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Frequently asked questions

I’m worried I might not be able to make my payments due to coronavirus – can you help?

If you’re struggling to make your life insurance payments due to the impact of coronavirus on your livelihood, please get in touch – we’re here to help.

Don’t wait until you miss a payment and please don’t cancel your Direct Debit (it could result in you being left uninsured). Instead, speak to our team of specialists. They’ll chat to you about your individual circumstances and will do what they can to help. For instance, we may be able to move your payment dates or defer payments in the short term.

Are Virgin Money offering Life Insurance to key workers?

Yes, Virgin Money are offering Life Insurance if the following are applicable to you:

  • Your area of work or occupation is listed below and;
  • You can confirm that you have had direct contact with someone who’s been confirmed or suspected to have Coronavirus illness (COVID-19) during the course of your work only

Eligible areas of work/occupations are listed below:

  • Hospital workers, Frontline NHS staff, Paramedics or Ambulance staff
  • GP Practice staff or Pharmacists
  • Police
  • Firefighters
  • Care workers
  • COVID-19 testing site workers
  • Workers developing a COVID-19 vaccine or treatment
  • Individuals providing mental healthcare services

If you have any queries, please get in touch – we’re here to help.

If I have been diagnosed with or have symptoms of Coronavirus illness (COVID-19), what will you do?

We will assess each applicant on an individual basis based on how you have answered our questions relating to Coronavirus illness (COVID-19) in the application. This will consider a range of scenarios relating to Coronavirus illness (COVID-19) and could mean different application outcomes based on these.

If you have tested positive for Coronavirus illness (COVID-19) in the last month, your application will be postponed. You can complete a new application one month after you have fully recovered if you have been postponed cover.

What we are doing to help prevent fraud

To make our fraud prevention measure as effective as possible we get data from a wide range of industry-wide sources. We also undertake checks against public information such as the electoral register, County Court Judgments, bankruptcy or repossession information. In addition to this we carry out searches against data held by Credit Reference Agencies.

In order to prevent and detect fraud we and/or the insurer or the re-insurer may:

  • Undertake credit searches;
  • Check and/or share your details with fraud prevention and detection agencies; and
  • Share information about you with other organisations including the police, where necessary and proportionate.

If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.

We, the insurer or other organisations may also access and use this information to prevent fraud and money laundering, for example when: recovering debt and tracing beneficiaries; checking details on applications for new products and dealing with claims for all types of insurance.

Once we have this, we use state-of-the-art technology to cross-reference it with our internal databases and other external data sources, and by liaising with insurers to check information that might look suspicious.

Why do we go to all this trouble?

Fraud is something that might have a negative effect on our customers, so we’re committed to fighting against it. We are always working hard to improve our security measures, protect our customers and their personal data. It’s as simple as that.

Application checks

Should you deliberately withhold accurate information about yourself and your circumstances you could invalidate your insurance. It is essential that you honestly disclose all relevant information. Remember We/ The Insurers/ Re-Insurers do make checks on the information disclosed and can identify fraudulent behaviour.

What can I do to help protect myself from fraud?

In addition to our fraud prevention measures there are some things you can do to help protect yourself as well. We’ve listed some of these below to help you:

Keep your passwords safe

  • Don’t share them with anyone and don’t write them down
  • Use passwords which can’t be easily guessed, such as your date of birth or your children’s names
  • Create passwords which include both letters and numbers in a mix of upper and lower case
  • Use a different password for each online account you have

Always log out of any websites which hold information about you, including payment details

  • It’s important that you log out of any online accounts you have when you finish the session. This is especially important if you are using someone else’s computer, or a public one

Keep your personal information private

  • Keep your privacy settings up to date on social network sites such as Facebook to make sure no one unscrupulous can see your personal information – this is a great source of information for fraudsters!
  • Do not give out any personal details to anyone, even if the request appears to be from a legitimate source, such as your bank or insurer

Keep your bank and credit cards safe

  • It’s important to sign your bank and credit cards as soon as you receive them and keep them in a safe place
  • When using your card, make sure those around you can’t see you input your PIN into the card machine
  • Report a lost or stolen card immediately

Keep your kit safe

The points below are relevant to all devices you use to access the internet, including computers, laptops, mobiles and tablets

  • Install anti-virus software and keep it up to date. If your device should get a virus it can steal your personal information, or even take over your computer and use it to attack others.
  • Set your anti-virus software to scan files as and when you access them and to also download any available updates when you go online
  • Keep your software up to date
  • Register for your software support package

Uninstall any unwanted software

Sometimes companies may need to access your computer remotely (for example, IT companies for repair purposes). Unfortunately, fraudsters can also use this to gain access to your devices. It is always best to remove any software which you don’t need.

Take care when buying items online

It’s always best to only buy goods online from reputable companies. However, there are still a number of things to look out for to help spot a fraudulent website:

  • Does the site look genuine? Easy things to spot are; spelling mistakes, strange payment methods, pages which look odd. It’s also worth checking out any reviews
  • Always check the small print, remember if a deal looks too good to be true…it probably is!

More information

If you would like more information about how to help protect yourself against financial and cyber crime we have included links to some external websites for you to visit:

https://www.actionfraud.police.uk/individual-protection 

https://takefive-stopfraud.org.uk/about/take-five 

https://www.getsafeonline.org/ 

https://www.met.police.uk/littlemedia/ 

Who can apply?

Life insurance is available to anyone aged between 18 and 64 with a maximum end age of 80 subject to our acceptance criteria. The length of cover can be set between 5 and 40 years depending on your age.

Life insurance with Additional Critical Illness Cover is also available to anyone aged between 18 and 64 with a maximum end age of 80.

All applicants must be a permanent resident of the United Kingdom (excluding the Channel Islands and Isle of Man).

Can we get joint Life Insurance Cover?

Yes. You can apply for one plan that protects you and another person for example you and your spouse or someone you share a financial commitment with. The cash sum is payable on the first death.

A joint life policy is available with either Level or Decreasing Cover.

Can we get joint Critical Illness Cover?

Yes, this is where two people are covered by a single policy. If a claim is paid for a critical illness, the cover will cease and no further critical illness claims will be paid.

If you include Additional Critical Illness Cover a cash sum is payable if you’re diagnosed with a critical illness as defined in our policy. The sum assured is a fixed amount which won’t decrease over time. That part of your policy ends but the life element continues until the first death.

If you take your policy through a comparison website where your life cover and critical illness policy are combined this means there is only one payout. You can only make one claim, so if a claim is made upon diagnosis of a critical illness then your entire critical illness and life insurance policy will cease; a claim can therefore be made in either instance of death or diagnosis of a critical illness.

We only cover the critical illnesses we define in our policy. You can view the list of conditions insured by our Critical Illness Cover in the Policy Summary (PDF, 522KB)

Can I cover my mortgage

Our cover is not directly linked to your mortgage, as a claim cannot be guaranteed to cover the amount of debt. However we have a Decreasing Cover option that pays out a decreasing amount over time – similar to the way a repayment mortgage balance reduces.

If you have an interest-only mortgage, your mortgage amount stays the same until you repay it all at the end of the mortgage term. Level Cover could therefore be an option for this type of mortgage.

Please remember Decreasing and Level Term types of insurance only pay out in the event of death or terminal illness. It is your responsibility to have an appropriate repayment strategy in place to pay off the capital at the end of the mortgage term.

Terminal illness doesn't pay out if you're in the last 12 months of your policy.

How much cover should I get?

Everyone's needs will be different, and there is no right or wrong answer to this. Some people will have no dependants and feel they need very little or no cover – other people may have dependants and need cover to maintain their family’s lifestyle – and some will set the level of cover to premiums they can reasonably afford.

Here are some things to consider:

  • How much your family would need to support themselves without your salary.
  • The size and term of your mortgage.
  • Any other outstanding debts.
  • How much cover you already have.

If you are unsure about the amount of cover you need or type you may want to seek independent financial advice.

How long should I get cover for?

This is up to you. People often take out insurance until the date they intend to retire, their mortgage is paid off, or their children grow up and leave home.

Working back from an important date is one way of deciding how many years of insurance you need. If you are unsure on how long you should get cover for you may want to seek independent financial advice.

Can I choose who gets the money when I die?

Writing a policy in Trust makes it potentially exempt from Inheritance Tax. When you die, if the value of the things you own (your estate) is over the tax inheritance threshold limits applicable to your circumstances, you will be liable for inheritance tax at 40% on everything above these amounts. Your estate is all your assets, including any life insurance payment.

Writing the policy in Trust means life insurance payments may not be considered part of your estate and incur any inheritance tax.

There are two important benefits of putting your policy in Trust:

  • No Inheritance Tax
    When you die, if the value of the things you own (your estate) is over tax inheritance threshold limits applicable to your circumstances, you will be liable for inheritance tax at 40% on everything above these amounts. Your estate is all your assets, including any life insurance payment.

    Writing the policy in Trust means life insurance payments may not be considered part of your estate and do not incur any inheritance tax.
  • The payment to your loved one will be quicker
    If you don’t leave a policy in Trust, it’s included as part of all the things you own when you die (your estate) and goes through the legal procedure for distributing your assets (probate). Probate can take a long time, especially if you do not have a Will and have a complex estate. This would delay the life insurance payment.

    If your life insurance is written in Trust, your loved ones (the beneficiaries) can get access to your money more quickly compared to when not written in Trust.

If you’d like to put your policy in Trust, you can use our free online Trust tool. Once your policy is set up sign in to your Online Account to access the Trust tool.

The information provided above is based on current tax rules.

Are pay-outs taxed?

If your policy isn’t written in Trust, the proceeds may form part of your estate on death, and inheritance tax could be payable. If you’re concerned about inheritance tax, you might want to discuss this with a tax expert.

How do I make a claim?

The number to call is 0800 294 7576 to talk through making a claim.

We're here from 8am to 9pm Monday to Friday, 9am to 5pm Saturdays and 10am - 3.30pm Sundays.

Call charges and information
NumberCost
03 numbersSame as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbersMaximum of 7p per minute, plus your phone company's access charge.
087 numbersMaximum of 13p per minute, plus your phone company's access charge.
0800 numbersFree from UK landlines and personal mobile phones.

Calls may be recorded for training and quality purposes.

Can I cancel the policy at any time?

Of course - just call 0800 294 7575. There is no cash value if you cancel your policy at any time.

We're here from 8am to 9pm Monday to Friday, 9am to 5pm Saturdays and 10am - 3.30pm Sundays.

Call charges and information
NumberCost
03 numbersSame as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbersMaximum of 7p per minute, plus your phone company's access charge.
087 numbersMaximum of 13p per minute, plus your phone company's access charge.
0800 numbersFree from UK landlines and personal mobile phones.

Calls may be recorded for training and quality purposes.

What happens if you can't give me a quote straightaway?

If we can’t give you a quote immediately, we always aim to get back in touch within two working days. We will then either provide an initial decision to offer you cover, or ask some further questions to help us make a decision.

If we are unable to give you a decision within two working days we promise to keep you regularly updated.

While you are waiting for a decision, you are covered by our free £100,000 Accidental Death Benefit.

Read more about Accidental Death Benefit  

What are Virgin Money Lounges?

Virgin Money Lounges are designed exclusively as places for our customers and their guests to relax and unwind. Lounges offer complimentary refreshments and free use of Wi-Fi, newspapers, magazines, TVs and iPads. To see where our Lounges are based use our Lounge Locator.

Please note, Virgin Money Lounges are different to airport lounges.

If you would prefer to speak to someone, please call

0800 294 7575

We're here from 8am to 8pm, Monday to Friday, 9am to 5pm on Saturdays.

Virgin Money Life Insurance is promoted by Virgin Money Personal Financial Service Ltd and arranged and administered by BISL Limited. Virgin Money Personal Financial Service Ltd - registered in England and Wales (company no. 3072766). Registered office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. BISL Limited - registered in England and Wales (company no. 3231094). Registered office - Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS. Virgin Money Personal Financial Service Ltd and BISL Limited are authorised and regulated by the Financial Conduct Authority.