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It depends on your personal circumstances. Some things to take into account are:
Or another way to approach it is to think how much you want to pay each month. Put that in our Quick Quote and see how much cover you’d get for your money.
You bet. If you’ve got a repayment mortgage, we can set up your cover so it reduces during the term, similar to the way your mortgage goes down, which will make your premiums cheaper. (Just so you know, we base decreasing cover on the assumption that a repayment mortgage has a yearly interest rate of 10%. Which should be to your advantage, as long as your mortgage rate is below 10%)
If you've got an interest only mortgage, your mortgage amount stays the same until you repay it all at the end. Level cover is designed to cover this type of mortgage.
If you’ve got a mix of both these types of mortgage, just give us a call.
If you’re buying a house, Virgin Life Cover can give you 90 days of free life insurance up to £250,000 to cover you between exchange of contracts (or if you’re buying in Scotland, from the date the missives are concluded) and mortgage completion. That way you’re protected but won’t have to start paying for your insurance until your mortgage starts.
Sorry but free life cover doesn’t apply to remortgages and doesn't provide cover for terminal illness.
If you’ve been diagnosed with a terminal illness, get in touch with us and we’ll help you fill in a claim form and contact your doctor for all the info we need.
If you die your family or estate should call or write to us as soon as possible, and we’ll let them know what we need to sort out the claim.
Sure thing. You can do this by filling in a trust form. By putting your policy under trust, if you died any life cover pay-out would go straight to those you want, quicker and with less fuss. It would also protect the pay-out from inheritance tax (under current tax rules). If we haven’t sent you a trust form and you’d like one, just give us a shout.
If you’re applying for Virgin Life Cover with a partner, you both jointly own each policy so any pay-out would automatically go straight to your partner, without you having to put it under trust. If you're considering inheritance tax planning though, you might want to speak to a solicitor about how best to set this up.
Afraid not. The policy provides life and terminal illness cover only and there’s no cash-in value. At the end of your policy term, you stop paying premiums and your cover ends.
It's because the statistical probability of a male making a claim under a policy is different to that of a female. Hence the different cost of insurance for males and females. For more information click here.
