Budget Direct Child Cover

Receive up to $50,000 in child cover with Budget Direct.

When you’re a parent, your children are the most important thing in the world to you and you want to do everything you can to give them the best possible care.

With this in mind, Budget Direct created Children’s Cover. Children’s Cover is an additional benefit that can be applied for and added to Budget Direct Life Cover policies.

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Budget Direct Children’s Cover protects your children by providing a lump sum benefit payment in the event your insured child passes away, is diagnosed with a terminal illness or suffers one of several serious illnesses or injuries. Benefit amounts range from $20,000 to $50,000 per child and can be used to help you cope with the emotional and financial difficulties a family faces when a child is ill.

What is Budget Direct Children’s Cover and why should I consider it?

Watching one of your little ones suffer serious medical issues is simply heartbreaking. It can also be crippling financially. You may need to take time off work to care for your child or meet ongoing financial obligations, such as repaying debts, covering medical costs and managing rehabilitation expenses.

This is where Budget Direct Children’s Cover can help. This benefit offers an extra level of cover for your family, and it can be added to your Budget Direct Life Cover. It pays a benefit amount of between $20,000 and $50,000 so that you can focus on caring for your child rather than worrying about financial strain.

This comprehensive cover includes protection against a wide range of serious illnesses and injuries (see section below for full details). There’s a terminal illness benefit to help you and your family cope, as well as automatic inflation protection to ensure that your level of cover keeps up with inflation.

Applying is easy with no complicated forms, medical or blood tests or long waiting periods. Worldwide coverage is available 24 hours a day, seven days a week and your child is covered until they turn 21 years old.

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What benefit is provided by Budget Direct Children’s Cover?

If you have Budget Direct Children’s Cover, you’ll receive a lump sum benefit if one of the following occurs:

  • The insured child passes away due to illness or accident
  • The insured child is diagnosed with a terminal illness and given less than 12 months to live
  • The insured child suffers one of a range of specified illnesses and injuries Covered injuries and illnesses include:

Covered injuries and illnesses include:

  • Benign brain tumour
  • Cancer
  • Cardiomyopathy
  • Chronic kidney failure
  • Encephalitis
  • Loss of hearing
  • Loss of sight
  • Loss of speech
  • Loss of use of limbs and/or sight
  • Major head trauma
  • Major organ transplant
  • Meningitis
  • Paralysis
  • Severe burns
  • Stroke
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Budget Direct Children’s Cover policy information

You can apply for Budget Direct Children’s Cover if you have a child between two and 17-years-old (next birthday) and that child is an Australian resident.

The amount you will have to pay for your insurance premiums is calculated at each policy anniversary and is based on the benefit amount you select. Your first Children’s Cover premium due date will be shown in your policy schedule. You can also get a quote by visiting then Budget Direct website or contacting Budget on 1800 555 048.

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What are the limitations and exclusions of Budget Direct Children’s Cover policy

Budget Direct Children’s Cover does have certain limitations and exclusions.The benefit amount won’t be paid if your child’s illness or injury is as a result of a congenital condition, a deliberate act by the policyholder (or someone else who will be entitled to the benefit amount), or if the injury or illness occurs within three months of cover commencing, the level of cover being increased or the policy being reinstated.

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How long does Budget Direct Children’s Cover last?

Your cover doesn’t start until your Budget Direct Children’s Cover application has been accepted by the insurer. Once this has occurred, you’ll receive a policy schedule which will detail the commencement date of cover for your child(ren). Budget also guarantees to renew your child’s cover (so long as you keep paying premiums) until it ends.

However, cover for your child will cease when the first of the following events occurs:

  • A Children’s Cover benefit is paid
  • The insured child passes away
  • You cancel the policy or your cover
  • Budget Direct cancels the policy or the cover (under circumstances permitted by law)
  • The insured child ceases to reside in Australia
  • The policy anniversary following the insured child’s 21st birthday
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How do I make a claim?

The claims process with Budget Direct is fast, simple and relatively hassle-free. You can make a claim by:

  • Phone − Budget Direct on 1800 700 349
  • Emailing − life.claims@budgetdirect.com.au
  • Mail − Budget Direct Life Insurance, PO Box 342, Toowong QLD 4066.

Budget Direct will then send you out a claims booklet which you will need to complete, sign and then send back to the insurer. In some circumstances, you may also need to get your medical practitioner to fill out a form, to support your application. You may also need to submit other documentation, such as any relevant test, examination or laboratory results.

If you plan to make a claim, remember that it is vital for you to notify Budget Direct as soon as is reasonably possible after the event leading to your claim. If you don’t do this and Budget Direct is disadvantaged as a result, the insurer may reduce or even reject your claim.

Budget Direct’s optional Children’s Cover is a smart option to help you give your children the best possible care and cope with the financial strain should the unexpected occur.

However, as always, it’s best to do plenty of research and weigh up all your options before deciding on the right insurance coverage for you and your family.

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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