Virgin Money's New Life Insurance Policy Reviewed
Virgin Money's New Life Insurance Policy Reviewed
Virgin has made waves in just about every industry they've entered, using their solid financial backing and unique approach to business to offer good quality products at low prices with good service. Virgin's latest business foray is into life insurance, and today we look at how the new Virgin Money life insurance policy compares with others in the market generally.
Guaranteed Acceptance!
One of the fantastic features of the new Virgin Money policy is the guaranteed acceptance policy for all customers aged between 18 and 65. This policy becomes financially viable for them with the exclusion of claims for pre-existing conditions for the first five years of the policy.
No Medical Information Required
Virgin's life insurance policy offers applicants the option of not answering any health or lifestyle questions in their application. This is quite rare among life insurance policies, but that doesn't necessarily give Virgin an edge. Life insurance policies that are offered without any review of health-related information will find it extremely difficult to calculate risk, and those in average health will end up subsidizing those in poor health, pushing prices up across the board. The maximum benefit is reduced for those who do not answer health and lifestyle questions, and death due to a dangerous occupation, a dangerous pastime or a criminal activity is never covered.
However, Virgin Life Insurance does offer the option of giving health and lifestyle information in order to tailor your cover and reduce premiums - this would be recommended for most people with average risk and in an average state of health.
30 Day Money Back Guarantee
This Virgin life insurance selling point is actually just an extension of the government mandated 14-day cooling off period that must be offered on all life insurance policies. Attentive customers who are motivated to get the best life insurance will probably not take longer than 14 days to review their policy documents, anyway!
Cash Payouts Pending Claim Approval
Virgin life insurance offers a cash payout of $10,000 while the main claim is being reviewed, to help assist with death expenses.
This is not unique in the life insurance industry; most good insurers offer cash payouts upon death that are supposed to help with funeral expenses. Virgin's product is one of several that offer cash payouts that allow you to spend the money on whatever is necessary.
Affordable Life Insurance ...?
All life insurance policies are affordable for those who are relatively young and in good health. Virgin often markets themselves as being good value at low prices, and while this is generally true, you should always shop around. Mums in Life Insurance Bubbles: Are You One? Life Insurance Leads Conventional life insurance or ULIPs? Term Life Insurance Solved Level Term Life Insurance Information - A Way To Obtain One Expensive City Life: Should You Fork Out for Insurance? Should Gen Y Say 'Why?' to Life Insurance Australia's Wild Weather - Is the Noughties' Climate Making Life Insurance More Necessary? Pet Care Insurance- Get the Facts Purchasing Life Insurance Isn't as Hard as Complicated as You Think It Is How to Purchase Life Insurance What Is Life Insurance and How Does it Work? How Is An Excellent Life Insurance Premium Calculator Performing?