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Virginmoney.com Life Insurance is designed to pay out a lump sum to cover your debts and make sure your family could cope if you died. You can put this plan under trust, which could help your family avoid inheritance tax.

Who can apply for Virginmoney.com Life Cover?
Anyone aged between 18 and 65 who lives in the UK.

How much cover do I need?
You can use Virginmoney.com's calculator to help you work this out.

How can I pay?
By direct debit.

What about charges?
The price Virginmoney.com charge is based on the information you give them. They keep their charges as low as business sense allows, but of course they include an allowance to cover costs in setting up and running your plan.

Can Virginmoney.com life insurance cover an interest-only mortgage?
Yes, but the plan provides you with life insurance only (and serious illness cover if you've chosen to include this). It will only pay out if you make a valid claim. You should always have another means of repaying your interest-only mortgage, for example an ISA or another investment product.

Why is Virginmoney.com's serious illness cover limited to 20 conditions?Because Virginmoney.com believe those are the most common conditions severe enough to stop you working for a long time. By limiting the conditions they cover to suit the vast majority of people, they have brought the price down to an affordable level.

Will payouts be taxed?
Under current rules no tax will be deducted from any payment Virginmoney.com make as a result of claims from serious illness cover. Depending on individual circumstances, some life insurance claims may be subject to inheritance tax. You can normally avoid this by putting your plan under trust. Virginmoney.com can help you do this by sending you a trust form once your insurance is set up.

Can I choose who will receive the money if I die during the period of protection?
Yes. You can include it in your will or put your plan under trust. Putting your plan under trust can help speed up the process of paying the money to your beneficiaries and based on current tax rules, they won't need to pay inheritance tax. (The current amount you can inherit before paying tax is only £255,000.)

Do I get any money back if I don't die or fall seriously ill before the end of my plan?
No. The plan provides life insurance only and there is no cash-in value at any time. It has no savings content.

What happens if I stop making payments?
If you cancel your direct debit payments your cover will stop. You won't be insured and no money will be returned to you.

Does Virginmoney.com give discounts for joint life cover?
Joint life cover isn't something Virginmoney.com offer at the moment, but if you and your partner take out separate life insurance policies at the same time they can give you a discount. To get the discount you'll need to apply over the phone.

What happens if I change my mind?
Not a problem. Once your insurance is set up, Virginmoney.com will send you a 'Notice of the right to cancel'. You'll have the right to cancel your plan up to 14 days from the date you receive this notice.

If I want to apply online, will my personal details be secure?
As security is so important when using the internet to purchase products, Virginmoney.com have incorporated a high level of protection to give you peace of mind when you apply for any Virginmoney.com Money products. Here are details of some of the security measures they have in place:

• Firewalls - We use special pieces of equipment called Firewalls which are a combination of specialised hardware and software. They are used to strictly control access between our networks and the Internet.
• These Firewalls monitor all traffic passing both into and out of our network and block potentially dangerous connections from would-be intruders, hackers and other unauthorised users.
• Encryption - All information sent between your computer and our server when using Online service is scrambled into a special code using 128-bit encryption. Encryption is a way of encoding information so that it cannot be read if it is intercepted by a third party as it travels over the internet. When the information arrives at the correct destination (i.e. your computer or our server) the code is unlocked and the information can be used. This is the most secure practical way of protecting the information you send and is used throughout the industry to protect sensitive information.

Serious illness cover

You can add serious illness cover to either of the above. To keep your premiums as low as possible, Virginmoney.com have identified the 20 most serious conditions likely to stop you working for a long time. These are:
Heart attack, cancer, stroke, coronary artery bypass surgery, kidney failure, major organ transplant, multiple sclerosis, loss of hearing, loss of sight, loss of speech, loss of limbs, paralysis, benign brain tumour, coma, major burns, motor neurone disease, Parkinson's disease, Alzheimer's disease, and any other condition that leaves you with a permanent and total disability or a terminal illness.

If you're diagnosed with any one of these, serious illness cover will pay you the same lump sum as if you'd died

• Virginmoney.com serious illness cover will only pay out if you are diagnosed as having suffered one of the 20 conditions detailed above. Virginmoney.com may not cover you for all of the conditions. If this is the case it will be clearly stated in the summary of protection, and you will know before your plan starts.
• Nothing will be paid if you are diagnosed as suffering from cancer within 90 days of starting your plan.
• Virginmoney.com must receive confirmation that you have suffered one of the conditions that they cover from an appropriate medical expert who is acceptable to them. In some cases they may ask for further diagnosis by a doctor appointed by them. In this case they will pay all expenses incurred.
• If you make a claim you must keep making payments due until Virginmoney.com have agreed to pay out. If you have paid more than is necessary or made payments during a period of claim they will refund the excess to you in full.
• Your serious illness premiums will be reviewed every five years, but will never alter as a result of a change in your personal circumstances or health. Payments may be increased or decreased in the light of past claims experience and any changes to expected future claims experience. Past experience taken into account will be both our own and that of other providers of similar protection. Expected future experience will take account of medical trends relevant to the conditions covered by your plan. Your payments will not be altered because of a change to your age, health or lifestyle.
• Once Virginmoney.com have agreed to pay your claim they will pay you the lump sum for which you are insured and your plan will end.

Additional information can be found on the Virginmoney.com Life Insurance website.
(See the links above)