25K bonus Velocity points for Virgin Money Life/Income Insurance (Expires 31 July 2019)

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goldenhorn

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What do you guys think about this offer of 25K Velocity points for holding Virgin Money Life/income protection Insurance?

A minimum monthly premium of $80 applies and premiums must be paid up to date for at least 6 months. Velocity Points are credited 30 days after the qualifying period of 6 months.

Small print:

    • Offer of 25,000 Velocity Points is available to eligible customers who purchase a new Virgin Life Insurance or Virgin Income Protection Insurance policy and have not previously received points for that same policy number. This offer is valid for new policy purchases from 13 May – 31 July 2019 and is subject to change or removal at the discretion of Virgin Money. A valid Velocity membership number must be provided at the time of application in order to receive the Velocity Points. If you're not a Velocity member you can join Velocity for free A maximum of 25,000 Velocity Points per policy applies (including where multiple people are insured under a single policy). In order to receive the Points, your minimum monthly premium must not be less than $80 per month per policy, the qualifying premium must remain the same or be of greater value than $80 per month per policy, all premiums must be paid and up to date during the qualifying period (the qualifying period is 6 months following the commencement date of the policy) and the policyholder's name must match the Velocity name and account number provided. If the policy is issued in more than one name, then only one person may be nominated for receiving the Velocity Points. Points will be credited to the eligible Velocity account up to 30 days after the qualifying period in a single lump sum provided all premiums are paid and up to date during that period. This offer cannot be used in conjunction with any other Virgin Money Life Insurance or Virgin Money Income Protection offers, is not redeemable for cash and is not transferrable. The Velocity Membership Terms and Conditions apply.
 
I wouldn't pay >$480 for 25,000 Velocity points. But if I was looking for income/life insurance anyway, it's not a bad deal.
 
I wouldn't pay >$480 for 25,000 Velocity points. But if I was looking for income/life insurance anyway, it's not a bad deal.
Thanks Matt. I already have these insurances, so I would be doing it for the points. I'm leaning towards a no...
 
Thanks Matt. I already have these insurances, so I would be doing it for the points. I'm leaning towards a no...

I definitely wouldn't be doing it for the points alone. If it is comparable to what you already have or what else is available in the market, then it is worth considering. However, for something as important as insurance, make sure it all stacks up before bringing the points into the equation.
 
lol yeah, I did that calculation.

Is the general consensus that 2c is the max cap for buying points?


I would treat it as max cost of 2c.

Always try for cheaper (using other methods for points earn), like $0.00***c per point (ie: $0.00001c-9c). Cost will never be the same, but way less then 1c.
 
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