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Get 10,000 Virgin Flying Club miles with (potentially cheap) Virgin Money life insurance

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Virgin Money has launched a bonus miles offer with its life insurance policies.

Until 7th August Virgin Atlantic Flying Club members who take out a life insurance policy will receive 10,000 Flying Club miles.

The key things you need to know are:

The minimum premium seems to be £6 a month for a level term policy

The 10,000 Virgin Flying Club miles are awarded up to 60 days after the sixth consecutive monthly payment

You must be a Virgin Flying Club member

You must be a UK resident and over 18 years old

This offer is for new customers only

One offer per person – joint policies receive the same 10,000 miles

The application website is here. You can also apply by calling 0800 0728870.

Virgin Money life insurance policies come with various perks including access to the Virgin Money lounges.

Virgin Money’s website gives the following price example:

“Virgin Money Life Insurance from £6 per month. Based on a 30 year old non-smoker purchasing single level-term £202,000 cover for 10 years. Prices correct as of May 2018.”

If you qualify for the cheapest monthly payment of £6, you need to pay at least £36 to receive the 10,000 Flying Club miles.  This assumes you are happy to cancel before the miles arrive, as that may take an extra 60 days as per the rules.

You will in this case receive 10,000 Flying Club miles for your £36 of premiums.  0.36p per Flying Club mile is a pretty good deal indeed ……

The downside is of course the paperwork you need to complete.  Depending on your health, and based on experience with Tesco Bank life insurance promos in the past, you may also be asked to have a medical examination before being accepted.

The closing date for applications under this offer is 7th August, so you have over a month to decide whether you want to take out a life insurance policy with Virgin Money.

How to earn Virgin Points from UK credit cards

How to earn Virgin Points from UK credit cards (September 2023)

As a reminder, there are various ways of earning Virgin Points from UK credit cards.  Many cards also have generous sign-up bonuses.

You can choose from two official Virgin Atlantic credit cards (apply here, the Reward+ card has a bonus of 15,000 Virgin Points):

SPECIAL OFFER: The sign-up bonus on the Virgin Atlantic Reward+ Mastercard is doubled to 30,000 Virgin Points if you apply by 2nd October. You receive 15,000 Virgin Points with your first purchase and a further 15,000 points if you spend £3,000 within 90 days. Apply here.

Virgin Atlantic Reward+ Mastercard

30,000 bonus points (SPECIAL OFFER TO 2ND OCTOBER) and 1.5 points for every £1 you spend Read our full review

Virgin Atlantic Reward Mastercard

A generous earning rate for a free card at 0.75 points per £1 Read our full review

You can also earn Virgin Points from various American Express cards – and these have sign-up bonuses too.

American Express Preferred Rewards Gold is FREE for a year and comes with 20,000 Membership Rewards points, which convert into 20,000 Virgin Points.

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & four airport lounge passes Read our full review

The Platinum Card from American Express comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points.

The Platinum Card from American Express

30,000 points and a huge range of valuable benefits – for a fee Read our full review

Small business owners should consider the two American Express Business cards. Points convert at 1:1 into Virgin Points.

American Express Business Platinum

40,000 points bonus and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Click here to read our detailed summary of all UK credit cards which earn Virgin Points

(Want to earn more Virgin Points?  Click here to see our recent articles on Virgin Atlantic and Flying Club and click here for our home page with the latest news on earning and spending other airline and hotel points.)

Comments (108)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Crafty says:

    Not many have mentioned that another helpful by product of your cheap policy (mine is 87p a month) is access to the genuinely useful Virgin Money lounges. There are two in close proximity in Piccadilly offering free hot drinks and a reasonably quiet space to either make calls or meet someone. Recommended.

    • Rob says:

      Agreed. Occasionally work out of Piccadilly if got a West End meeting.

  • Doog1000 says:

    Unfortunately it now says minimum monthly premium of £10!

    • Alan says:

      Interesting, so it does! I saved a PDF of the T&Cs yesterday and definitely didn’t then. Trust they’ll stick to the previous rules for those that applied before this change otherwise I predict a lot of FOS complaints!

      • the real harry1 says:

        haha! 🙂 – told you a few screenshots would come in handy

        early bird catches the worm etc lol

        who would like to buy my screenshots? 🙂

        • the real harry1 says:

          Last time I checked, every single FOS intervention cost the financial service provider something under £500 whether they were in the right or not (strange rule but that’s how it works)

          as Virgin Money clearly offered us the deal we accepted under the then T&Cs, they’ll honour it, no probs envisaged

          if you have screenshots, that is 🙂

          • Rob says:

            I have never known FOS rule in favour of the customer on a loyalty issue and that includes a claim I made against Amex!

        • Genghis says:

          @Rob. Still costs them money though for the case to be reviewed

    • David P says:

      I saw that on the very final screen when I was doing mine this afternoon. But before I clicked confirm, I asked someone on the live chat whether there was a minimum monthly payment to qualify for the 10,000 miles and they said that there was no minimum monthly payment. The terms and conditions also make no mention of a minimum payment. I have screenshots of both so we’ll see how it goes after the 6 months are up. It’s only £1.10 a month so it’s not the end of the world if it doesn’t work.

      • the real harry1 says:

        What did it say on the final screen today? Was it something about qualifying for the 10K points?

        • the real harry1 says:

          No need to look very far Harry me old mate – first page now reads:

          ‘If you’re a Virgin Atlantic Flying Club member and you take out Virgin Money Life Insurance, 10,000 miles will be paid to your Flying Club account once we’ve collected 6 monthly premiums. Just fill in your Flying Club number when you complete the application.

          Please note, a minimum monthly premium of £10.00 applies.’ 🙂

        • the real harry1 says:

          How do you do that google ‘go back in time’ thing?

      • Hsergio10 says:

        I just called Virgin life insurance to double check

        They confirmed that everyone who bought life insurance on the 21st of June 2018 (yesterday) will be awarded the 10K virgin miles as per T&C as of yesterday

        They also confirmed the marketing update the T&C today so new T&C applies as of today (22nd of June 2018) for anybody buying new life insurance from today onwards

        As always, :cheap opportunity cost for relatively big reward, never stays long (re Tesco event with 1k cc per ink, business class sale,etc…)

        • the real harry1 says:

          yo yo baby! 🙂

        • EwanG says:

          Old terms were still in place for much/most of today so if you got in before the T&Cs were updated you should be fine.

          To Rob’s point about FOS, remember the bank will get charged for each case referred and will be cheaper for them to honour the original terms if there is any ambiguity. Best file away those emails and screenshots!!

  • the real harry1 says:

    Raffles you’d better add something to the article, fella 🙂

  • Simon Osborne says:

    Still cheaper than buying from virgin directly 10400miles is £135 so still effectively half price.

  • James says:

    Forget the miles this is great value life insurance just got £250k cover for £14 pcm

    The lounges look really cool can’t wait to visit them

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