Budget Direct Funeral Protection Cover Review
The death of a family member can be extremely difficult. It is a stressful time for all involved that can often be magnified by added financial complications. Funerals can be expensive as there are many costs associated with them including the casket, hiring of a venue for the service and/or wake, flowers, and the fee’s for the funeral director. A funeral protection package will make sure that your family is able to cope emotionally, by helping them to cope financially with all of these costs.
Funeral protection cover will provide your family with a lump sum payment in the event of your death. The sum will be paid directly to them or to your nominated beneficiary and will help to cover the costs of your funeral. This is not a standalone product and can be used in conjunction with Budget Direct Live Cover.
Budget Direct have developed their Funeral Protection Cover with intuitive and valuable inclusions such as:
- Advance funeral benefit. While your claim is being assessed and processed, Budget Direct can provide your family with a $10,000 advance on the benefit amount to cover immediate expenses. This money can go a long way to paying those up front costs of a funeral, or can also take care of final medical bills or other costs.
- Worldwide cover. You remain protected by your Budget Direct Funeral Cover 24 hours a day, seven days a week, no matter where you are in the world.
- A loyalty benefit. If you are already a Budget Direct customer, you will receive a 10% discount on your funeral policy.
- Your choice of benefit amount. You can choose a funeral benefit of $50,000 up to $1 million, allowing you to provide enough funds for your family to plan and pay for your final farewell, as well as providing something for them to use in their own future plans.
- A lump sum benefit amount. Budget Direct pays the benefit to your family as a lump sum amount so they can use the money as they need to for final expenses, as well as for education costs, day to day bills, to pay off the mortgage or investments for the future.
- Terminal illness benefit. You can also make a claim if you are diagnosed with a terminal illness and expected to have less than 12 months to live. The full benefit amount can be paid in the event of terminal illness, but it will only be paid once – your family will not receive another benefit when you die. However, a terminal illness benefit does allow your family to cover your medical bills, or just provide financial assistance as you spend time together.
- Easy application. You can apply for funeral protection cover with Budget Direct without the need for a medical or blood test. This means there is no excuse for not being covered, and you can be covered right away, yet you don’t have to be bogged down in a confusing application, and Budget Direct will assign you an insurance expert to help you tailor the policy to your needs and budget. You also have a 30 day cooling off period, during which you can cancel your policy and receive a full refund of any premiums you’ve paid if you change your mind.
- Guaranteed renewal. Budget Direct guarantees to renew your cover each year until you are 100 years old.
- Protection from inflation. The costs of living are increasing all the time, and so are the costs of dying. The budget for a funeral today would not necessarily be enough to cover the costs of a funeral in 10, 15 or 20 years time. That is why Budget Direct automatically increases your benefit amount each year in line with the rising cost of inflation at 5% per year.
- Choose your premium frequency. You can choose to pay your premiums fortnightly, monthly or annually according to your cash flow.