When a loved one passes away, the emotions and the grief that result mean you shouldn’t have to worry about financial needs more than necessary.
This cover means that the benefit the policyholder has chosen reduces in time.
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When a loved one passes away, the emotions and the grief that result mean you shouldn’t have to worry about financial needs more than necessary. Life insurance ensures that a certain amount of financial relief will be passed on to help alleviate financial burdens. If this is something you might be looking to obtain, Virgin Money offers life insurance products that could be right for you.
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Virgin Money is a financial services company that offers a variety of products to help people manage their money and financial security. Virgin Money’s expertise extends to savings, investments, mortgages, and pensions, and they also offer insurance products, including life insurance.
Virgin offers two primary types of life insurance with an add-on option for customers to choose:
This cover means that the benefit the policyholder has chosen reduces in time. This results in cheaper premiums, but it also means that an initial insured sum, for example £250,000, will decrease to zero by the end of the policy period. Policyholders elect for this type of term when they are looking to cover a long-term loan that also reduces in time.
If your primary goal for life insurance is to provide financial support to your beneficiaries after your death, then level term cover might be suitable. Here the payout is fixed. Premiums are typically higher than for decreasing term cover, but the payout amount for beneficiaries remains constant throughout the policy term.
This coverage provides a payout upon diagnosis of an illness or condition covered under the Virgin Money policy terms. You can add this on to either your Decreasing Term or Level Term insurance so that you are covered not just in the event of death or diagnosis of a terminal illness, but also if you get a serious medical condition you can recover from, such as cancer. For many policyholders, this additional coverage provides extra peace of mind.
We compare plans from the leading life insurance providers
| Name | Age at Application | Cover Range | Terms | Payout Trigger | Joint Cover |
| Virgin Money Level Term Life Insurance | 18-64 | £40,000 – £750,000 | 5 to 40 years | Death or terminal illness during cover period | Yes, single payout |
| Virgin Money Decreasing Term life insurance | 18-64 | £40,000 – £750,000 | 5 to 40 years | Death or terminal illness during cover period | Yes, single payout |
| Virgin Money Critical Illness Cover | Not specified | Up to £750,000 (10-100% of life cover) | 5 to 40 years | Diagnosis of a covered illness | No |
Defaqto ratings are an independent assessment of financial products, helping consumers understand the quality of different offerings. A 5-star rating indicates an excellent product with a comprehensive range of features and benefits. These ratings are current as of March 7, 2025.
Virgin Money’s life insurance products have received a mix of Defaqto ratings. Their direct life assurance plan stands out with a top 5-star rating. This signifies a high-quality product in this category.
When comparing Virgin Money to major competitors, some differences emerge. Aviva and Legal & General, for example, frequently achieve 5-star ratings across a broader range of life insurance and critical illness products, including level and decreasing term options. Zurich also demonstrates strong performance with numerous 5-star ratings.
For consumers, these ratings suggest that Virgin Money offers a strong direct life assurance product. However, for decreasing and level term life insurance, and critical illness cover, while still rated as 3 or 4 stars, it’s worth comparing them against providers like Aviva, Legal & General, and Zurich, which consistently achieve the highest Defaqto ratings across various policy types. This comparison can help ensure you find the most comprehensive cover for your specific needs.
Note: Policyholders must reside in England, Wales, Scotland, or Northern Ireland (excluding Isle of Man and Channel Islands).
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (decreasing) | Life Insurance With Critical Illness | 3 |
| Critical illness (level term) | Life Insurance With Critical Illness | 3 |
| Life assurance (direct) | Life Insurance | 4 |
| Life assurance (decreasing) | Life Insurance | 3 |
| Life assurance (level term) | Life Insurance | 3 |
