Life insurance helps you protect those you love, even when you're no longer around. Get your free no obligation quotes.
Life insurance pays out a lump sum of cash upon your death, so that your loved ones can carry on their lives, without added financial burden.
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There are various types of life insurance policy available. Standard life insurance, critical illness, mortgage cover, single or joint policies over various years. Request a call back from our advisors if you'd like some help.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love. Life Insurance will provide a lump sum to help with the mortgage and other household bills.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love - and this is exactly what Life Insurance is for.
Life Insurance provides financial protection to your loved ones in the event of your death. No one likes to think about dying, which is why many of us either delay or fail to take out a policy when the time is right.
Without life insurance, the income you once provided for your family goes with you when you die. This could leave your family in a financial crisis at a time when they already have so much to cope with.
What length of life insurance policy should I choose?
Most people usually take out life insurance that lasts until some key date in the future. It could be when they intend to retire, when their mortgage is paid off, or when they feel their children may leave home.
Should I get a joint life or single life insurance policy?
Joint life insurance policies are available, but advisers will typically recommend two single life insurance policies as they usually cost hardly any extra and will provide double cover. (This means that if both people die together, both policies pay out, rather than just one joint policy).
Policies that include critical illness cover are almost certainly better split into two separate life insurance plans. For example, if one person is diagnosed with an illness like cancer, their partner will not want their insurance to be lost, which would be the case on a joint life, first claim policy.
Critical Illness Cover
If you are looking for a life insurance policy, then you might also want to consider adding critical illness cover. It’s a very popular option. Sadly, at least one in five men and one in six women will suffer from a serious medical condition at some stage in their lives.
How does critical illness insurance work?
Critical illness cover provides a lump-sum payment should you become seriously ill with a condition covered by your policy. Cover can be added to a life insurance or mortgage protection policy.
Most critical illness policies cover at least seven major medical conditions including cancer, heart attack, multiple sclerosis, stroke, major organ transplants and kidney failure.
The benefit is tax free and can be used to replace your income, help pay off your mortgage, help you cope with bills and living expenses and let you concentrate on getting better.
Mortgage Protection Insurance
If you have a partner, loved ones or dependents who rely on your income, and the house you live in is covered by a mortgage, then making plans as to how it will be paid in the event of your death is crucial. The solution to this problem is mortgage protection insurance.
Mortgage protection insurance, also known as mortgage life insurance and decreasing term life insurance, is designed to repay the outstanding balance of a standard repayment mortgage if you were to die during the period of cover. This means your family won't have to worry about continuing to pay the mortgage following your death.
What is the difference between decreasing term and level term life assurance?
Decreasing term life assurance is the cheapest form of life assurance. As time passes, and your mortgage debt reduces, the payout on death also reduces leaving your dependants with the money to pay the rest of the mortgage. Level term cover, which tends to be more expensive, pays out a set lump sum during the mortgage term.
Virgin Money is a banking and financial services brand operating in the United Kingdom.
The Virgin Money brand was founded by Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value personal equity plan into the market. In the 2000s Virgin Money expanded its operations around the world. Virgin Money announced plans to become a retail bank, and attempted to purchase Northern Rock in 2007 before it was nationalised by the British Government.
Virgin applied for its own banking licence from the Financial Services Authority in 2009, and gained one through the acquisition of Church House Trust the following year. Virgin bought Northern Rock in January 2012 and rebranded the business as Virgin Money
In June 2018, Virgin Money agreed to a takeover by CYBG plc which was completed in October 2018. Virgin Money was merged into Clydesdale Bank plc on 21 October 2019, continuing as a trading name and operating under Clydesdale Bank plc's banking licence. It is planned that between December 2019 and late 2021, Virgin Money UK plc will phase out the Clydesdale Bank, Yorkshire Bank and B brands in favour of the Virgin Money brand.
Your Virgin Money policy is arranged by BISL Limited and administered by BISL Limited on behalf of Scottish Friendly Assurance Society Limited. BISL Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No. 3231094. BISL Limited Registered Office: Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.
They offer two types of Virgin Money Life Insurance
As the name suggests, Level Term cover provides a level amount of protection over the term of the policy. If you selected £100,000 of protection at the start of the policy for 25 years, you would be covered for this amount until the policy ended 25 years later. Typically used to pay off an outstanding interest only mortgage or provide a fixed amount of money which won’t decrease over time.
Decreasing Term could provide you with the cover amount you need right now, then gradually decreases as the policy ages. If you select £100,000 of protection at the start of the policy for 25 years, gradually this will reduce down to £0 by the end of the policy 25 years later. Typically used to pay off a repayment mortgage, or provide an amount of money which decreases over time
The monthly premiums for both policies are fixed at the start of the policy depending on the amount, type and length of cover you choose. The monthly premium on Decreasing Term will be comparatively cheaper than Level Term, as it offers less protection as the cover reduces across the term of the policy.
You can also choose to add Critical Illness Cover to your Life Insurance. If you choose to add Critical Illness to your policy the sum assured is a fixed amount which won’t decrease over time. They only cover the critical illnesses they define in our policy.
Virgin Money Life insurance is available to anyone aged between 18 and 64 with a maximum end age of 80 subject to their acceptance criteria. The length of cover can be set between 5 and 40 years depending on your age, but cover must stop before your 80th birthday.
Virgin Money 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).
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.
The maximum sum Virgin Money offer is £750,000. However, the amount you can cover will vary depending on your age and circumstances.