Virgin Money life insurance review

The company 'Virgin' is well-known for its multinational ventures like Virgin Atlantic, Virgin media, Virgin Voyages, Virgin Holidays and many others.

But did you know they sell life insurance too?

Virgin Money is a banking and financial services brand owned by Virgin which offer life insurance, designed to financially protect your loved ones when you are no longer around. As well as offering additional critical illness cover.

In this comprehensive review, we explore what Virgin Money has to offer in regards to policies, benefits and customer reviews.

At Reassured we can’t offer Virgin Money life insurance, however we can compare fee-free quotes from a variety of leading UK insurers to help you find suitable options.

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Virgin Money life insurance key points:

  • Their policies are designed to be flexible, allowing you to choose the coverage amount and duration that best suits your needs
  • They specialise in term life insurance (level and decreasing cover options)
  • Virgin Money life insurance policies can include terminal illness cover, which ceases 12 months prior to the end the of the policy term
  • You can add critical illness cover to your policy though Virgin Money for an additional cost
  • They are FSCS covered, meaning you could be entitled to compensation from the scheme if they can’t meet their obligations under the policy

Who are Virgin Money?

Virgin Money is part of the Virgin Group, founded by Richard Branson in March 1995 (originally known as Virgin Direct).

Virgin Money sits under the umbrella of Virgin Group, amongst around 400 other ventures.

They provide various banking and financial products, like: savings accounts, mortgages, credit cards, and insurance.

With approximately 6.6 million customers[1], Virgin Money, operating under Clydesdale Bank's banking license, is now the sixth-largest retail bank in the UK by assets.

In 2018, CYBG plc acquired Virgin Money and merged it with Clydesdale Bank, but this change did not bring any major alterations to the way Virgin Money functions or impact its customers.

Both Virgin Money life insurance and BISL Limited, the provider, are authorised and regulated by the Financial Conduct Authority (FCA).

Virgin Money life insurance reviews

Customer and expert reviews are an excellent way to get an honest opinion on what a company is really like.

The Trustpilot reviews are based on all financial products offered by Virgin Money, not just life insurance.

Customer review siteNumber of reviewsRating
Trustpilot logo 9,3362.8 -'Average'

(Correct as of 20/11/24)

Whilst not rated highly for their financial services by customers, it appears that top experts Defaqto and Fairer Finance believe Virgin Money’s life insurance policies are good quality products when compared to other policies available in the market.

The Trustpilot reviews aren’t exclusive to Virgin Money's life insurance policies, therefore we’ve also taken expert reviews from Fairer Finance and Defaqto which specifically evaluate life insurance policies rather than all financial services.

Review siteProductScore
Fairer Finance logo Life insurance85.65%
5 star defaqto rating Life insurance

Defaqto 5 stars

Correct as of 20/11/24

(Correct as of 20/11/24)

Reassured’s life insurance comparison service is rated “Excellent” on Trustpilot from over 77,000 reviews.

What life insurance options does Virgin Money sell?

Virgin Money specialises in term life insurance and critical illness cover, which both can be made into joint policies.

Term life insurance is a policy that covers you for a specified amount of time / the policy term.

Virgin Money’s mortgage life insurance option is a type of life cover that is technically a term life insurance policy but taken out primarily to help cover your mortgage if you were to pass away.

Level term life insurance

  • The sum assured will remain the same throughout the entire policy
  • Suitable to help cover a mortgage
  • Available to those aged between 18 - 64 through Virgin Money

Decreasing term life insurance

  • The sum assured will decrease throughout the policy
  • Suitable to help cover a repayment mortgage (their policy is based on an interest charge of 6%)
  • Available to those aged between 18 - 64 through Virgin Money

Joint life insurance

  • A policy that covers two people and pays out a lump sum if either person passes away during the policy term
  • Pays out once (either after the first or second death depending on your chosen policy)
  • A cheaper option, typically designed for younger couples
  • Available to those aged between 18 - 64 through Virgin Money
  • If you choose to add critical illness cover to a joint policy the sum assured will be the same for both benefits

Whist Reassured don’t offer cover from Virgin Money, we can help you compare term life insurance policies, as well as a variety of other life insurance policies from leading UK insurers.

Compare Life Insurance Quotes » Save Money

Virgin Money critical illness over

Virgin Money also offer the option of adding critical illness cover to your life insurance policy for an additional cost.

Critical illness cover is a type of life cover that pays out if you become critically ill during the policy term.

Virgin Money will pay out a lump sum if are diagnosed with one of their 21 specified critical illnesses:

  1. Alzheimer’s disease (before age 65)
  2. Aorta graft surgery
  3. Benign brain tumour
  4. Blindness
  5. Cancer
  6. Coma
  7. Coronary artery by-pass grafts
  8. Deafness
  9. Heart attack
  10. Heart valve replacement or repair
  11. Kidney failure
  12. Loss of hands or feet
  13. Loss of speech
  14. Major organ transplant
  15. Motor neurone disease
  16. Multiple sclerosis
  17. Paralysis of limbs
  18. Parkinson’s disease
  19. Stroke
  20. Third degree burns
  21. Traumatic head injury

If you select life with critical Illness, the sum assured will be the same for both benefits.

You can add critical illness cover to term life insurance policies sold through us for an additional cost, here at Reassured from just 33p-a-day º .

What can Virgin Money life insurance help cover?

Life insurance is designed to help cover your loved ones if the worst were to happen. What you are looking to cover can depend on your personal circumstances and budget.

Commonly, people take out life insurance to help cover:

  • Funeral costs
  • Mortgage / rent payments
  • Living costs / bills
  • Childcare & education costs
  • An inheritance
  • Any remaining debts

When considering life insurance for covering a mortgage, it’s important to assess which type of policy is more suitable.

For example, if you have a repayment mortgage, decreasing maybe a better option and if you have an interest-only mortgage, level term could be more suitable.

With almost half of the UK having £1,000 or less in savings in 2024[2], securing a policy is essential to help protect your family’s financial future. Especially with funeral costs starting at £4,141 for a basic plan[3].

Virgin Money benefits

Virgin Money's life insurance provides numerous advantages to customers that are not always found with other insurers, giving them a unique selling point (such as, they ensure a search of the death records is carried out to make sure no valid claims are left unpaid).

Listed below are benefits offered to customers who purchase life insurance directly from Virgin Money:

Free simple Will writing service

Helps policy holders create a basic will, ensuring their wishes are documented. A service designed to offer peace of mind that assets are distributed according to your preferences.

Free legal advice

Provides access with guidance on various legal matters (e.g. wills, probate, making informed decisions), this service is provided by qualified legal professionals.

Accidental death benefit

An additional payout if you pass away due to an accident in the term, ensuring beneficiaries receive extra financial support.

Loved one’s email service

A service that sends important information and guidance to beneficiaries after you pass away. A support method that ensures loved ones know how to proceed with claims and take the support available.

Put your policy in trust

This ensures the payout goes directly to your chosen loved ones, bypassing the probate process and potentially minimising inheritance tax.

Child critical illness

For an additional cost provides a lump sum payment if your child is diagnosed with a specified critical illness, offering financial support in a challenging time.

How much is Virgin Money life insurance?

Virgin Money advertise on their website that their decreasing term policies can start at £5 a month[4].

(Based on a 30-year old who has never smoked. £200,000 decreasing term cover is possible for under £5 per month for 20 years).

The amount of coverage you need and the sum assured will determine the monthly premium for your life insurance policy. Additionally, other factors will also impact the cost, such as:

  • Age
  • BMI
  • Smoking status
  • Medical history
  • Occupation / lifestyle
  • Health & wellbeing

Your policy will also vary in cost whether you are looking to secure level term life insurance or decreasing term life insurance, as well as if you’re looking to add critical illness cover.

At Reassured, we can help you save time and money by sourcing our best available quotes from some top UK life insurance providers.

Whilst we can’t offer pricing from Virgin Money life insurance, below is a table of pricing from insurers we can offer:

Age Aviva AIG logo Legal & General
20£3.50£3.64£4.99
25£3.50£4.46£4.99
30£4.23£5.08£4.99
35£5.67£6.47£6.32
40£7.97£8.52£8.77
45£11.43£12.19£13.28
50£18.34£18.17£21.13

Quotes are based on a non-smoker, in good health, for a level term life insurance policy (20-year term) with £100,000 of cover.

Contact our award-winning team today for your fee-free, personalised quotes.

How to cancel Virgin Money life insurance

If you no longer want or need to have a policy open with Virgin Money, you’re able to cancel your policy.

You can do this by calling them up directly at: 0800 294 7575.

If you decide to cancel your Virgin Money life insurance policy, please note that there is no cash value. This means that you will not receive any money back from the premiums you have paid or any future payouts.

Make sure you are absolutely certain before deciding to cancel your policy, take your time to carefully consider if it is truly the best choice for you.

We are unable to cancel your life insurance policy for you, although we are more than happy to assist you in comparing various quotes to help you secure our best deal available, if you were looking to obtain a new policy.

How to contact Virgin Money life insurance

If you’d like to contact Virgin Money regarding life insurance, whether that’s for a policy / enquiry, the number to call is: 0800 294 7576.

Alternatively write to:
Virgin Money Life Insurance
16-17 West Street
Brighton
BN1 2RL

Their opening hours are 08:00 to 20:00 Monday - Friday and 09:00 to 17:00 Saturdays.

Find life insurance quotes with Reassured

Unfortunately, Reassured can’t offer you a life insurance policy with Virgin Money, but we can compare quotes from other leading UK insurers.

All quotes are personalised, fee-free and without obligation, insuring you found our best deal.

It's always better to get life insurance sooner rather than later. As you age, your premium costs tend to increase, so it's wise to secure it as early as possible.

By doing so, you're also ensuring that your loved ones are one step closer to being financially protected.

Why not get in touch today with one of our friendly professionals, alternatively, use our buy online service to secure a policy at your own pace.

Get FREE Life Insurance Cover Quotes »

Sources:

[1] https://www.insidermedia.com/news/national/who-is-virgin-money-and-why-is-nationwide-buying-it

[2] https://www.finder.com/uk/savings-accounts/saving-statistics

[3] https://www.sunlife.co.uk/funeral-costs/

[4] https://uk.virginmoney.com/insurance/life-insurance/lifestyle/

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