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FAQs - Virgin Income Protection

Taking out a policy

About our cover

Claims

Additional Cover

Jargon unplugged

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You can apply online at any time or call us on 1300 814 990 (8am-8pm AEST, Mon-Fri).

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In most cases you can be covered in just a few minutes. There are no medicals or blood tests. If for some reason you need to supply further details before your policy is finalised, we’ll let you know.

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You can retrieve your quote online if it’s within 30 days (unless you’ve had a birthday). Or you can call our friendly customer care team on 1300 814 990 (8am-8pm AEST, Mon-Fri) and have your quote reference handy.

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Income Protection insurance helps replace some of your income if you're unable to work due to sickness or injury. The money can be used to replace part of your lost income and help you 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.
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 sweat the big stuff or take a step backwards. It doesn't matter if you work full-time, part-time or not at all. We can also provide cover for redundancy, so you can protect yourself if you're suddenly unemployed and looking for work.

To find out more about Virgin Income Protection and whether it's right for you, call us
on 1300 814 990, or read the Product Disclosure Statement (PDS).
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If you were unable to work and earn an income, would you be able to meet the costs of living – on top of medical expenses?

With Virgin Income Protection you can cover up to 85% of your income, or up to $10,000 per month with the tailored option ‐ You can use the payments help you to pay your mortgage and cover your bills ‐ you really have the freedom to use your payments however you choose to.

Bonus benefits are paid for some common injuries, such as broken bones, and illnesses such as a heart attack. If you're Out of Action for longer than 28 days, your payout is backdated to the day of your sickness or injury when a Bonus Cover Event is payable. This will help lift the financial burden so you can focus on getting back to full recovery.

To keep your premiums as affordable as possible, some exclusions apply. These include mental illnesses or disorders, alcohol-related illness or injuries, or injuries caused by an intentional self-inflicted act or an act of war. Quick and Easy cover also excludes medical conditions you’ve had before taking out cover.

We encourage you to carefully read the Virgin Income Protection Product Disclosure Statement (PDS) and your policy documents to find out more, information about restrictions and exclusions so that you know what you will not be covered for.

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In many cases you can get covered in a few minutes. The official start (commencement) date will be listed in your policy.

Though you must be under 60 years of age to apply, your cover will continue as long as you pay your premiums, until the anniversary of your plan following your 75th birthday. However, after the anniversary of your plan following your 65th birthday, your cover is limited to a maximum of $3,000.

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The waiting period is the amount of time that has to pass before your benefit payments start to accrue. This period must be a consecutive number of days that you've been medically certified as unable to work by a medical practitioner.
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.

Your waiting period will be specified on your policy schedule.

An example of how a waiting period works is shown below:

  • Date of claim and the date a medical practitioner first certifies you are Out of Action: 01/04/16
  • Waiting Period: 60 days
  • Waiting period expires: 30/05/16
  • First payment due: 31/06/16 for the period 01/06/16 – 30/06/16

Important : Please note that this is an example only and your actual waiting period will be specified on your policy schedule and payments will only be released upon assessment and admission of your claim.

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You can resume receiving payouts (providing we agree that you're still unable to work and have not exceeded the payout period) without undergoing a new waiting period, if you resume your claim within six months of returning to work.

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No. If you're eligible to receive a payout, you won't pay premiums until you're either able to go back to work, or the Benefit Period has been reached.

Once your claim payouts start we'll even refund any premiums you paid during the waiting period.

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At Virgin Money we never like to refuse a claim, however if it turns out you didn't reveal something important to us, we may have to do just that. That's not something we want to do, especially when you and your family are under stress. So it's best to be upfront and open with us from the start.

You must give us the information we request when you apply for an Income Protection policy, and answer all of our questions honestly and completely. That's because if you make a claim, we'll need to check your medical, employment and financial records. If it turns out you didn't reveal something important, we may have to refuse your claim.

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It's very important that you let us know immediately if you can't pay a premium so we can help you work out an alternative arrangement. Your cover will cease if your premiums are more than 30 days overdue and you will lose access to your Income Protection benefits.

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We work hard to give everyone great value insurance, but unfortunately the cost of providing income protection insurance does rise as you get older. For this reason, your premiums will increase over time. But you can be confident that we keep increases to a minimum, and that we'll give you at least 30 days' notice of any changes. And of course your premiums will also go up if you increase the cover amount.

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Virgin Money gives you a 30 day money back guarantee - so if you cancel your policy in the first 30 days, we'll give you a complete refund, no questions asked. After that, there are no refunds. Your policy simply gives you income protection insurance cover - it is not a savings plan.

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If you get ill or injured and can’t work for a while, we understand how stressful this can be so it's very important that you advise us of the claim as soon as you can. We'll do everything we can to make sure things run as smooth as possible.

Please call us on 1300 814 990 and we will send out any forms which need to be completed and let you know of any other claim requirements.

You will be given a dedicated Claims Manager whose details will be on the accompanying cover letter that we'll send in the event of a claim. He or she will personally oversee your case and help you work through the details of your claim.

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We pay income protection payouts one month in arrears, after the waiting period has finished. So, if your waiting period is 28 days, and you become eligible to claim on 1st September, you'll see out this waiting period, and receive your payment at the end of October, as claims are paid at the end of the first claimable month. After this, you'll receive your payout at the end of each month, until your benefit period runs out or you're able to return to work.
Please note that some common injuries, such as broken bones, and illnesses or a heart attack benefit from our Bonus Cover and accrue faster - starting from day one of your Sickness or Injury.

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We encourage you to carefully read the Virgin Income Protection Product Disclosure Statement (PDS) and your policy documents to find out more information about exclusions.

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Your monthly payout will be the lesser of:

  • The cover you have applied, and been accepted for;
  • 85% of your pre-claim monthly income;
  • $10,000 for the Tailored Option; or
  • $7,500 for the Quick & Easy Option; and
  • 3,000 after you turn 65 years of age.

Lower limits apply to other claim options such as Unemployment. Generally, we calculate monthly income as a before-tax average over the last 12 months before you became sick or injured. If you're self-employed, we'll calculate this value after deducting any business expenses. If you receive other income while you're not working - for example, a payout from another income protection policy, workers' compensation or social security - and this, combined with payments from the Income Protection adds up to more than 85% of your pre-claim monthly income, we'll reduce your Income Protection payouts.
Remember Income Protection (less optional Kids' Injury Cover and Permanent Disability) premiums for income earners are usually tax-deductible and benefits are tax assessable. This taxation information is based on present laws and their current interpretation and is a general statement only.
We encourage you to carefully read your policy documents and the Virgin Income Protection Product Disclosure Statement (PDS) to find out more, information about cover limits.

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Payouts will continue until the benefit period you've chosen runs out, or you're able to return to work. You can choose a benefit period of 6, 12 or 24 months when you start your policy. For Tailored Cover you can also choose a 5 year benefit period.
Your policy schedule will detail the Benefit Period for your policy.

What additional cover options are available?

 

Involuntary Unemployment Cover

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Involuntary Unemployment Cover pays a monthly benefit for up to 3 months to help you while you're looking for work if you've been made redundant or, if self-employed, your business is declared insolvent. The maximum cover is $3,000 per month.

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For those who are self-employed or working a minimum of 30 hours per week on a permanent full-time basis and are aged between 18–60. In order to be eligible you must not have been notified or made aware of redundancy prior to the commencement of this cover; or if you are self-employed, your business must not have been nor likely to become insolvent in the 6 months prior to the commencement of cover. Involuntary Unemployment Cover continues until the anniversary after your 65th birthday or until your policy is cancelled by you or the insurer.

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After your policy has been in force for 6 months you are covered if you are made redundant and are out of work for longer than 28 days. You need to have been continuously employed for the 6 months prior to your unemployment and if you are self-employed the benefit covers business insolvency that has not been apparent in the 6 months prior to or after policy commencement.

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Unemployment caused by sickness or injury, poor job performance, loss of qualification or licence, seasonal employment or a contract ending or being terminated, is not covered. Those working less than 30 hours per week and not on a permanent, full time basis are not covered. Refer to the Product Disclosure Statement for more information.

You're also not covered if you became aware of, or were notified of redundancy within the six months immediately following your Cover Commencement Date, where your employer has made media announcements about pending redundancies or if you’re Self Employed it became apparent that your business was in financial difficulty. There are additional circumstances where benefits will not be paid. See the PDS for full details.

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From June 2014, the underwriter for the unemployment benefit changed from ACE to St Andrews. If you purchased Unemployment Cover prior to June 2014, references to ACE in the PDS and Policy Documents must now be read as references to St Andrew's. The terms and conditions of the Involuntary Unemployment Benefit are otherwise unchanged.


Permanent Disability Cover

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This option pays out a lump sum if you've been declared by a doctor as being unable to ever perform 2 of the following activities without the assistance of another person or using special equipment:

  • Bathing
  • Dressing
  • Toileting
  • Mobility
  • Feeding

You can choose your cover level between $50,000 and $500,000.

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The Permanent Disability option is available to those aged 18-60 and cover continues to the policy anniversary after you turn age 75.

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If you're deemed to be permanently unable to perform 2 of the following activities – Bathing, Dressing, Toileting, Mobility, Feeding - we'll pay your chosen lump sum six months after the date of the disabling sickness or injury.

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A Pre-existing Medical Exclusion applies when Permanent Disability Cover is purchased with our Quick & Easy option. That means, if your cause of claim is due to something you've suffered from, knew about or should have been aware of in the 5 years prior to policy commencement, you will not be covered.


Holiday Injury Cover

The Holiday Injury Benefit doubles the payout of the first month's benefit (up to maximum $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.

For example, if you were covered under your income protection plan for $5,000 a month, plus you had Holiday Injury Cover, and you had an accident on a public holiday and your claim was approved, your first month's benefit payment would be $8,000.


Kids Injury Cover

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.

Payment amounts vary per injury, most fractures will receive $1,000 to $2,500; and up to $50,000 for serious events like 2nd degree burns, paralysis or major head trauma. Please refer to your policy wording for full details.

This benefit ends once the cumulative benefit of $50,000 has been paid in respect of the insured child or when the child turns 18.

Kids Injury Cover is not payable for an event due to a congenital condition or abnormality or an intentional and deliberate act of any person who stands to receive proceeds of the policy.

 

Benefit Period is the amount of time you can receive payment when you're unable to work due to sickness or injury. These payments will continue as required up to the end of your chosen Benefit Period.

Bonus Cover applies to some common Sicknesses and Injuries. 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.

Dangerous Occupation or Pastime means engaging in work or a lifestyle activity that involves explosives, weapons, heights above 20m, depths below 30m or speeds above 130km per hour, other than as a fare-paying passenger on a commercial airline.

Sickness means an illness or disease that first manifests or is first suffered by the Life Insured after the Commencement Date.

Injury means an accidental bodily injury suffered by the Life Insured after the Commencement Date.

Out of Action
The definition depends on whether you're working or not working at the time of your claim:

  If you're working
Out of Action means
If you're not working
Out of Action means
Age 18-64

Solely as a result of Sickness or Injury as diagnosed by a Medical Practitioner and on his/her advice and in Our opinion:

  • Unable to attend or engage in his/her Usual Occupation or
  • Not working in or performing any occupation, whether income generating or not; and
  • Under the regular care of and following the advice of a Medical Practitioner, including recommended courses of treatment

Solely as a result of Sickness or Injury as diagnosed by a Medical Practitioner and on his/her advice and in Our opinion:

  • Unable to perform 2 or more of the following without the assistance of another person or using special equipment;
    • Cooking meals
    • Cleaning the home
    • Shopping for food
    • Providing care for children and/or dependent adults
    • Driving a car
  • Not working in or performing any occupation, whether income generating or not; and
  • Under the regular care of and following the advice of a Medical Practitioner, including recommended courses of treatment
Age 65-75

Solely as a result of Sickness or Injury as diagnosed by a Medical Practitioner and on his/her advice and in Our opinion:

  • Unable to perform 2 or more of the following without the assistance of another person or using special equipment;
    • Bathing – the ability to shower and bathe;
    • Dressing – the ability to put on and take off clothing;
    • Toileting – the ability to get on and off and use the toilet;
    • Mobility – the ability to get in and out of bed and a chair; and
    • Feeding – the ability to get food from a plate into the mouth.
  • Not working in or performing any occupation, whether income generating or not; and
  • Under the regular care of and following the advice of a Medical Practitioner, including recommended courses of treatment.


Pre Existing Medical Condition - means an injury, illness, disease, disorder or condition for which in the previous five years symptoms existed that caused the insured to seek diagnosis, advice, care or treatment from a medical practitioner or health professional. The following are deemed to be pre-existing conditions for any stroke, haemorrhage or heart-related event in respect of the life insured if they occurred in the previous five years:

  • Body Mass Index of 40 or higher;
  • Systolic blood pressure having exceeded 160 mmHg and diastolic blood pressure having exceeded 100 mmHg;
  • Total blood cholesterol having exceeded 7.0 mmol/L;
  • Being a diabetic with any one of the following:
    proteinuria, kidney disease, retinopathy, neuropathy or admittance to hospital for treatment of diabetes.

Unemployed means the Life Insured is entirely without gainful employment and is actively seeking work and:

  • For a Life Insured who was an employee, the Life Insured has been made redundant or has been dismissed from employment through no fault nor choice of his or her own but solely because an employer has unexpectedly terminated the Life Insured's employment; or
  • For a Life Insured who is Self-Employed, the business or the Life Insured is placed into insolvency administration.

Usual Occupation means:

  • The paid occupation in which the Life Insured was engaged for 20 or more hours a week immediately prior to being Out of Action or Unemployed; or
  • Any occupation for which the Life Insured is suited by reason of his or her education, training and/or experience.

Waiting Period is the time you need to be continuously 'Out of Action' or redundant before benefits start to accrue. Benefits are then paid monthly in arrears while you're getting medical care or looking for new employment. You don't have to pay any premiums while you are receiving benefits.

Working means engaged in a Usual Occupation for 20 or more hours per week immediately prior to being Out of Action or made Redundant.

 


Virgin Income Protection is available to Australian Residents between 18-60 years of age. Applications subject to acceptance.

 

+Up to $10,000 per month, up to 85% of pre-tax income available with our Tailored Cover option.

 

^$1 per day could provide $3,000 sickness & injury cover per month, for a 35 year old white collar non-smoker male with a 6 month Benefit Period & 28-day Waiting Period, under Tailored option.

 

*On the spot cover for eligible Australian Residents aged 18-65 with our Quick & Easy option. Exclusions apply including pre-existing medical conditions, suicide, and dangerous activities. See the Product Disclosure Statement for more information.

 

This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. For this reason, you should consider the appropriateness of this information, having regard to your personal financial situation, needs and objectives as well as the Product Disclosure Statement and Financial Services Guide before deciding whether to buy this product. View Privacy & Security information.


Virgin Life Insurance and Virgin Income Protection promoted by Virgin Money (Australia) Pty Limited ABN 75 103 478 897, authorised representative No 280884 of Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869, and distributed by TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover. All other benefits insured by TAL Life Limited ABN 70 050 109 450 AFSL 237848. For information about Virgin Money, TAL & St Andrew's please see the Product Disclosure Statement and Financial Services Guide.