Budget Direct Accidental Death Insurance

Receive up to $500,000 in Accidental Death cover with Budget Direct.

Budget Direct is one of the leading providers of general insurance products in Australia, having insured more than 1.5 million Australians since the year 2000. With its policies underwritten by Auto & General Insurance Company Limited, Budget Direct aims to offer affordable cover for a wide range of people.

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This policy is designed to protect your family from the financial burden of your unexpected death from accidents. As well as having funeral expenses to cover, your loved ones will then need to cope with the fact that they can no longer rely on your steady source of income. They’ll still have mortgages, bills and other expenses to pay, and you’ll want them to be able to maintain their current lifestyle even if you’re no longer around.

Budget Direct Accidental Death Insurance ensures that your family will be able to cope from a financial perspective if tragedy strikes. With the right level of cover in place, you can rest assured that your loved ones will have a safe and secure future.

Budget Direct Accidental Death Insurance features

You can be confident in the following benefits if you take out a Budget Direct Accidental Death Insurance policy:

  • Your beneficiaries will receive a lump sum benefit payment of you die as the result of an accident.
  • You can take out this cover as a standalone policy or in addition to your Budget Direct Life Insurance policy.
  • Cover is available to Australian residents aged between 18 and 64 years at the time of application.
  • The cost of your premiums is calculated based on your benefit amount, age and gender. This amount is calculated at every policy anniversary.
  • Choose your level of cover. You can choose a Budget Direct Accidental Death Insurance benefit amount of between $50,000 and $500,000, with no age-related reductions in the maximum benefit amount you can receive.
  • The total amount payable under the policy will not exceed $500,000 plus any automatic indexation increases.
  • Only one accidental death benefit is payable per life insured.
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When will a benefit not be paid?

As with any other form of insurance policy, exclusions apply to Budget Direct Accidental Death Insurance. Your claim will not be paid if:

  • It is the result of an intentional self-inflicted bodily injury, or of suicide or attempted suicide.
  • It is the result of you engaging in any criminal activities or illegal acts.
  • It arises as a result of your consumption of drugs, except those taken as prescribed by a medical practitioner.
  • It results from you consuming alcohol, including driving while having a blood alcohol content over the legal limit.
  • It is caused by you engaging in any professional sport.
  • It is caused by you engaging in any motor sports.
  • It is a result of war, riot or civil commotion.
  • It is a result of you being a pilot or crew member on any aircraft, or of you engaging in any aerial activity except as a passenger on a commercial airline.
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When does cover start and end?

The commencement date included in your policy schedule outlines when cover begins under your Budget Direct Accidental Death Insurance policy. Budget Direct guarantees to automatically renew your policy (so long as you pay your premiums) until it ends.

Your cover ends when the first of the following events occurs:

  • An accidental death claim is paid under the policy.
  • You cancel the policy.
  • Budget Direct cancels the policy.
  • The life insured ceases to reside in Australia (if here on a work visa).
  • The policy anniversary after the life insured’s 75th birthday.
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Important information about the policy to consider

  • A 30-day cooling-off period applies. You have 30 days from the commencement date of your policy to decide if you are satisfied with your policy and would like to keep it in place. Provided you have not made a claim, you can cancel your policy within this 30-day period and receive a full refund of your premiums.
  • Automatic increase in cover. At each policy anniversary, your benefit amount is automatically increased by either 5 per cent or by the CPI, whichever is greater. This is designed to ensure your level of cover keeps pace with the rate of inflation. These increases continue even when the maximum benefit amount has been reached.
  • The premium rates applying to your policy may change if Budget Direct changes the rates for all Accidental Death Insurance policyholders. If this occurs, you will be notified in writing at least 30 days before the change affects you.
  • You can make premium payments fortnightly, monthly or annually.
  • Premium payments can be made via automatic direct debit from your bank account or by credit card.
  • If you wish to increase or decrease your level of cover, add optional extra cover or change your smoking status, you can do so by phoning Budget Direct on 1800 300 592.
  • If you or your legal representative wish to make a claim under a Budget Direct Accidental Death Insurance policy, contact Budget Direct by phoning 1800 700 349, emailing life.claims@budgetdirect.com.au or writing to Budget Direct Life Insurance, PO Box 342, Toowong QLD 4066. You will be sent a claims booklet which you will need to complete, sign and return to the insurer. The treating medical practitioner may also be required to complete a form.
  • You should lodge a claim as soon as possible after the event leading to the claim. Failure to do so could lead to your claim being reduced or refused.
  • As well as your policy schedule, you’ll need to supply proof of death when you make an accidental death claim. You’ll also have to provide any other information which Budget Direct requests.
  • Any benefit will be paid to your nominated beneficiaries. If no valid nomination applies, the benefit will be paid to the policy owner. If the policy owner dies, the benefit will go to their legal personal representative.
  • If you don’t pay your premium and it remains unpaid for more than 28 days after it was due or for more than 28 days from when Budget Direct notifies you of this fact, whichever is greater, your policy could be cancelled. You can also cancel your policy by writing to Budget Direct.
  • Your Accidental Death Insurance premium will typically not be tax-deductible, but nor will you likely have to pay tax on any benefit amount you receive.
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Interested in applying for Budget Direct Accidental Death Cover?

If the features of the Budget Direct Accidental Death Insurance policy sound like a good option for your situation, you can receive a quote for cover and begin your online application by making a secure inquiry in the form above. There is absolutely no obligation at any stage of the application process to sign up for cover. finder.com.au recommends you always read the PDS prior to taking out cover to ensure you know exactly what you will and will not be covered for.

The Budget Direct $100 VISA Prepaid Card offer commences on September 11, 2014 and can be withdrawn at any time. Policy must be held and all premiums paid for 90 calendar days. Terms and Conditions and eligibility criteria can be found here. This insurance is arranged by Auto & General Services Pty Ltd (ACN 003 617 909, AFS Licence No 241411) of Level 13 Toowong Tower 9 Sherwood Road, Toowong, QLD, 4066, Australia trading as Budget Direct (Budget Direct) on behalf of the issuer, Hannover Life Re of Australasia Ltd (ABN 37 062 395 484). Because we don't know your financial needs, we can't advise if this insurance will suit you. You should consider your needs, and read the PDS and FSG before making a decision to buy insurance. Subject to underwriting and terms and conditions.

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William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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