Budget Direct Life Insurance

Information verified correct on September 29th, 2016

Compare competitive life insurance products on offer from Budget Direct

It is easy to put off getting life insurance when considering costs, as it can appear to look like another expense to add into the monthly budget. At the same time, when you are comparing life insurance products, you don’t want to necessarily choose the cheapest as you could be missing out on important benefits and inclusions, which could lead to compromised cover for your family when they really need it. Budget Direct Life Insurance, on the other hand, offers a range of products which are not only affordable, they also include all of the extras and benefits you want without any of the added expenses you don’t need.

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Life Insurance Policies from Budget Direct Australia

No matter what stage you’re at in life, or what you’d like to protect your family from, Budget Direct offers an insurance product for your needs, and also offers a number of ways to customise that insurance for your particular situation. Budget Direct life insurance plans include:

Life Cover

Available as a standalone policy, Budget Direct Life Cover provides a lump sum benefit payment when the life insured dies or is diagnosed with a terminal illness and given less than 12 months to live. You can bundle your Life Cover with other products available from Budget Direct including:

  • TPD Cover
  • Trauma Cover
  • Accidental Death Insurance
  • Children’s Insurance

Cover is available to Australian residents who are aged between 18 and 64 years (next birthday). The cost of your Budget Direct Life Cover premiums will be calculated based on your age, the Life Benefit Amount you choose and a range of other factors such as your smoking status, gender, lifestyle, occupation, state of health and family history.

The total benefits paid under a Life Cover policy cannot exceed the policy’s maximum benefit amount or any automatic inflation protection increases. Exclusions do apply to cover, such as the fact that no benefit will be paid if you die or are diagnosed with a terminal illness caused by a self-inflicted injury within 13 months of your policy commencing, of any increase in cover or of your policy being reinstated.

Once your application has been accepted by Budget Direct, you’ll receive a policy schedule, a PDS, a personal statement (which includes your personal details and your answers to medical and lifestyle questions) and your payment schedule.

Total & Permanent Disability (TPD) Cover

If you have Budget Direct TPD Cover in place, you’ll receive a lump sum benefit payment if you suffer total and permanent disability. This includes:

  • The Loss of Use of your Limbs and/or Sight
  • You are Unable to Work
  • You suffer a Loss of Independent Existence.

Cover is available to Australian residents aged between 18 and 59 years (next birthday) at the time they apply.

The total benefits payable to you under Budget Direct TPD Cover cannot exceed the maximum TPD benefit amount and any automatic inflation protection increases under your policy. The policy also features a list of exclusions, such as no benefit for injuries that are caused or exacerbated by a self-inflicted act.

Once you’ve been accepted for cover, Budget Direct will send you a policy schedule that contains your cover commencement date. Instances when you cover will cease include:

  • Your receipt of a benefit payment
  • Your death
  • The cancellation of cover
  • The policy anniversary following your 65th birthday.

Trauma and Trauma Plus Cover

Budget Direct Trauma Cover and Budget Direct Trauma Plus Cover provide a lump sum payment if you suffer one of four specific trauma events:

  • Cancer
  • Coronary Artery Bypass Surgery
  • Heart Attack
  • Stroke.

However, Trauma Plus Cover also provides protection for 10 additional trauma events, including:

  • Angioplasty
  • Benign Brain Tumour
  • Cardiomyopathy
  • Chronic Lung, Kidney or Liver Failure
  • Heart Valve Surgery
  • Intensive Care
  • Loss of Hearing, Sight or Speech
  • Major Head Trauma
  • Major Organ Transplant
  • Severe Burns.

Cover is available to Australian residents aged between 18 and 59 years at the time they apply. The total benefits paid under these policies cannot exceed the maximum benefit amount specified plus any automatic inflation protection increases under your policy.

However, exclusions do apply to cover. Exclusions include:

  • no benefit will be paid if the trauma is a result of a deliberate act performed by you
  • if the trauma condition first becomes apparent during the policy’s qualifying period.

Budget Direct Children’s Cover

Under a Budget Direct Children’s Cover policy, a lump sum benefit will be paid when the insured child:

  • dies, due to either illness or accident
  • is diagnosed with a terminal illness and has a life expectancy of less than 12 months
  • suffers one of several specified injuries or illnesses, such as cancer, encephalitis, loss of sight, loss of speech, paralysis, severe burns or stroke.

Adults can apply for this cover for their child if the child is aged between two and 17 years (next birthday) and is an Australian resident. The total benefits paid under this policy cannot exceed the maximum benefit amount specified plus any automatic inflation protection increases under your policy.

However, certain exclusions do apply to this policy including:

  • your child will not be covered for congenital conditions
  • claims resulting from intentional acts by the policy owner
  • injuries or illnesses suffered within three months of the commencement of your policy.

Once your application has been accepted, you’ll receive a policy schedule detailing your cover commencement date. Cover will end when one of a list of certain events occurs, such as a benefit being paid, the death of your child, or your cancellation of the policy.

Budget Direct Accidental Death Insurance

Budget Direct Accidental Death Insurance provides a lump sum benefit payment when the life insured suffers an Accidental Death. Cover is available to Australian residents aged between 18 and 64 (next birthday), and premiums are calculated based on your benefit amount, age and gender.

The total amount of the benefits you receive under this type of policy cannot exceed $500,000, plus any automatic inflation protection increases. However, certain exclusions do apply, such as that claims will not be paid if they result from:

  • Intentional self-inflicted injury
  • Engaging in illegal or criminal acts
  • The consumption of drugs or alcohol
  • Engaging in professional sport
  • War

If your application is accepted, Budget Direct will send you a policy schedule, PDS and a payment schedule. The cover commencement date is set out in the policy schedule, while cover ends when a certain event occurs, such as when you receive a benefit or when you choose to cancel your policy.

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How do I make a claim?

When you need to make a claim, you (or your legal representative in case of your death) can contact Budget Direct by;

  • Phoning 1800 700 349
  • Emailing life.claims@budgetdirect.com.au
  • Writing to Budget Direct Life Insurance, PO Box 342, Toowong QLD 4066

The insurer will then send you a claims booklet that you will need to complete, sign and return to Budget. You may also be required to get your medical practitioner to complete a form at your expense.

You’ll need to make a claim as soon as possible after the event or circumstance on which the claim will be based. If you do not notify Budget Direct within a reasonable time period and the company is disadvantaged by the delay, your claim may be reduced or even refused.

Compare history

Budget Direct has been offering insurance solutions for some of Australia's most valued possessions since 2000. Literally thousands of Budget Direct Car, Home and Contents, Life, Travel and Health insurance policies are issued every week to customers nationwide.

Budget Direct Life Insurance is underwritten by Hannover Life Re of Australasia Ltd (Hannover), a wholly-owned subsidiary of the Hannover Re Group worldwide, one of the largest reinsurers in the world. Budget Direct Life Insurance is promoted and distributed by Auto & General Services Pty Ltd.

The result of all of these innovations and dedication to quality and value is seen in the thousands of policies Budget Direct issues each week. When you sign up or you just need more information or have a quick question, you’ll be able to speak to the 100% Australian call centres used by Budget Direct, and know that the insurer employs over 900 Australians to support local jobs.

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Why Consider Budget Direct Life Insurance?

With Budget Direct life insurance, you can rest assured that your family's wellbeing are in good hands. Applying for Budget Direct life insurance is simple and straightforward, without the hefty price tag.

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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