Lifebroker: Tower Australia Teams Up With Virgin

Iconic powerhouse Virgin have teamed up with trusted insurer Tower Australia to add yet another element to their impressive financial portfolio; Virgin Life Insurance.

Both players bring valuable assets to the table for this collaboration; Virgin it's excellent customer service, brand and product development, while Tower is able to provide the existing infrastructure and expertise in the insurance industry.

Managing Director of Virgin Money Australia Matt Baxby has said that:

"With the Virgin Brand and Tower's unquestionable reputation and expertise in this area, I'm confident our new life insurance product will resonate with Australians and drive further growth in the market"

Specifically, Virgins policies will be targeted at those that don't want to splash out too much on their policies but have enough that, if it is needed, their families will continue to survive.

Policies will begin at as little as $2.31 per week and any Australian aged between 18 and 65 will be eligible. Another bonus is their unique 5 year exclusion period. Any pre-existing condition that is declared will be included under the policy after a 5 year exclusion period, a rare benefit in life insurance.

The merge comes at a time where industry officials are working to address the current issue of under-insurance by urging Australians to take out cover to assist in the event of loss of income or life.