Virgin Life Insurance
Protecting all Aussies
News
VIRGIN LIFE INSURANCE LAUNCHES
- Virgin Life Insurance guarantees cover for all Australians aged 18 to 65
- New Mums and Dads offered the chance to share in $10 million worth of cover
Virgin Money is offering Australians vital financial protection with the launch of Virgin Life Insurance today, committing to address the country’s frightening financial apathy which is set to cost the federal government $1.3bn over the next 10 years according to the latest Lifewise/NATSEM Underinsurance Report.
Policies start from as little as $2.31 a week, the equivalent of a cup of coffee or a weekend paper. The guaranteed acceptance feature of Virgin Life Insurance means any Australian aged 18 to 65 is eligible for cover. Pre-existing conditions are subject to a 5-year exclusion period, after which those declared pre-existing conditions are covered under the policy.
In addition to the quick and easy guaranteed option, customers can opt for a tailored option, whereby they could reduce their premiums further by disclosing more information about themselves.
Matt Baxby, Managing Director of Virgin Money Australia, said:
Life insurance in Australia needs a boost. The latest Lifewise/NATSEM Underinsurance Report found that a startling 95 per cent of families do not have adequate life insurance cover. We’re committed to raising awareness about the staggering number of Australians who are not prepared if the worst were to happen.
Virgin Life Insurance is here to dispel the myth that getting life insurance protection is hard we’ll guarantee cover in minutes through our application online or over the phone with no lengthy forms or intrusive medicals. Cover can be yours in a matter of minutes.
Getting financial protection for the family if they were to lose the main breadwinner should be quick and easy. That’s what we’re about dealing with myths and breaking them.
To mark the launch, Virgin Money is giving new Mums and Dads the chance to win free life insurance cover for a year, sharing in cover worth $10 million. Having a child is a key trigger to think about obtaining life insurance, along with other major financial decisions like buying a house.
Instead of just talking the talk, we wanted to walk the walk. We thought we’d show Australians how serious we are about their financial protection by giving away $10 million worth of life insurance cover to Mums and Dads who have recently started or added to their family, Baxby added.
Mums or Dads who have recently had a baby, or are about to have a baby, can enter the competition to win a year’s worth of life insurance cover at www.virginmoney.com.au.
John Brogden, speaking on behalf of Lifewise, a consumer awareness campaign aimed at educating Australians on the importance of adequate life insurance, remarked: Underinsurance is a very real issue in Australia. While many Australians have some level of cover in their superannuation fund, default levels are often inadequate when it comes to providing financial security should the unexpected happen. This is particularly alarming given that according to the Lifewise/NATSEM Underinsurance Report, one in five families will be impacted by the death of a parent or a serious accident or illness that renders a parent unable to work.
To address the underinsurance issue, the industry needs to work together to educate Australians so they can make informed decisions to appropriately protect themselves and their families against financial hardship.
The launch of Virgin Life Insurance is the next step in Virgin Money’s ambition to offer a genuine alternative in personal finance in the areas of banking, investment and insurance. The new product complements Virgin Money’s existing car insurance product, as well as Virgin Money’s credit cards, savings and superannuation portfolio. Virgin Life Insurance will be offered through a new alliance with TOWER Australia.
For more information or interview opportunities, please contact:
Nick Larkworthy
PR Manager
Virgin Money Australia
(02) 8249 8006
About Virgin Money
Virgin Money is the financial services arm of Sir Richard Branson’s Virgin Group. Established in Australia in 2003, Virgin Money offers a range of financial products including credit cards, savings accounts, superannuation, car insurance and now, life insurance. Virgin Money promises to offer customers a great value, honest and transparent alternative in personal finance. For more information, visit www.virginmoney.com.au.
About TOWER Australia
Virgin Life Insurance is made possible through an alliance with TOWER Australia, a specialist life insurance company with in-force premiums of more than $1.2 billion. Since the launch of Virgin Life Insurance in February 2011, TOWER has changed its name to TAL and remains as committed as ever to making life insurance a well understood and valued part of people’s lives.
About Lifewise
Lifewise is a public awareness campaign to raise awareness of Australia's high levels of personal underinsurance. Through the Lifewise website, www.lifewise.org.au, Australians can find out how to take appropriate steps to protect themselves from the financial hardship of underinsurance. Lifewise/NATSEM research has shown that 1 in 5 working Australian families will be impacted by the premature death, accident or illness of a parent.
