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8 October 2012

Virgin Money launches no fuss income protection for all Australian residents aged 18-60. Up to 85 per cent of income covered.

Virgin Money Australia has announced an addition to its portfolio of insurance products; Virgin Income Protection. The launch of Virgin Income Protection is designed to help Australians avoid the type of personal financial crisis that can emerge when they become unable to work as a result of sickness or injury affecting them or a member of their family.

David Curneen, Acting Managing Director, Virgin Money Australia said: “Most of us believe that we won’t be affected by illness or disability but the research shows that every working Australian has a one in three chance of becoming disabled through illness or injury for more than three months before turning age 651. Virgin is committed to making it easier for customers to get back on track and focus on recovery not their financial pressures. We’re offering a highly flexible and competitive product, which extends our commitment to guaranteed acceptance for insurance products.”

“Following the Global Financial Crisis, people are more aware of how vulnerable they could be with forced redundancy, as an example, being more of a possibility. Virgin Income Protection provides an option for redundancy and we’re already experiencing high demand for the product which suggests that people are looking for ways to protect themselves and their families.”

Virgin’s affordable income protection product challenges the perception that income protection is the exclusive reserve of high incomes earners, usually available via Financial Advisors. Bringing it direct, makes it accessible to more people. The product also includes a Quick and Easy option also available for stay at home parents and part-time workers. This option recognises that there is a significant impact to the family when the primary carer becomes unable to look after the children as a result of sickness or injury.

The guaranteed acceptance feature of Virgin Income Protection’s Quick and Easy option means any Australian aged between 18 and 60 is eligible. Virgin Money is giving customers additional value by covering up to 85 per cent of the applicant’s income if they’re unable to work because of sickness or injury.

“A lot of Australians are under the impression that income protection is out of reach in financial terms or that they can only afford to cover the primary income earner within a family situation,” continued Curneen. “That’s not necessarily the case. This product offers a number of ways for any working Australian family to protect themselves from a financial set back at the level of cover that suits them.”

The new product has been launched in response to customer feedback and follows the launch of Virgin Life Insurance in February 2011. It forms part of Virgin Money’s broader strategy to give Australians more choice.

Virgin Income Protection – Product Overview

  • Virgin Income Protection provides Australians with a range of policy options – including Permanent Disability Cover, Involuntary Unemployment Cover, Holiday Injury Cover and Kids Injury Cover. 
  • Cover starts from $1 per day.
  • Under the Quick and Easy option customers working more than 20 hours per week, can cover up to 85 per cent of their income, up to a maximum of $7,500 per month.
  • As an alternative to the Quick and Easy guaranteed option, customers can choose a Tailored option, which may reduce their premiums further by disclosing more information about their health.
  • Those working can cover up to 85 per cent of their income, up to a maximum of $10,000 per month.
  • Applying for Virgin Income Protection is quick and easy, only taking a few minutes over the phone with a 30 day money back guarantee.
  • The new product will be offered through an existing alliance with TAL.
Visit the Virgin Money Australia website for more information about Virgin Income Protection.

Note to editors:
1 Calculations based on data from the Institute of Actuaries of Australia 2000. Interim Report of the Disability Committee. IA Aust: Sydney

For more information, please contact:
Charli Ferrand
02 9928 1579, 0406 578 711

About Virgin Money

Virgin Money is the financial services arm of Sir Richard Branson’s Virgin Group. We launched in Australia in May 2003 to do one thing – shake up the financial services industry. Today, we are well on our way to achieving that goal with award-winning products spanning credit cards, savings, superannuation, life insurance and car insurance. Virgin Money products are simple, great value and transparent, and they’re backed up by our world-famous Virgin customer service.

virginmoney.com.au | facebook.com/VirginMoneyAU | tweet @VirginMoneyAU


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