Virgin Income Protection

At Virgin Money, we work to live – have you thought about what would happen if you couldn’t work? With Virgin Income Protection insurance if you suffer a setback, whether through sickness or injury, you don’t need to worry. We can be there to help you get back on your feet without you having to take a step backwards. It doesn’t matter if you work full-time, part-time or not at all.

We also provide optional Unemployment Cover, so you can protect yourself if you’re suddenly redundant and looking for work.

What is Income Protection insurance?
Income Protection helps replace some of your income if you’re unable to work due to sickness or injury. Unemployment cover is also generally available, so you can protect yourself if you’re suddenly unemployed, such as through redundancy and looking for work. The money can be used to replace lost income and to support you and your family to cover everyday expenses. The money could also assist with your recovery and see you back to full capacity. You really have the freedom to use your payments however you choose to.

When you take into consideration all the day to day expenses the average family needs to sort out, it adds up over time.

Typical family’s ongoing expenses

• Mortgage
• Other debt repayments
• Bills
• Car insurance & expenses
• Medical bills and health insurance
• School fees
• Groceries
• Other living expenses

How does it work?

1. Choose the income protection cover option that best suits you
   
   • Quick & Easy - Get cover on-the spot*. No health or lifestyle questions asked.
   • Tailored - Tell us a bit more about your health and lifestyle and you could reduce your premiums.
Cover is available to all Aussie residents aged 18-60.
 
2. Choose the amount of income you’d like to cover
   If you are Working more than 20 hours per week, you can cover up to 85% of your income, to a maximum of $7,500 a month for Quick & Easy and up to $10,000 for Tailored. If you are not Working or work less than 20 hours a week, cover up to $3,000 a month is available.
   We generally calculate income as your before-tax-average over the 12 months which preceded your sickness or injury. If you’re self-employed, your business expenses are taken out of your before-tax income to calculate your personal income.
   
   Unsure how much cover to get? Generally you should consider your family’s monthly expenses, such as the cost of meeting a mortgage and other debts. Don’t forget quarterly or yearly bills as well, such as school fees. Then compare these expenses with how much income has been lost if you are unable to work. You will need to consider any other income or investment sources you have coming in, to help weigh up the true costs. Remember the point of Income Protection insurance is to provide a stream of income if you're not able to work or perform your usual daily activities for an agreed period of time.
    
3. Choose a Waiting Period
   Virgin Income Protection offers options for how long you wait before benefits commence if you are unable to work. With our Quick & Easy option a fixed Waiting Period of 28 days applies. With our Tailored option you can choose a Waiting Period of 14, 28, 60 or 90 days. And remember, the longer the Waiting Period you choose, the lower the cost of your cover.
    
4. Choose a Benefit Period
   Virgin Income Protection has options for the maximum amount of time you receive payments if you are unable to work. You can choose a Benefit Period of 6, 12 or 24 months. For our Tailored option, there is also an option for a 5 year Benefit Period.
   
   During the Benefit Period, you won’t need to pay anything towards your plan, and once your payments start, we’ll refund any premiums you may have paid during the Waiting Period.
    
5. Choose from a range of optional extras
   With our range of additional cover options, you can add on benefits that are just right for you.
   • Unemployment Cover
   • Permanent Disability Cover
   • Holiday Injury Benefit
   • Kids' Injury Cover

We all work hard and over time our financial commitments and responsibilities get bigger, so we need to protect them and ourselves. Whatever your working situation or occupation, we have a income protection cover option for you.

Why choose Virgin Income Protection insurance

• Choice of cover options:
  
  • Quick & Easy
    All Aussie residents aged 18-60 can get on-the-spot* cover. If you’re Working more than 20 hours per week, you can cover up to 85% of your income, up to a maximum of $7,500 per month. Even if you’re not Working, you can receive up to $3,000 per month.
  • Tailored
    Tell us about your health and lifestyle and you could reduce your premiums. If you’re working, you can cover up to 85% of your income, up to a maximum of $10,000 per month.
  Unemployment cover may also be available, to help while you’re looking for work if you’ve been made redundant.
   
• Cover for more people
  
  • Whatever your working situation – full time, part-time, self-employed. We even have an option for stay at home parents with Quick & Easy.
  • Wide occupation list - over 1,000 jobs covered
  • Bonus benefits are paid for some common injuries, such as broken bones, from day one of your sickness or injury. This will help lift the financial burden so you can focus on getting back to full recovery
• Flexible
  
  • Choice of Waiting Period from as little as 14 days and Benefit Period up to 60 months
  • Decrease or apply to increase your level of cover at any time to accommodate any changes to your working situation - whether you get that pay rise you’ve been waiting for or go part-time
• Great optional extras
  
  • Choose from Permanent Disability Cover, Holiday Injury Cover and Kids Injury cover.
• Affordable cover
  
  • Lower levels of cover start from as little as a $1 a day^
  • Premiums are generally tax deductible and benefits received tax assessable
  • Cover your partner as well and receive a 5% discount on income protection premiums
• Applying is easy
  
  • No lengthy forms, no medicals, no fuss
  • Get cover in a few minutes over the phone
• 30 day money back guarantee
  
  • So you can be sure of your decision.

With Virgin Income Protection, we provide flexible options so you can select the cover right for you. Compare our cover options below:

Further exclusions and conditions may apply and will be detailed in your Policy Document.

Read the PDS
Sure, it’s a few minutes of your life, but it’s worth it—just so you know exactly what you’re covered for. Download the PDS here.
Any questions on our cover options? We’re here to help. Just call our friendly customer care team on 1300 814 990.

Getting cover is quick and simple with Virgin Income Protection.

• Apply over the phone on 1300 814 990
• Get a income protection quote
• All Aussie residents aged 18 to 60 can apply
• No medicals or blood tests when you apply, no lengthy forms to fill out
• 30 day Money Back Guarantee. We want you to be 100% happy with your choice. If you’re unhappy, you can cancel within the first 30 days for a full refund of any premiums paid.