Virgin Money has launched Virgin Life Insurance, adding to its offerings in the banking, investment and insurance sector. The new life insurance product will be provided through TOWER Australia. It features guaranteed cover to give more Australians access to life insurance.
The deal is that Virgin Money will lend its brand, product development and customer service expertise to the alliance, while TOWER Australia will provide the infrastructure and hold all policies on their books.
Policies with Virgin Life Insurance start from $2.31 a week. The guaranteed acceptance feature of Virgin Life Insurance means any Australian person aged 18 to 65 is eligible for cover. Pre-existing conditions are subject to a five-year exclusion period, after which those declared pre-existing conditions are covered under the policy. Customers could also opt for a tailored option, whereby they could reduce their premiums further by disclosing more information about themselves.
The launch of Virgin Life Insurance complements Virgin Money’s existing car insurance product, as well as Virgin Money’s credit cards, savings and superannuation portfolio.
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.
About TOWER Australia: TOWER Australia is the largest independent life insurance provider in Australia. It has in-force premium of more than $1.2 billion and is committed 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 under insurance. Lifewise helps Australians take appropriate steps to protect themselves from the financial hardship of under-insurance. 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.
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