Virgin Life Insurance

When are claims paid?

Claims are paid upon death or upon diagnosis of a terminal illness where your life expectancy is less than 12 months. An advance payment of $10,000 is payable once a death claim has been accepted, and is intended to help your loved ones finalise your estate.

Please call us 1300 814 990 (9am-5.30pm AEST, Mon-Fri) or send us an email to find out more.

How do I pay my premiums (and how often)?

Virgin Life Insurance offers a range of flexible premium payment options, choose the one that works best for you.

• Direct debit from a bank account or credit card (MasterCard or Visa). Before your first premium payment is due, we will send you a SMS reminder.
• Cheque or money order (for annual payments only)
• Fortnightly, monthly or annually (you get one month free when you pay annually over the phone)
• You can choose to pay on any day of the week that suits you

What happens if I stop paying premiums?

If you don’t pay your premiums within 30 days, your policy will lapse which means your Virgin Life Insurance cover will no longer be valid. You’ll receive notice in writing in case this happens.

How we can help
If the budget is getting tight, please call us straight away on 1300 814 990 (8am-6pm AEST, Mon-Fri) and we’ll do what we can to help you get your premium payments back on track. For example:

• you may be able to lower your premiums by changing the level of cover
• you can move your ongoing payment due date to a better day of the week, fortnight or month (such as payday).

Will my life insurance premiums ever go up?

The premium is calculated each year and, as you’d expect, increases as you get older.

That said, as you get older and accumulate more wealth or pay off your debts the level of cover you need may actually reduce.

That’s why with Virgin Life Insurance, you can choose to let your premiums increase each year (indexing your cover) or you can keep your premiums the same each year (freezing your premiums).

Indexing your cover
The premium is calculated each year and increases as you get older.

To help you keep pace with inflation, Virgin Life Insurance also increases your cover amount by the Consumer Price Index (CPI) or 5% - whichever is greater. The premium therefore also increases because the cover amount increases.

Why index? As time goes by the cost of living increases and if the family is growing and you upsize your house (and mortgage), some people find it useful to increase the amount they’re insured for.

You can accept or decline indexation as you choose.

Freezing (or fixing) your premiums
The premium freeze locks in your payments at a certain rate, which reduces your level of cover each year so that it corresponds to your life stage (and premium value).

Why freeze? Once the mortgage and other debts are paid off and the kids head out on their own, some people find that they’re able to accumulate wealth at an increasing rate, and that their need for life insurance diminishes over time.

You can freeze or unfreeze premiums as you choose.

Keeping you informed
Premium rates aren’t guaranteed for the life of your policy. Should they go up, the rise applies across the board, to all policyholders using the same table of rates. If this happens, you’ll be notified at least 30 days in advance.

What’s a ‘premium freeze’? Are my payments fixed?

It means that premiums are fixed at a certain amount, which has the effect of reducing your level of cover each year so that it corresponds to your age (and what you’re paying for).

Why choose a premium freeze
Many people have a decreasing need for cover as they get older. Once the mortgage and other debts are paid off and the kids head out on their own, it can be easier to accumulate wealth at an increasing rate - so the need for life insurance can diminish over time.

How to freeze your premiums

• When you take out a policy, you can choose to freeze or not
• You can freeze premiums at any time during the life of your policy
• If your need for cover doesn’t reduce, you can unfreeze at any time

To find out more
Read the PDS and your policy documents for more information about premium freezes.

Documents to find when someone has died?

The following key documents are required to help settle their estate.

• Their Will
• Birth and marriage certificates
• Property deeds and mortgage papers
• Home loan details
• Lease (legal entitlements for a rented property)
• Taxation records
• Insurance policies (e.g. home, contents, car)
• Life insurance and superannuation policies
• Savings account details
• Any documents about pre-paid burial plots

Who can help arrange a funeral?

A funeral director can do the bulk of the arrangements for you. Also talk to family and friends of the deceased, as some may want to help out as a way of honouring the life of the person they loved.

What a funeral director can arrange (in most instances).

• A transfer of the body to a mortuary or funeral home
• Lodgement of the Death Certificate with the Registrar of Births Deaths and Marriages
• The burial or cremation certificate
• A viewing of the body
• Newspaper notices, flowers, religious services and so on

How to find a funeral director.

The Australian Funeral Directors Association can give you contact details for local Funeral Directors. Visit them at afda.org.au, email info@afda.org.au or call +61 3 9859 9966.

Where to find help when someone dies?

Adjusting after someone dies and organising a funeral is never easy, but support is out there if you need it.

For emotional support.

Lifeline runs a 24/7 anonymous telephone counselling service.

• visit lifeline.org.au
• call 13 11 14

Your local government community information service should also be able to put you in touch with support groups and counsellors in your area.

For funeral arrangements and so on.

The Australian Funeral Directors Association can point you in the direction of people in your area. Visit them at afda.org.au, email info@afda.org.au or call +61 3 9859 9966.

What’s a Will?

A Will is a legal document that sets out the deceased’s wishes regarding the distribution of their belongings. If a person doesn’t have a Will, the decision regarding the distribution of the Estate is left to the law courts.

If you take out a Virgin Life Insurance policy, you will receive a FREE Will Kit that could help save your family from unnecessary stress, as well as money in legal fees.

What’s in a Will?

A Will is a broad ranging document that outlines your wishes regarding who gets what when you die. It may take into account the following:

• the distribution of your Estate
• funeral arrangements
• pre-paid cemetery plots
• beneficiaries and special gifts
• organ donation
• appointing an executor.

What if there’s no Will?

If a person hasn’t made a Will, their Estate is divided up amongst family members using a formula set by law. This formula does not take into account the deceased’s wishes (for example if they made a verbal request at some point in their life). In cases where there are no close relatives, the Estate may be paid to the state or territory government.

What’s an Estate?

The Estate is all the possessions of a deceased person - in particular the assets and liabilities left when they die.

What’s Probate?

Probate is a court order issued by the Supreme Court that approves the validity of a Will. The probate process is put in place to ensure that a deceased person’s Estate is properly accounted for and distributed as intended and in accordance with the law.

What is an Executor?

The Executor is the person you choose to manage your Estate when you die. Their main responsibility is to distribute your assets (after any debts have been paid) to the beneficiaries named in your Will.

Dangerous Occupation

Dangerous Occupations are those occupations that involve an inherent degree of danger and increased risk, including but not limited to work and activities:

• at heights above 20 metres;
• underground or underwater, or working offshore;
• at speeds above 130 kilometres per hour, other than as a fare-paying passenger on commercial transportation;
• that involve the performance of stunts; or the handling of weapons, explosives, hazardous materials, chemicals or substances;
• in the police, protective or custodial services; as a firefighter; or while on active duty in the armed services;
• flying in an aircraft, except as a fare paying passenger on a commercial airline;
• in the sex or adult entertainment industry;
• undertaken professionally in any sport, including any sports involving the use of animals.

Dangerous Pastime 

Dangerous Pastimes are those pastimes, sports and activities that involve an inherent degree of danger and increased risk, including but not limited to:

• engaging in or training for sporting activities or stunts that are undertaken professionally;
• engaging in or training for sporting activities involving animals or the use of weapons;
• boxing, competitive fighting, martial arts or combative sports of any kind;
• solo hang gliding, skydiving or parachuting;
• flying in an aircraft, except as a fare-paying passenger on a commercial airline;
• being at depths below 30 metres underground or underwater;
• speed racing or contests of any kind involving any type of motor vehicle, motor cycle, or power boat;
• the riding of trail, dirt, pit or motocross bikes; quad bike riding; or riding any other type of power-assisted off-road buggy, kart or other vehicle;
• rock fishing, back-country skiing or snowboarding, extreme white-water canoeing or kayaking, mountain climbing, BASE (buildings, antennas, spans and earth) jumping, abseiling, canyoning, being at heights above 20 metres.

AFCA

Australian Financial Complaints Authority (AFCA) 

We will attempt to resolve your complaint within 45 days of the date it is received. If we are unable to resolve your complaint within that period, we will inform you of the reasons for the delay and let you know when we expect to provide a response to your complaint.

If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.

Website: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Time limits may apply to complaints to AFCA. You may wish to consult the AFCA website or contact AFCA directly to find out if there is a time limit on lodging a complaint with AFCA.

Lapsed Policy

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

Life insurance

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

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 

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

Premiums

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

Pre-Existing Medical Condition 

A Pre-Existing Medical Condition is any:

• Sickness, injury, or medical condition, or any symptoms of a sickness, injury or medical condition, of which, during the 5 years prior to the Cover Commencement Date, reinstatement or any increase in Cover you apply for, the Life Insured was aware, or of which a reasonable person could have been expected to be aware.
• Stroke, bleeding from an arterial aneurysm or heart attack related claim, if any of the following was apparent in the 5 years prior to the Cover Commencement Date, reinstatement or any increase in Cover you apply for:
  • Body Mass Index of 40 or higher,
  • Systolic blood pressure having exceeded 160mmHg and diastolic blood pressure having exceeded 100mmHg,
  • Total blood cholesterol having exceeded 7.0 mmol/L, or
  • Being a diabetic with any one of the following: proteinuria, kidney disease, retinopathy, neuropathy or admittance to hospital for treatment of diabetes.
• Malignant cancer diagnosed prior to the Cover Commencement Date, reinstatement or any increase in Cover you apply for which subsequently recurs or spreads.

TAL

TAL: Means TAL Life Limited (the insurer).

‘You’ and ‘your’

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

Virgin Money

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

‘We’, ‘us’ or ‘our’ 

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