Budget Direct Express Life Cover

For 3 minutes of your time Budget Direct can give you a feature packed life insurance policy which includes worldwide cover and guaranteed renewals.

Planning for your death is a morbid and unpleasant thing to think about for anyone, but if tragedy strikes then its crucial you have a solid life insurance policy in place so that your family is supported financially.  With Budget Direct Express Life Cover you can have peace of mind by knowing that in the event of you dying your loved ones will receive a sum of between $50,000 to $300,000 depending on the cover amount you choose.  This sum will be paid out immediately if you are diagnosed with a terminal illness and are given less than 12 months to live.

Additionally Budget Direct Express Life Cover includes a funeral benefit of $10,000, inflation protection, guaranteed policy renewal up to your 100th birthday and 24/7 worldwide protection.  Its also a breeze to get covered either over the phone or by applying online with no blood or medical tests to worry about.

What do I get from being insured by Budget Direct Express Life Cover?

  • Budget Direct Express Life Cover Benefit: Provides your family with a lump sum benefit of between $50,000 and $300,000 if you die. This benefit can be used by your loved ones to pay off outstanding debts and maintain their standard of living.
  • Terminal Illness Benefit: If you are diagnosed with a terminal illness and given less than 12 months to live, you can apply for an immediate benefit payment.
  • Funeral Benefit: While your death claim is being assessed, Budget Direct can pay an advanced benefit of $10,000 to help your loved ones cover your funeral costs and other immediate expenses.
  • Inflation Protection: Your level of cover will automatically increase by 5% or the change in consumer price index (CPI) each year, whichever is greater, to protect against inflation. However, you can opt out of these increases if you wish.
  • Easy and fast application process: You can apply for Budget Direct Express Life Cover quickly and easily online or over the phone. Theres no requirement for blood or medical tests and the application process takes just a few minutes.
  • Guaranteed Cover: Provided you continue to pay your premiums when they are due, Budget Direct guarantees to renew your Express Life Cover until you reach 100 years of age.
  • Worldwide Cover: Budget Direct Express Life Cover offers 24/7 protection no matter where you are in the world.
  • Existing customer discount: If you are an existing Budget Direct customer you will receive a 10% discount on your premium when you take out an Express Life Cover policy.

What are the conditions for benefit payment?

The Budget Direct Express Life Cover Benefit is paid to your family upon your death, while the Terminal Illness Benefit is paid when you are diagnosed terminally ill and given less than 12 months to live.

If you wish to make a claim under your policy, you (or your legal representative) must contact the insurer by either:

  • Phoning Budget Direct on 1800 700 349
  • Sending an email to Budget Direct at life.claims@budgetdirect.com.au
  • Mailing a letter to Budget Direct addressed to Budget Direct Life Insurance, PO Box 342, Toowong QLD 4066. 

You will then be sent a claims booklet that you will need to complete, sign and return to Budget Direct. Your medical practitioner may also need to complete a claim at your expense.

It’s important that you lodge a claim with Budget Direct as soon as possible after the event giving rise to the claim. Failure to do so could lead to the amount of your claim being reduced or your claim being refused.

Am I eligible for Budget Direct Express Life Cover?

To qualify for Budget Direct Express Life Cover you must be:

  • An Australian resident
  • Aged between 18 and 50 (inclusive) at the time of application

The insurer also reserves the right to decline applications at its own discretion.

Any circumstances where my benefit won't be paid to my family?

No Death or Terminal Illness Benefit is payable under a Budget Direct Express Life Cover policy if the death or terminal illness occurs as a result of a self-inflicted injury within 13 months of:

  • The commencement date of cover
  • The date of any non-automatic cover increase
  • The date a policy is reinstated by the insurer after previously being cancelled

In addition, no Express Life Cover benefit will be paid if Budget Direct has agreed to a special term with you that specifically excludes the event or condition that led to your claim. Any such terms will be shown on your policy schedule.

Anything else you can tell me that I might not know about?

  • No additional options: Budget Direct Total and Permanent Disability (TPD) Cover, Trauma Cover, Trauma Plus Cover and Children’s Cover are not available with Budget Direct Express Life Cover.  If you want to take advantage of any of these cover options you will need to take out a Budget Direct Life Cover policy. This policy also allows you to take out up to $1 million of life insurance cover.
  • 30-day cooling-off period: Once your application for cover has been accepted, you have 30 days to decide whether or not Budget Direct Express Life Cover is right for you. If you decide to cancel the policy during this period, you will receive a full refund of the premium paid.
  • Premium payments: You can pay your Express Life Cover premiums on a fortnightly, monthly or annual basis. Payment can be made by credit card or by automatic direct debit from your bank, credit union or building society.
  • Premium amount: The amount you pay for your Express Life Cover premium is based on your age, the insured benefit amount and factors such as your gender, smoking status, overall health and your occupation.
  • Cover Expiry: The Budget Direct Express Life Cover policy expires when the first of the following occurs - a death or terminal illness claim is paid, the insurer cancels the policy, you cease to reside in Australia (if on a temporary work visa), the policy anniversary after your 100th birthday.

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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