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Life insurance explained

If you find life insurance complex, confusing or simply uninteresting here’s some information you might find useful.

Why do I need it?

Getting a policy

Useful tips

Jargon unplugged

Taking out a life insurance policy is about doing something special for the people you love most in the world. It helps to protect them financially with a lump sum payment if you’re no longer around to help them out.

When thinking about life insurance and the level of cover that’s right for you, it helps to start with the here and now (strange but true). For example, what are your mortgage payments, the regular bills? How far will your savings go if your family had to pay any lingering debts?

Match the cover to your needs

  • New homeowners - might need cover to look after mortgage repayments.
  • Starting a family - the high cost of childcare and household bills may come into play.
  • For those with teenagers - a financial plan for high school and uni fees?
  • Empty nesters - may have more breathing space and require less cover than before.

Calculate the right amount of cover for you.

Our life insurance calculator can help you start thinking about how much cover you may need now. And as you’re circumstances change over time, the flexibility of Virgin Life Insurance means you can adjust the amount you’re covered for as life rolls on.

Getting a Virgin Life Insurance policy couldn’t be easier

Get a free quote or apply online. You can also contact us on 1300 814 990 and apply over the phone (no forms required).

Useful tips

When researching or applying for life insurance, it pays - literally in some instances - to keep the following tips in mind.

Start young, if possible
The younger and fitter you are when you apply, the lower the premiums start (generally speaking).

Check what cover you have already
Many superannuation accounts include a level of life insurance. If it’s not enough to look after the essentials, then additional top-up cover could make up the difference. When you arrange cover outside super, your life insurance stays with you wherever you go - even if you change employers. Premiums are generally much lower than you might expect for smaller top-up cover amounts.

Do your sums
While it’s important not to underinsure, you don’t want to take out more than absolutely necessary either. Our life insurance calculator may be able to help you figure out how much cover you need.

Read the PDS
Sure, it’s a few minutes of your life that you’ll never get back, but it’s worth it—just so you know exactly what you’re covered for. Download the PDS here.

Tell the truth
While it’s tempting to say that you don’t smoke, or have never had anything wrong with you, ever, the truth always counts in your favour. Insurers don’t pay claims on fraudulent applications.

Consider inflation
Some insurance products, like Virgin Life Insurance, allow for the increasing cost of living - which means that your level of cover may go up each year with the Consumer Price Index or by 5%, whichever is greater. Read more About our Cover.

Freeze premiums
Make sure you can freeze your premiums when necessary. This is a handy option for people who have a decreasing need for cover as life goes on or those who’d rather rates remain stable for a few years. Read more About our Cover.

To freeze or index?
The option to freeze your premiums locks in payments at a rate you're comfortable with, which in turn gradually reduces your level of cover each year. The option to index increases your cover amount by the Consumer Price Index (CPI) or 5% - whichever is greater. Read more About our Cover.

That’s the person or people you can elect to have your claim paid to. If a nomination is made, details of the nominated benefit recipient/s will be shown in the policy. If a change or revocation is made in relation to a nomination, the change will be valid only once we have confirmed the change in writing.

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.

Financial Ombudsman Service (FOS)
Independently resolves disputes between consumers and financial services providers. FOS provides a national service that is free to consumers. Visit fos.org.au or contact 1300 780 808 for more information.

Lapsed Policy
An insured policy which has been terminated because you haven't paid the premium(s) on it.

Life insurance
A contract between an owner (often the insured person) and a life insurance company to make a lump sum payment on the death of, or diagnosis of a terminal illness of, the insured person. Payment of the lump sum is subject to the terms and conditions of the contract.

Life insured
Means the person whose life is insured by the policy. Usually when you take out a policy on your own life, you will be both policy owner and life insured. If you and your partner both insure yourselves under a policy, you will jointly be the lives insured and the policy can be owned by either one of you or by both of you. It’s your choice. A partner can be anyone you choose to take out a policy with. A discount may apply when you take out a joint policy.

Policy owner
Means the person who legally owns the policy and to whom benefits are payable.

Payments to the insurance company to buy a policy and to keep it in force.

Pre Existing Medical Condition
Means an injury, illness, disease, disorder or condition for which in the 5 years prior to the death benefit commencement symptoms existed that caused, or would have caused, the life 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 death in respect of the life insured if they occurred in the 5 years prior to the death benefit commencement:

  • Body Mass Index of 40 or higher;
  • Systolic blood pressure has exceeded 160 mmHg and diastolic blood pressure has exceeded 100 mmHg;
  • Total blood cholesterol has 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 the diabetes.

If a claim is denied because of a pre-existing medical condition, all the premiums paid for the life insured’s Quick & Easy cover will be refunded.

Means TAL Life Limited (the insurer).

‘You’ and ‘your’
Refers to either the policy owner or the life insured as required by the context.

Virgin Money
Means Virgin Money (Australia) Pty Limited (the promoter).

‘We’, ‘us’ or ‘our’
Means TAL and/or Virgin Money if applicable and as required by the context.

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Call 1300 814 990

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free Life Cover
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See PDS for eligibility

Cover calculator

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* On the spot cover for Australian Residents aged 18-65 with our Quick & Easy option. Exclusions apply including Pre-Existing Medical Conditions, Known Genetic Conditions, suicide, Dangerous Occupations and Dangerous Pastimes. See the Product Disclosure Statement for more information.

^ Buys around $100,000 cover for a female non smoker aged 18-39, on standard Tailored option premium rates. Premiums vary depending on personal circumstances and increase with age and level of cover.

This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don’t know your financial needs we can’t advise if this insurance will suit you. Please consider the Product Disclosure Statement and Financial Services Guide before deciding whether to buy this product.

Virgin Life Insurance and Virgin Income Protection Insurance 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.