Virgin Money life insurance review

Virgin Money life insurance can help give your family the cover they need. Compare your policy options now.

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Virgin Money

Life insurance offers financial support and peace of mind to those whose loved ones rely on their income. Virgin Money offers life insurance policies with a number of different cover levels, and customers can also access Virgin Money benefits.

See if Virgin Money life insurance may be right for your family below.

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  • Optional critical illness cover

What is Virgin Money?

Virgin Money is a financial services company and part of the Virgin Group. It offers banking products, credit cards and mortgages as well as travel and life insurance.

Virgin Money insurance is underwritten by Scottish Friendly Assurance Society Limited.

What types of life insurance does Virgin Money offer?

Virgin Money offer two types of term life insurance, as well as optional Critical Illness Cover. Customers can choose either Level Term life insurance or Decreasing Term life insurance, with the option for a single or joint policy.

  • Virgin Money Level Term life insurance

This type of insurance gives you consistent cover across the entirety of your policy term. You pay a monthly premium and your family will then receive an agreed payout if you die during the insurance term.

  • Virgin Money Decreasing Term life insurance

Decreasing Term cover operates like Level Term insurance, but the size of your payout and premiums lower over the course of the policy. This is designed to cover an existing debt, generally a mortgage, which also decreases over time as you make your mortgage repayments.

  • Virgin Money Critical Illness Cover

If you want additional cover for serious illnesses and other conditions, you can add this optional policy to your standard life insurance when you apply. You’ll receive a payout if you’re diagnosed with any of the listed conditions, which includes cancer, stroke, multiple sclerosis and Alzheimer’s.

Compare Virgin Money policies

Data indicated here is updated regularly
Name Product Age range at application Cover range Term Pays out Joint cover
Virgin Money Level Term life insurance
Virgin Money Level Term life insurance
18-64
£40,000 to £750,000
5 to 40 years
If you die or get a terminal illness during the cover period
Yes, but the policy will only be paid out once
Virgin Money Decreasing Term life insurance
Virgin Money Decreasing Term life insurance
18-64
£40,000 to £750,000
5 to 40 years
If you die or get a terminal illness during the cover period
Yes, but the policy will only be paid out once
Virgin Money Critical Illness Cover
Virgin Money Critical Illness Cover
Not specified
Up to £750,000 (10-100% of life cover)
5 to 40 years
If you're diagnosed with a covered illness or condition
No
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Benefits of Virgin Money life insurance

  • Choice of Level Term or Decreasing Term cover
  • Free will service
  • Joint policies available

Drawbacks of Virgin Money life insurance

  • Does not offer whole-of-life insurance
  • Maximum cover is £750,000
  • Maximum term of 40 years

Virgin Money life insurance exclusions

You may not be able to claim in the following situations:

  • You did not provide complete, accurate and true information in your application
  • You fail to pay your premium within 29 days
  • Suicide during the first 12 months of cover

What’s the claims process for Virgin Money’s life insurance?

You can make a claim by calling Virgin Money. You’ll need to provide policy information, such as the policy number and holder as part of your claim.

Frequently asked questions

The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you.

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