
  • Buy a new home
  • Plan for a funeral
  • Deal with inheritance tax

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In September 2009, Virgin Money began collaborating with Friends Provident to offer new life insurance products to UK residents aged 18 to 64. Life insurance policies are offered and administered by Friends Life Limited, which has a 200-year history of protecting UK consumers.

Level and Decreasing Term Coverage

Virgin Money life insurance 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 beneficiaries’ mortgage, childcare, and living expenses.

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 levels 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.

Virgin Money’s life insurance 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 can increase coverage level (up to age 55) due to marriage or civil partnership or birth or adoption of a child without providing additional information regarding lifestyle, job, or health.

With level and term life policies, an insured person 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.

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Terminal Illness

A terminal illness benefit is included with both fixed and decreasing term policies. The cash benefit will be paid early 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.

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 cover the time between contract exchange/missives conclusion and completion of the mortgage.

While conducting our Virgin Money life insurance review, we discovered that an insured may elect a premium waiver option for an extra charge. 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 policies.

A joint policy can establish the waiver for one person or both people insured.

Consumers should consider the financial commitments of surviving family members when considering how much coverage they need. If a policy is required 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 insured’s salary, the coverage level should reflect this. Some consumers prefer to select coverage based on monthly premiums, which Virgin Money can accommodate.

How Long For A Policy?

Regarding the 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 plan, 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 the premiums paid will not be refunded. The coverage ends without a refund if the insured outlives the policy term.

During the policy lifetime, the insured may be able to extend the coverage term.

We explore the Virgin Money level and decreasing term life insurance plans when we conduct our comprehensive market scan.

Virgin Life Insurance Conclusion

Life insurance is one of the most important things you can do to protect your loved ones. If something happens to you, life insurance pays out either a lump sum or regular payments, giving your dependents financial support.

This can be a huge lifesaver for families struggling to make ends meet after the loss of a breadwinner.

We all like to think that we’re immortal, but the truth is that none of us knows what tomorrow will bring. That’s why it’s so important to have life insurance in place, just in case.

Luckily, getting life cover is easier and more affordable than you think. Get a no-obligation free quote today and learn how easy it is to protect your family with life insurance.

We hope you found our virgin money life insurance reviews to be insightful. Complete and submit the quote request form on our website to begin our search for the most comprehensive, lowest-priced life insurance policy available. We do all the work so you can relax!

If you would prefer to read more about the best life insurance plans currently available in the UK, please click this link.

Virgin Money Life Insurance Underwriter Further Information:

Registered office – Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. BISL Limited. (company no. 3231094).

Telephone Number: 0800 294 7575