Virgin Life Insurance Review 2023

When a loved one passes away, the emotions and the grief that result mean you shouldn’t have to worry any more about financial needs than you need to.

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When a loved one passes away, the emotions and the grief that result mean you
shouldn’t have to worry any more about financial needs than you need to. Life
insurance ensures that some certain amount of financial relief will be passed on
to help in whatever way it can. If this is something you might be looking to
obtain, Virgin Money offers life insurance products that could be right for you.

Who Are They?

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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. In addition to
expertise in savings, investments, mortgages and pensions, they also provide
insurance in a number of areas including Life.

What types of life insurance does Virgin Money offer?

Virgin offers two primary types of life insurance with an add-on option for
customers to choose:

Decreasing Term Cover

This cover means that the benefit the policyholder has chosen reduces in
time. A consequence of this is a cheaper premium option, but obviously means an
insured sum of £250,000 will reduce to nil when the policy period is up.
Policyholders elect for this type of term when they are looking to cover a
long-term loan that also reduces in time.

Level Term Cover

If you are purchasing life insurance in order to purely be a helping hand to
your beneficiaries on your passing, then level term cover might be the option
for you. Here the payout is fixed. Usually the premiums are higher than
decreasing term cover, but at the same time the amount fo payout potential
beneficiaries receive will not reduce either.

Additional Critical Illness Cover

This pays out upon diagnosis of a covered illness or condition as per the Virgin
Money product wording. 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.

Virgin Money Life Insurance Product Offerings

We compare plans from the leading life insurance providers

Name Age Range at Application Cover Range Terms Pays Out Joint Cover
Virgin Money Level Term Life Insurance 18-64 £40,000 – £750,000 5 to 40 years If you die or get a terminal illness during the cover period Yes, but the policy will only be paid out once
Virgin Money Decreasing Term life insurance 18-64 £40,000 – £750,000 5 to 40 years If you die or get a terminal illness during the cover period Yes, but the policy will only be paid out once
Virgin Money Critical Illness Cover Not specified Up to £750,000 (10-100% of life cover) 5 to 40 years If you’re diagnosed with a covered illness or condition No

Life Insurance Features

  • Pays out a lump sum on death or on diagnosis of a terminal illness
  • Can choose between single or joint policyholders
  • Two policy types available:
    • Level Term, Decreasing Term
    • Critical Illness Cover option

Additional Benefits

  • Childhood Critical Illness will be included as standard if Critical Illness
    Cover is taken up. so, In the event your child gets diagnosed with a critical
    illness, the policy will respond, paying a lump-sum (the amount you receive will
    be in your policy documentation). Childhood Critical Illness cover is not
    available as a standalone product but is included as part of Critical Illness
    cover when taken as an add-on.
  • Access to Virgin Money Lounges: designed exclusively for Virgin Money
    customers and their guests to relax and unwind. Lounges offer complimentary
    refreshments, free Wi-Fi, newspapers, magazines, TVs and iPads.
  • Over 70% of applicants get an instant decision with no medical evidence
  • Free Standard Will writing service
  • Free ‘Loved ones’ email service to help those closest to you make a claim
    (only available when you sign up to use online service)

Coverage Summary

Minimum Coverage Limits

  • £40,000

Maximum Coverage Limits

  • Level/Decreasing Life Cover: £750,000
  • Critical Illness Cover: Up to £750,000
    • This pays out a cash sum should a policyholder be diagnosed with a
      covered critical illness during the term of the policy
    • This cover can be combined with life insurance so that policyholder will
      be covered both in the event of death, terminal illness, or the diagnosis of a
      critical illness during the policy period

Minimum and Maximum Ages/Policy Term

  • Minimum age 18, maximum age 64
  • Maximum Term: 40 years or until your age is 79

Why Might Virgin Not Payout?

  • Failure to provide accurate policyholder details given at time of
  • Self inflicted injury or suicide within 12 months of the policy start date
  • Terminal illness diagnosed within the last 12 months of the policy term
  • If you have chosen to add on Critical Illness Cover, a diagnosis for valid
    payout must be for an illness listed on the policy document
  • Missing scheduled premium payments

N.B. Policyholders must reside in England, Wales, Scotland or Northern Ireland
(not including the Isle of Man or the Channel Islands)

Defaqto Rating 2020:

Three Stars (out of five), i.e. a standard product providing an average level of
features and benefits


  • Flexible coverage options available, with different Term Covers (Level or
    Decreasing) to suit your needs
  • Also able to choose between single or joint coverage for a cost-effective
    way of protecting both yourself and your partner
  • Instantaneous decision upon application for most potential policyholders
  • Good extra features of coverage such as inclusive Child Critical Illness
    cover (upon take-up of Critical Illness cover for policyholder), a free will
    writing service, and a complimentary email service to help a policyholder’s
    beneficiaries upon making a claim
  • Access to Virgin Money Lounges across the UK to unwind at


  • Maximum terms of either 40 years or until you reach 79 years old, whichever
    is sooner. Some insurers offer whole of life coverage
  • Maximum cover is £750,000, which for some is not enough to keep their family
    financially secure in the event of their death

Defaqto ratings

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
Defaqto ratings were reviewed on 01/10/2023