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.
Q. What is life insurance?
- A. Life insurance is a term which can be used to refer to a wide range of insurance products. These include term life insurance, TPD insurance, critical illness insurance, income protection insurance and funeral insurance. These policies are designed to offer financial assistance if you die or suffer a serious illness or injury.
Q. Why do I need life insurance?
- A. Think about how your family would cope if you were to die unexpectedly. As well as funeral costs to consider, your loved ones would also have to contend with the fact that your steady stream of income would no longer be coming in. Without this, how would they manage to make mortgage repayments, repay debts, manage ongoing expenses, school fees etc? Life insurance offers a financial safety net to help your family manage financially if you’re no longer around. This gives them the peace of mind they need to focus on grieving and coming to terms with their loss, rather than having to waste time worrying about money.
Q. How can I take out a policy with Budget?
- A. Follow our link through to the Budget website to find out more about the company’s life insurance products and to apply for cover. You can also phone the company to receive a quote or ask any questions you may have.
Q. Does Budget cover me when I’m overseas?
- A. Yes. Once your application for cover has been approved, you are covered anywhere in the world, 24 hours a day, seven days a week.
Q. How can I pay for my insurance cover with Budget?
- A. Budget accepts payments via Visa or MasterCard, as well as automatic debit from your nominated bank account. You can also elect to pay your premiums fortnightly, monthly or annually.