Virgin money launches life product

By Staff Writer

This week Virgin Money launched a life insurance product which can be taken out directly over the phone or online. Vinay Padayachee, managing director of Virgin Money South Africa (pictured), said that the product was simple enough for consumers to understand which is why wasn’t being distributed via the broker channel.


“It’s also more cost effective because of the efficiencies gained through going direct and there are no broker commission fees, which could amount to up to 22%,” said Padayachee.


Premiums are guaranteed for the first 24 months on the same risk profile and could provide cover of up to R10 million. “Included with the policy is a R25 000 funeral benefit, which is paid out within 48 hours following the customer’s death; a R5000 memorial benefit to assist with buying a headstone for the unveiling on the anniversary of a successful claim; and a product that ensures that customers have access to confidential testing and treatment within the critical 72-hour window period after potential accidental exposure to HIV,” said Padayachee.


Those who have been diagnosed HIV positive will also be offered cover. “We do cover HIV [sufferers],” said Padayachee. “But we have a separate product as we underwrite them with a different risk profile.”  


“Customers could also receive a terminal illness benefit, which pays out if the customer falls terminally ill and their life expectancy is less than 12 months.  Customers may also qualify for a guaranteed assurability benefit to increase their cover amount when they experience a lifestyle change, without the need for further underwriting. For additional peace of mind, customers can choose to add disablement and dread disease cover,” added Padayachee.

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