Virgin Money Life Insurance Review
This article was last updated:
Our experts review costs, policy features, and customer feedback on Virgin Money's range of Life Insurance policies.
This article was last updated:
Our experts review costs, policy features, and customer feedback on Virgin Money's range of Life Insurance policies.
Founded by entrepreneur Richard Branson, Virgin Money offers a wide variety of insurance products in the UK and Australia.
Virgin Money "Family & Lifestyle" Life Insurance has received a 4-star rating from Defaqto, and prices start from as little as £5 per month.
You can get up to £1,200 cashback on Virgin Money Life Insurance at Quidco 🤯
Find out if Virgin Money Life Insurance is one of the Top 10 Best Life Insurance Companies, according to a leading UK life insurance broker's research.
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Virgin Money was founded in the 1990s, but was a relatively small player until it acquired Northern Rock, a troubled UK bank, in 2o12, which significantly increased its customer base and the extent of its operations.
In addition to life insurance, Virgin Money offers a wide range of products and services including credit cards, savings accounts, mortgages, and insurance. Like other Virgin-branded services, Virgin Money aspires to be known an innovative and customer-friendly approach.
Today, Virgin Money is part of CYBG Plc, a major player in the UK financial services market, which also owns Clydesdale Bank and Yorkshire Bank.
Virgin Money offers a small, straightforward range of term life insurance policies.
It is also possible to add critical illness cover when you buy a life insurance policy from Virgin Money, but the company does not offer income protection in the UK.
The cost of life insurance from Virgin Money depends on a number of factors, including the age of the customer. For example, the company says that a 30-year-old male non-smoker in good health could expect to pay as little as £5 per month for a policy with a £200,000 payout over a term of 20 years.
Virgin Money Life Insurance seems to have a mixed reputation among its customers, with some being very satisfied and others being very dissatisfied.
Some customers have praised Virgin Money for their easy and quick application process, their competitive prices, their friendly and helpful customer service, and their generous cover options.
Others have complained about Virgin Money for poor communication, long waiting times and lack of flexibility – even calling staff "incompetent".
On Trustpilot, Virgin Money scores 1.2/5 from 5,100 reviews – although it's important to note that many of these customer reviews are not for its life insurance products.
Some additional benefits of buying life insurance from Virgin Money include:
In addition, the company says it searches death records regularly, to ensure that no valid claims are left unpaid (for example, if relatives did not know about or had forgotten the life insurance policy).
Some customers have reported in reviews that Virgin Money paid their claims without any hassle, while a few have experienced delays or rejections due to missing documents, medical history, or policy exclusions.
According to the data from the Association of British Insurers (ABI), Virgin Money paid out 98% of life insurance claims in 2018. This is marginally higher than the industry average of 97%.
"I'm so glad I bought life insurance from Virgin Money. It's one less thing to worry about and I know my family will be taken care of if something happens to me."
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
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