Compare Income Protection Insurance | Virgin Money

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Take one thing off your worry list and protect what matters most. Virgin Money stopped offering new Life Insurance policies on 1 April 2021 – the good news is, we’ve partnered with comparison site Lifebroker to help you with your insurance needs. They can help you compare some of Australia’s leading life & income protection insurance companies so that you can choose the right cover for you.

What is income protection

Income protection insurance helps protect your income in order to allow you and your family to maintain your lifestyle. It may financially safeguard you if the unexpected happens and you become unable to work due to illness or injury. You can use income protection insurance payments to replace your lost income and cover you and your family’s day-to-day expenses.

Payments may contribute towards covering any:

mortgage and debt repayments
household bills
car expenses
medical bills
school fees

Compare quotes and options

Benefits

When the unexpected happens, income protection can help you have peace of mind knowing that your tomorrow is covered.

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 (available from the product issuer) before deciding whether to buy or continuing to hold any financial product.

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Lifebroker comparison service: 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 (Virgin Money) has partnered with Lifebroker Pty Ltd (AFS Licence number: 400209) to help you compare a range of Life and Income Protection Insurance policies. Virgin Money earns a commission from Lifebroker for each customer that purchases a policy through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market.

For more information about the services provided by Virgin Money (Australia) in relation to the Lifebroker comparison service, please see the Financial Services Guide

Existing Virgin Life Insurance and Virgin Income Protection policyholders: From the 1st April 2021, TAL Life Limited ABN 70 050 109 450 AFSL 237848 of Level 16, 363 George Street, Sydney NSW 2000 (TAL Life) will no longer be issuing new Virgin Life Insurance and Virgin Income Protection benefits and St Andrew's Insurance (Australia) Pty Ltd, ABN 89 075 044 656 AFSL 239649 of Level 6, 100 Skyring Terrace, Newstead QLD 4006 (St Andrew’s) will no longer be issuing the Involuntary Unemployment Cover which is a benefit available within Virgin Income Protection.

Existing policies and claims will continue to be administered under agreement with the insurers, TAL Life and for Involuntary Unemployment Cover, St Andrew's.

Virgin Income Protection and Virgin Life Insurance are 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 (TAL Direct). TAL Direct has been authorised under an arrangement with the insurers to enter into, vary or cancel insurance cover on behalf of the insurers as if it were the insurers.

For information about the services provided Virgin Money (Australia) and TAL Direct in relation to Virgin Life Insurance and Virgin Income Protection, please see the Financial Services Guide.

Things you need to know
1. Up to $10,000 per month, up to 85% of pre-tax income available with our Tailored Cover option.
2. On the spot cover for eligible Australian Residents aged 18-60 with our Quick & Easy option. Exclusions apply including pre-existing medical conditions, suicide, and dangerous activities. See the Product Disclosure Statement for more information
3. TAL Life Limited as issuer of Virgin Life Insurance is a member of the Financial Services Council (FSC) and a participating life insurance member in these initiatives.
4. The quoted redemption fares are correct as at 17 December 2018 and are subject to change. Fares are subject to availability, and seats are limited and may not be available at peak times or on all flights. Price is based on a one way or return economy Reward Seat fare or business Reward Seat fare as specified, and must be booked on the Velocity website. Taxes, fees and carrier charges are payable in addition to Velocity Points redeemed and are not eligible for Points earn. Price may vary until ticketed. All payments made on the internet or on the phone via debit/credit card are subject to a payment surcharge between 0.6% to 1.3% of the total value of the card transaction (capped at $70 per passenger per booking). For Rewards Seat bookings on: (i) Virgin Australia operated flights; (ii) Delta Air Lines operated and marketed flights between Sydney and Los Angeles; or, (iii) Etihad Airways operated flights, a carrier charge will apply, view more information here. Add $40 or 5,200 Points for international short haul bookings or $70 or 8,800 Points for international long haul booking per person for bookings made on the phone. A checked baggage allowance is included in your fare, view Reward Seat Baggage Allowances for details. Name changes are not permitted. Other changes, refunds and cancellation are permitted prior to travel and may incur a fee and any applicable fare difference. You may also be entitled to a refund under the Australian Consumer Law in certain circumstances. View the Velocity Rewards Seat fare rules for more information. Some flights may be operated by a partner airline. Different baggage allowances and conditions may apply to these flights. Full terms and conditions at velocityfrequentflyer.com.
5. For more info on claiming your Income Protection premiums visit https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Income-protection-insurance