Budget Direct TPD Insurance

Receive up to $1,000,000 in Total Permanent Disability cover with Budget Direct.

Budget Direct is a respected insurer that offers a range of life insurance products to Australian customers. Its TPD Cover offers a flexible level of protection, allowing you to choose between $50,000 and $1 million of cover depending on your age. If tragedy strikes and you are Totally and Permanently Disabled, your TPD policy from Budget Direct will offer a lump sum payment to help you and your family cope.

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It’s quick and easy to apply for cover, and you won’t have to undergo any medical tests. You’ll simply need to answer some simple health, lifestyle and occupation questions over the phone, with no lengthy waiting periods or complicated forms to fill out. If approved, you’ll be covered anywhere in the world 24 hours a day, seven days a week.

Budget Direct offers Automatic Inflation Protection to ensure that your TPD Cover keeps pace with the Consumer Price Index (CPI), while you can easily maintain your cover no matter what changes may occur to your health, lifestyle or occupation. You can also apply to increase or decrease your level of cover at any time.

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Budget Direct TPD benefits

If you suffer Total and Permanent Disability and meet the necessary assessment criteria under your policy, Budget Direct will pay you a lump sum benefit to help you and your family cope with your changed circumstances.

Under Budget Direct TPD Cover, the definition of Total and Permanent Disability means that as a result of sickness or injury, you satisfy one of the following conditions:

  • You suffer the Loss of Use of Limbs and/or Sight.
  • You are Unable to Work. Under this definition, you will need to be disabled and unable to return to work in any capacity for at least three consecutive months. You’ll also need to be under regular treatment from a medical practitioner and likely to be disabled for life. If you’re a homemaker, you must be unable to perform your normal domestic duties and be unlikely to be able to ever perform them again.
  • You suffer a Loss of Independent Existence. This means you will have a permanent and irreversible ability to perform at least two "activities of daily living" without the assistance of another person and without the use of special equipment. These activities are washing, dressing, eating, continence and mobility.

You’ll need to have your disability certified by a medical practitioner and backed up by any relevant test results to confirm the practitioner’s diagnosis.

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Who is eligible for Budget Direct TPD?

In order to be eligible for Budget Direct TPD Cover, you must be an Australian resident and aged between 18 and 59 years (next birthday) at the time you apply for a policy. However, Budget Direct does reserve the right to accept or decline applications for any reason.

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Budget Direct TPD limits

Despite its wide range of coverage, certain limits do apply to Budget Direct’s TPD Cover. The total benefits you can receive from your policy cannot exceed the maximum benefit amount for which you are insured, plus any automatic inflation protection increases applied to your cover.

If you wish to apply to increase your TPD benefit amount, your age at the time you apply for the increase will be used to determine the maximum benefit amount you are allowed. If you happen to have protection under more than one Budget Direct Life Insurance policy for Budget Direct TPD Cover, this limit will be applied to the total TPD benefit amounts payable under those policies.

If you want to reduce the benefit amount, this will be applied to the cover that has most recently commenced and you will be refunded the premiums paid on any amount that was above your new maximum limit.

Only one TPD benefit amount is payable.

Budget Direct TPD exclusions

Just like with any other TPD insurance policy, a number of exclusions apply to Budget Direct’s TPD Cover. These include:

  • No benefit will be paid on the life insured if he or she suffers a Total and Permanent Disability that is a result of an injury caused or exacerbated by a deliberate act performed by the life insured.
  • Budget Direct will not pay a TPD benefit in cases where the insurer has previously agreed a special term with you that specifically excludes the event or condition on which your claim is based. Any such agreement will appear on your policy schedule.
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When does Budget Direct TPD Cover begin and end?

Your Budget Direct TPD Cover policy does not begin offering protection until you have been approved for cover. If your application is accepted, Budget Direct will send you a policy schedule that will detail when your cover starts. The company also guarantees to renew your cover until it ends – provided you continue to pay your premiums.

Cover under your TPD policy will end when the first of the following events occurs:

  • A TPD claim is paid for the life insured.
  • The TPD benefit amount is reduced to zero because of the payment of a Trauma or Trauma Plus claim for the life insured.
  • The insured person dies.
  • You cancel the policy or your TPD Cover.
  • Budget Direct cancels the policy or your cover (in circumstances where this is permitted by law).
  • The life insured ceases to reside in Australia (if they are here on a temporary work visa).
  • The policy anniversary immediately after you reach 65 years of age.
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How do I make a claim?

Budget Direct aims to make the claims process as simple and stress-free as possible. You can make a claim by phoning Budget Direct on 1800 700 349, emailing life.claims@budgetdirect.com.au or writing to Budget Direct Life Insurance, PO Box 342, Toowong QLD 4066. The insurer will then send you out a claims booklet which you will need to fill out, sign and then send back to Budget Direct. In addition, you may need to get your medical practitioner to fill out a form to accompany your claim.

It’s important that you make a claim as soon as is reasonably possible after the event or condition that leads to that claim occurs. If Budget Direct is not notified of a claim within a reasonable period of time and is disadvantaged as a result, your claim may be reduced or possibly rejected.

You’ll need your policy schedule in order to make a claim, plus you will also need to supply Budget Direct with any relevant test, examination or laboratory results.

Budget Direct’s TPD Cover offers comprehensive financial protection for you and your family when disaster strikes and you become Totally and Permanently Disabled. However, make sure to compare this policy with other TPD plans on the market to guarantee that you end up with the best policy for your needs.

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.

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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