Virgin Money expands Oz insurance offerings

Virgin Money, which already offers car insurance among other financial products in Australia, will continue its expansion in the country by entering the life insurance market in early 2011, it has been confirmed.

The company announced that the life insurance product will be delivered through a newly formed alliance with TOWER Australia.

Matt Baxby, managing director of Virgin Money Australia, suggested that the arrangement would offer more choice to discerning consumers looking to compare car insurance, life insurance and a range of other money products.

"Our new partnership with TOWER Australia is good news for the insurance sector and better news for Australian consumers," he said. "Combining TOWER's unquestionable reputation and infrastructure with the Virgin brand, we'll be delivering a straight-talking, great-value product which is what people have come to expect from us."

Pointing to the high demand for such products, Mr Baxby quoted Lifewise/NATSEM research which found that 95 per cent of Australian families do not have adequate insurance cover at present.

Virgin Money is the financial services arm of Sir Richard Branson's Virgin Group.

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