Virgin Income Protection
A setback doesn't have to be a step back
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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 Involuntary Unemployment Cover, so you can protect yourself if you’re suddenly involuntarily 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. Involuntary Unemployment Cover is also generally available, so you can protect yourself if you’re suddenly unemployed, such as through involuntary redundancy, and looking for work. The money can be used to help 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
- Other debt repayments
- Car insurance & expenses
- Medical bills and health insurance
- School fees
- Other living expenses
How does it work?
- Choose the income protection cover option that best suits you
Aussie residents aged 18-60 can apply.
- Quick & Easy - Get cover on-the spot*. No lengthy health or lifestyle questions asked.
- Tailored - Tell us a bit more about your health and lifestyle and you could reduce your premiums.
- 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. Involuntary Unemployment cover up to $3,000 a month for 3 months is available if you are employed on a permanent basis for a minimum of 30 hours per week.
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.
- 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.
Some common Sicknesses and Injuries may qualify for Bonus Cover. If your Sickness or Injury qualifies for Bonus Cover, then the Benefit will accrue from the start of the Waiting Period and will be payable after 28 days, for the specified Bonus Cover Period, provided you are continuously Out of Action for this time. If the Sickness or Injury does not qualify for Bonus Cover, then the Benefit will accrue from the end of the Waiting Period.
- Choose a Benefit Period for Sickness and Injury Cover
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.
- 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.
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 an income protection cover option for you.
Why choose Virgin Income Protection insurance
- Choice of Sickness and Injury cover options:
- Quick & Easy
Aussie residents aged 18-60 can apply for cover. If you’re in stable employment and 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.
Tell us about your health and lifestyle and you could reduce your premiums. If you’re in stable employment and working, you can cover up to 85% of your income, up to a maximum of $10,000 per month.
- Cover for involuntary redundancy
Involuntary Unemployment Cover may also be available, to help while you’re looking for work if you’ve been made involuntarily redundant for up to $3,000 per month for 3 months.
- Quick & Easy
- 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
Benefits for some common injuries, such as broken bones, and illnesses such as a heart attack accrue faster, starting from day one of your Sickness or Injury provided it qualifies for Bonus Cover (a 28 day waiting period applies before benefits are payable). This will help ease the financial burden so you can focus on full recovery. See the Product Disclosure Statement (PDS) for details.
- Great optional extras
- 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 Sickness and Injury cover right for you. Compare our cover options below:
|Quick and Easy||Tailored|
|What is it?||Get cover on-the-spot*. No lengthy health or lifestyle questions asked.||Tell us about your health and lifestyle and you could reduce your premiums|
|Who is it for?||
|What is the maximum cover amount?||If you’re Working more than 20 hours per week:
||If you’re Working more than 20 hours per week:
|How long is my Waiting Period?||There is a 28 day Waiting Period||Choice of 14, 28, 60, or 90 day Waiting Period|
|How long will my benefit be paid for?||Choice of 6, 12 or 24 month Benefit Period||Choice of 6, 12, 24 months or 5 year Benefit Period|
|What am I covered for?||
Sickness and Injury. You can also get optional Involuntary Unemployment Cover if you are self-employed or working on a permanent basis for a minimum of 30 hours per week, up to $3,000 per month for up to 3 months.
|What isn't covered?||
In addition to the exclusions under the adjacent Tailored option, no Sickness and Injury Cover Benefit will be payable for:
|No Sickness and Injury or Permanent Disability Cover Benefit will be payable for:
|What additional cover options are available?||Permanent Disability Cover
This option pays out a lump sum if you are permanently disabled and unable to perform the regular daily activities necessary for you to maintain physical independence. Conditions apply. For more information about this option click here.
Holiday Injury Cover
Doubles the payout of the first month’s benefit (up to a maximum of $3,000), if the accidental event leading to your claim happens during state school and public holidays or while you’re 200km or more from home. Conditions apply. For more information about this option click here.
Kids Injury Cover
Provides a cash payout to help with costs associated with the treatment and recovery of common childhood injuries, or the time an adult may be off work to be with their child. Conditions apply. For more information about this option click here.
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
- 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.
Cover limits, exclusions and conditions apply. Premiums vary depending on personal circumstances and generally increase with age and cover. Please read the Product Disclosure Statement for further information.