Virgin Money is changing the name of its life insurance to be called Love insurance and is backing the name change with a mailer to 300,000 consumers. Virgin Money says the permanent new name is designed to underscore the purpose of the insurance, which is financially protecting loved ones. The company says the life insurance name carries negative connotations for many consumers, particularly those of a younger age. Across the industry sales of life insurance have dwindled by ten per cent over the past five years, leaving only 31 per cent of adults with life cover. The mailer was created by Virgin Money’s in-house design team. Rival Egg, the online bank owned by Prudential, is also promoting its life insurance after warning that overstretched mortgage borrowers are shunning the product.