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Legal & General life insurance review
10 min
Award-winning life insurance provider Legal & General were…
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.
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).
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 site | Number of reviews | Rating |
---|---|---|
| 7,583 | 2.0 -'Poor' |
(Correct as of 29/05/24)
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 site | Product | Score |
---|---|---|
![]() | Life insurance | 80.02% |
![]() | Life insurance |
|
(Correct as of 29/05/24)
Reassured’s life insurance comparison service is rated “Excellent” on Trustpilot from over 77,000 reviews.
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.
Decreasing term life insurance
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.
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:
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 .
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.
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'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.
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.
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.
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:
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 |
|
|
|
---|---|---|---|
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.
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.
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.
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.
[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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