Virgin Income Protection Insurance

Sickness, injury or involuntary unemployment could seriously affect your lifestyle and the world you’ve worked so hard to build. Don’t chance it. Income Protection can help replace lost income, so you can protect what you love when things aren’t going your way.

What is Income Protection insurance?
Income Protection can help replace some of your income if you’re unable to work due to sickness or injury. Optional Involuntary Unemployment Cover is also generally available, so you can protect yourself if you’re suddenly unemployed due to involuntary unemployment, and actively seeking work. This cover is not available for purchase online. To apply, please call us on 1300 814 990. 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:

How does it work?

1. Tell us a bit more about your health and lifestyle and you could reduce your premiums.


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 $10,000. 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 85% of your income up to $3,000 a month for up to 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 should also 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. 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. 
    
4. 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.
    
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.
   • Involuntary Unemployment Cover. This cover can be added to your policy, but is not available for purchase online. To apply, please call us on 1300 814 990.
   • 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 an income protection cover option for you.

Why choose Virgin Income Protection insurance

• TAILORED COVER - 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.
  • OPTIONAL COVER FOR INVOLUNTARY UNEMPLOYMENT 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 85% of your income for up to $3,000 per month for up to 3 months. This cover can be added to your policy, but is not available for purchase online. To apply, please call us on 1300 814 990.
• Cover for more people
  
  • Whatever your working situation – full time, part-time, self-employed. 
  • 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.
• Flexible
  
  • Choice of Waiting Period from as little as 14 days
  • Choice of Benefit period for 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 day²
  • 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
  • Get cover in a few minutes online or over the phone.
• 30 day money back guarantee
  
  • So you can be sure of your decision.

Tailored Cover features

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.
Any questions on our cover options? We’re here to help. Just call our friendly customer care team on 1300 814 990.