Who is Budget Direct insurance underwritten by?

Budget Direct Premium Life Direct is issued and underwritten by the insurer, NobleOak.

Can I cancel my Budget Direct life insurance policy?

You have a 30-day cooling-off period. This means you can cancel and receive a full refund on any premiums you've paid within this team. If you cancel after this, you generally won't be refunded for the premiums you've already paid.

Will my Budget Direct life insurance premium increase as I age?

To protect against the impact of inflation, your sum insured will be raised annually based on the Consumer Price Index or by 3%, whichever is higher. This increase will result in a corresponding adjustment to your premium.

Can I get Budget Direct life insurance with a pre-existing condition?

Yes, you can still apply for cover even if you have a pre-existing condition, but it is important to answer the application questions truthfully and with reasonable care.

What is the best life insurance policy?

There is no one-size-fits-all answer to this question as the best life insurance policy for you will depend on your personal circumstances, such as your age, health, lifestyle, financial situation, and family's needs. It's important to carefully consider your options and choose a policy that provides the right level of cover and features for your individual situation. Compare some of your options here.

Budget Direct Life Insurance review

Budget Direct, which offers up to $25 million in life cover, is fully underwritten and issued by NobleOak.
It is often among the cheapest policies, but exclusively uses stepped premiums that increase with age.
The insurer maintains a strong 96.9% claims acceptance rate and allows for optional TPD or trauma cover.

It's fully underwritten and issued by NobleOak, the Finder Awards winner for Best Life Insurance.
You can be covered for up to $25,000,000 – the second highest sum insured compared on Finder.
It's good for price. On average, it's among the cheapest life insurance policies available on Finder.
Looking for a little flexibility? Total and permanent disability (TPD), trauma insurance and income protection are optional add-ons.

It only offers stepped premiums (these increase in price as you age).
Funeral advancement is only $25,000. It should be enough for most but TAL and Australian Seniors both have higher benefits.

Maximum Cover

$25,000,000

Maximum Age

Total & Permanent Disability Cover

Trauma Cover

Budget Direct scored in the Finder Awards

The Budget Direct Life Insurance was highly commended for Best Life Insurance in the 2026 Finder Awards.

Full list of 2026 winners

Why compare insurance with Finder?

You pay the same price as buying directly from the insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.

Read a more detailed review

Budget Direct life insurance
The optional add-ons

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Key points of Budget Direct Life Insurance

Budget Direct's life insurance is a product designed for Australian residents aged from 16 to 74 that meet Budget Direct's health and lifestyle requirements. It comes with the following benefits:

Life insurance. Your beneficiaries can receive up to $25 million when you die, subject to underwriting.
Terminal illness benefit. You can claim all of your life insurance benefits if you're diagnosed with a terminal illness. Most insurers offer this benefit.
Funeral advance benefit. Budget Direct will quickly advance $25,000 of your cover to assist with funeral expenses.
Future increases benefit. If an allowable event occurs, you can increase your cover by the lesser of $250,000 or 25% of your original cover amount, without the need to provide further medical evidence. This includes the birth of a child or if you take out a mortgage.
Premium freeze benefit. If you're finding it difficult to afford your premium payments, you can stop your premiums from increasing with indexation. However, in exchange, your sum insured may be reduced.
Financial advice benefit. Budget Direct will reimburse up to $5,000 for the cost of a qualified financial adviser for benefits in excess of $200,000.
Grief counselling benefit. Some other insurers offer this. You can get up to $1,000 for grief counselling for you or your loved ones.

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Optional add-ons

You can add the following optional extras to your Budget Direct life insurance policy:

- Total and permanent disability insurance. This can pay you a lump sum of up to $5,000,000 if you become permanently disabled. The benefit will reduce your life insurance. After you reach 65, your TPD benefit will be reduced by 10% each year until you are 75.
- Trauma insurance. Available as an add-on to your life cover or as a standalone Trauma policy. You can choose up to $2 million worth of cover to be paid as a lump sum if you suffer a serious, listed medical condition. Main events covered include certain cancers, heart attack and stroke.
- Disability income insurance. Cover to help replace a share of your income in case you can't work due to sickness or injury. You'll receive a benefit of up to 70% of your lost income up to $30,000 per month. You may also insure up to 11.5% of your sum insured as a superannuation contribution.

Find better life insurance

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Applying for cover

To be eligible for Budget Direct life insurance you must be an Australian resident between the minimum and maximum ages shown below:

Type of insurance	Maximum cover	Minimum age at application	Maximum age at application	Cover expiry age
Life insurance	$25,000,000	16	74	99
Total and Permanent Disability	$5,000,000	16	59	75
Trauma insurance	$2,000,000	18	59	70
Disability Income Insurance	$30,000 per month	18	60	65

See how Budget Direct's claim acceptance rate stacks up against other life insurers

This is the percentage of claims a life insurer pays out. It's based on data from Australian Prudential Regulation Authority (APRA) covering the 12-month period from 1 July 2021 to 30 June 2022. Taken from 18 Australian life insurance underwriters (of direct policies).

Claims acceptance rate

Claims acceptance rate
Brand	Claims accepted rate
OnePath	98.0%
Zurich	98.0%
RAC	96.9%
Budget Direct	96.9%
Nobleoak	96.9%
AAMI	90.1%
Insuranceline	90.1%
Suncorp	90.1%
TAL	90.1%
Australian Seniors	88.9%
Guardian	88.9%
Kogan	88.9%
Real	88.9%
ahm	86.4%
Medibank	86.4%

Claims acceptance rate
Brand	Claims accepted rate
OnePath	98.0%
Zurich	98.0%
RAC	96.9%
Budget Direct	96.9%
Nobleoak	96.9%
AAMI	90.1%
Insuranceline	90.1%
Suncorp	90.1%
TAL	90.1%
Australian Seniors	88.9%
Guardian	88.9%
Kogan	88.9%
Real	88.9%
ahm	86.4%
Medibank	86.4%

What is excluded?

All policies have exclusions. These are some of the main exclusions Budget Direct will not cover:

Suicide or intentional self-harm within the first 13 months of taking out the policy or increasing the amount of cover
Liver failure as a result of drug or alcohol abuse
Neurosis and other psychiatric illnesses
Loss of speech due to any psychological cause
Drug-induced parkinsonism
Any exclusion specific to you and noted in any special acceptance terms when you sign up

Please note that this is not an exhaustive list and other exclusions may apply. It's important to refer to the product disclosure statement (PDS) for a complete list of exclusions and to understand the terms and conditions of the policy before purchasing it.

Compare direct life insurance policies below

8 of 22 results

Finder Score	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover	Maximum Cover
Finder score 9.9 Excellent TAL Accelerated Protection Life Insurance Finder Award	Finder score 9.9 Excellent	Funeral Benefit $25,000	Optional TPD Cover $3 million (maximum cover)	Optional Trauma Cover Yes	Maximum Cover No set limit	Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).	Get Quote View details Compare product selectionCompare	loading
Finder score 9 Excellent Medibank Life Insurance	Finder score 9 Excellent	Funeral Benefit $15,000	Optional TPD Cover $1.5 million (maximum cover)	Optional Trauma Cover Yes	Maximum Cover $2.5 million	Get Quote View details Compare product selectionCompare	loading
Finder score 8.5 Great ahm Life Insurance	Finder score 8.5 Great	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Maximum Cover $1.5 million	Get Quote View details Compare product selectionCompare	loading
Finder score 9.5 Excellent NobleOak Life Insurance	Finder score 9.5 Excellent	Funeral Benefit $25,000	Optional TPD Cover $5 million (maximum cover)	Optional Trauma Cover Yes	Maximum Cover $25 million	Our verdict: Highly commended in the 2026 Finder Life Insurance Awards, offering up to $25 million in life cover, one of the highest payouts available.	Get Quote View details Compare product selectionCompare	loading
Finder score 7.5 Great AAMI Life Insurance Most Loved	Finder score 7.5 Great	Funeral Benefit $10,000	Optional TPD Cover	Optional Trauma Cover Yes	Maximum Cover $1.5 million	Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.	Get Quote View details Compare product selectionCompare	loading
Finder score 7 Great HCF Life Protect Insurance	Finder score 7 Great	Funeral Benefit $15,000	Optional TPD Cover	Optional Trauma Cover No	Maximum Cover $1.5 million	Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Australian Seniors Life Insurance	Finder score Not scored yet	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover No	Maximum Cover $0.2 million	Our verdict: Australian Seniors lets you take out cover up to the age of 79. No medical exams or blood tests needed to apply. Keep in mind: Low cover limit of up to $200,000 and no option to add TPD or Trauma cover.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Real Life Insurance	Finder score Not scored yet	Funeral Benefit $20,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Maximum Cover $2 million	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams.	Get Quote View details Compare product selectionCompare	loading

Showing 8 of 8 results

Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read the full methodology

Frequently asked questions about Budget Direct life insurance

There is no one-size-fits-all answer to this question as the best life insurance policy for you will depend on your personal circumstances, such as your age, health, lifestyle, financial situation, and family's needs. It's important to carefully consider your options and choose a policy that provides the right level of cover and features for your individual situation. Compare some of your options here.

Compare other products from Budget Direct

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.

Thank you for your feedback!

Written by

Cristal Dyer

Writer

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Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share. See full bio

More resources on Finder

More guides on Finder

How do life insurance payouts work?
From the claims process to exclusions, we detail how life insurance gets paid out.
OnePath Life Insurance Review
Compare life insurance policies on offer from OnePath and find out how to a secure quote for cover. Find out what is covered under each of the OnePath policies.
RAC Life Insurance Review
Read our review of RAC life insurance. Find out if it’s right for you.
Does life insurance cover suicide?
Life insurance can cover suicide if it's unexpected. Here's what you need to know.
Medibank Life Insurance Review
Choose a flexible life insurance policy that meets your needs with Medibank life insurance.
Insuranceline Life Insurance Review
Get protection against the unexpected with Insuranceline Life Insurance policies.
Australian Super Life Insurance
Read the finder.com.au review of Australian Super Life Insurance
CommBank Life Insurance Review
Read the finder.com.au CommBank life insurance review and find out what is covered under each policy. CommBank Total Care policies include trauma, TPD, income protection and child cover options.
NobleOak life insurance review
Looking for a direct insurance company that offers affordable, straightforward cover options? Discover the benefits of NobleOak life insurance.
Real Insurance Life Insurance Review
Compare Life Insurance and Income Protection policies from Real Insurance and get cover in place with no medical or blood tests.

Budget Direct Life Insurance review

A high maximum cover limit, decent policy add-ons and fully underwritten cover make Budget Direct Life Insurance a strong option.

Key takeaways

Our verdict