Virgin Money has moved into the life insurance market with a range of low-cost products created for it by Tower Australia.

Its term protection products will be aimed at the “budget” end of the market.

A Virgin Money spokesman told insuranceNEWS.com.au that income protection insurance “will be coming soon”.

The life insurance products include guaranteed acceptance for customers aged between 18 and 65 with premiums starting at $2.31 a week.

Pre‐existing conditions are subject to a five‐year exclusion period, after which they will then be covered under the policy.

Distribution of the products will be through a website and call centres.

Virgin Money MD Matt Baxby says his company aims to increase life insurance take-up in Australia.

“I think it is fair to say life insurance in this country needs a boost,” he said.