Virgin Money Life Insurance Review 2025
Virgin Life Insurance is one of the over 400 companies in Virgin Group Limited, the British-branded venture capital conglomerate founded by Richard Branson.
Initially called Virgin Direct, the company began in March 1995, and by 1997, it was already changing the industry.
This company was the first to pledge not to request genetic test results from life insurance applicants. Virgin Money Life Insurance is now 100 per cent owned by Richard Branson and offers various insurance, banking, and investment products. Over 75% of applicants get a rapid decision with zero medical evidence required.
We hope you find our Virgin Money life insurance review helpful. If you want a free comparison quote, please click here or complete the short form below.
Is Virgin Money A Good Choice Of Cover? Compare Leading Life Insurance Companies Below – No-Obligation
Popular online review platforms customer experiences with Virgin Life Insurance
| Review Platform | Review Quality And Number |
|---|---|
| Trustpilot | 9,770 Reviews With An Overall Rating Of Average. |
| SmartMoneyPeople | A Score Of 3.50 Out Of 5. Based on 1,680 aggregate reviews. |
| Fairer Finance | A claims score of 90.35% and an overall rating of 85.65% |
Without life insurance protection, would your loved ones be able to do the following if you weren’t around to make a financial contribution?
- Pay off the mortgage.
- Clear any outstanding debts in your name
- Fund their current lifestyle
- Buy a new home
- Plan for a funeral
- Deal with inheritance tax
In September 2009, Virgin Money began collaborating with Friends Provident to offer new life insurance products to UK residents aged 18 to 64. Life insurance policies are offered and administered by Friends Life Limited, which has a 200-year history of protecting UK consumers.
Level and Decreasing Term Coverage
Virgin Money life insurance Level term coverage features a cash benefit and monthly premiums that remain the same for the duration of the policy term. The lump-sum benefit provided by a level-term policy is designed to help with beneficiaries’ mortgages, childcare, and living expenses.
With decreasing term coverage, the cash benefit decreases during the term, but monthly premiums remain the same.
The benefit typically reduces in line with a repayment mortgage because the cash sum is intended to repay this debt. Both types of coverage are flexible, allowing the insured to increase coverage levels to accommodate life changes.
Coverage may be taken on a single or joint life basis with a civil partner, spouse, or someone with whom a financial commitment is shared. A joint life policy pays the benefit upon the first death or terminal illness diagnosis, and the coverage ends.
Virgin Money’s life insurance premiums are fixed for the duration of either policy and begin at £5 per month.
Level-term policyholders under age 50 and in good health can increase coverage level (up to age 55) due to marriage or civil partnership or birth or adoption of a child without providing additional information regarding lifestyle, job, or health.
With level and term life policies, an insured person under age 50 and in good health has the option (up to age 55) to elect additional coverage or term extension for mortgage-related changes.
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What is the approximate cost of cover from Virgin Money for a non-smoker?
| Your Current Age | Cost Of Cover Per Month |
| 20 | £3.21 |
| 25 | £3.95 |
| 30 | £5.24 |
| 35 | £7.32 |
| 40 | £10.43 |
| 45 | £17.15 |
| 50 | £27.45 |
What is the approximate cost of cover from Virgin Money if you smoke?
| Your Current Age | Cost Of Coverage Per Month |
| 20 | £4.99 |
| 25 | £6.46 |
| 30 | £8.91 |
| 35 | £13.37 |
| 40 | £22.85 |
| 45 | £39.08 |
| 50 | £61.04 |
Virgin Money Critical Illness Cover
Virgin Money’s Critical Illness Cover is an optional addition to a life insurance policy, providing financial support if you are diagnosed with a defined critical illness during the policy term.
The payout, a fixed sum, can assist with medical expenses or compensate for income loss.
Key Features
- Covered Illnesses: Includes conditions such as cancer (excluding less advanced cases), heart attack (of specified severity), stroke, major organ transplant, and Parkinson’s disease, among others. All illnesses must meet specific conditions outlined in the policy.
- Standards Compliance: The policy aligns with the Association of British Insurers’ Guide to Minimum Standards for Critical Illness Cover.
- Fixed Payout: The assured sum remains constant throughout the policy term if additional coverage is selected.
Example Conditions Covered
- Aorta graft surgery, benign brain tumours, kidney failure requiring dialysis, blindness, and more.
- Permanent and severe conditions like motor neuron disease, multiple sclerosis, and third-degree burns.
Additional Resources
They also provide tools to estimate coverage needs, answer common questions, and guide on making claims. Customers can access their FAQs, contact details, and additional policy-related content for further support on their website.
Terminal Illness
A terminal illness benefit is included with both fixed and decreasing term policies. The cash benefit will be paid early if the insured is diagnosed with a terminal illness at least 18 months before the policy term ends and has no longer than 12 months to live.
In some cases, individuals will receive free accidental death coverage for up to 60 days. Those purchasing a home will receive up to £200,000 of free life coverage for as long as three months to cover the time between contract exchange/missives conclusion and completion of the mortgage.
While conducting our Virgin Money life insurance review, we discovered that an insured may elect a premium waiver option for an extra charge. This allows premium payments to be waived if the individual cannot work for more than six months due to injury or illness. This option is available for both single and joint policies.
A joint policy can establish the waiver for one person or both people insured.
Consumers should consider the financial commitments of surviving family members when considering how much coverage they need.
If a policy is required to cover a repayment mortgage, then a decreasing term plan is appropriate. If the individual has an interest-only mortgage, a level-term policy is recommended.
If the family has other debts and relies upon the insured’s salary, the coverage level should reflect this. Some consumers prefer to select coverage based on monthly premiums, which Virgin Money can accommodate.
How Long For A Policy?
Most consumers select a policy term that lasts until a key date, such as retirement, mortgage repayment, or children reaching adult status. The longer the term, the higher the premiums, so careful thought is recommended before settling on a specific period.
Consumers select different coverage levels based on whether they are newly married, purchasing a home, changing jobs, or starting a family. They can also protect an individual policy from inheritance tax by completing a trust form. A joint plan automatically pays the other insured.
Virgin Money life insurance policies do not have cash-in values. If the insured stops making premium payments, the policy will terminate, and the premiums paid will not be refunded. The coverage ends without a refund if the insured outlives the policy term.
During the policy lifetime, the insured may be able to extend the coverage term.
We explore the Virgin Money level and decreasing term life insurance plans when we conduct our comprehensive market scan.
Virgin Life Insurance Conclusion
Life insurance is one of the most important things you can do to protect your loved ones. If something happens to you, life insurance pays out either a lump sum or regular payments, giving your dependents financial support.
This can be a huge lifesaver for families struggling to make ends meet after losing a breadwinner.
We all like to think that we’re immortal, but the truth is that none of us knows what tomorrow will bring. That’s why it’s so important to have life insurance in place, just in case.
Luckily, getting life cover is more accessible and affordable than you think. Get a no-obligation free quote today and learn how easy it is to protect your family with life insurance.
We hope you found our Virgin Money life insurance reviews insightful. Complete and submit the quote request form on our website to begin our search for the most comprehensive, lowest-priced life insurance policy available. We do all the work, so you can relax!
If you would prefer to read more about the best life insurance plans currently available in the UK, please click this link.
Virgin Money Life Insurance Underwriter Further Information:
Registered office – Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. BISL Limited. (company no. 3231094).
Telephone Number: 0800 294 7575
