Budget Direct Life Insurance review

How we calculate Life Insurance Finder Scores

Read full methodology

What different scores mean

9+

Excellent

These products offer great value, with a good score across both features and price.

7+

Great

These are competitive products, though they didn't quite get top scores.

5+

Standard

These products might offer less value or command a higher premium than others in the market.

0+

Basic

These products might only offer a basic set of features or aren't very competitive on price.

Our verdict

• 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

$74

Total & Permanent Disability Cover

Trauma Cover

Congratulations, Budget Direct!

Budget Direct has taken home a Highly Commended award at this years Finder Life Insurance Awards. Underwritten by NobleOak, it shares the same extensive cover limits along with a great value price.

• Highly Commended, Best Life Insurance

Full list of 2025 life insurance winners

Read a more detailed review

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:

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).

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

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Finder Score	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover	Maximum Cover
Promoted Finder score 9.9 Excellent TAL Accelerated Protection Life Insurance Finder AwardBonus	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 More info Compare product selection Compare	loading
Promoted Finder score 8.2 Great ahm Life Insurance	Finder score 8.2 Great	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Maximum Cover $1.5 million	Get Quote More info Compare product selection Compare	loading
Finder score 7.5 Great Real Life Insurance Bonus	Finder score 7.5 Great	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 More info Compare product selection Compare	loading
Finder score 4.8 Basic Real Term Life Cover	Finder score 4.8 Basic	Funeral Benefit $20,000	Optional TPD Cover	Optional Trauma Cover No	Maximum Cover $0.1 million	Continue More info Compare product selection Compare	loading
Finder score Australian Seniors Life Insurance	Finder score	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 More info Compare product selection Compare	loading

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How we picked these

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

• 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 NobleOak 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.

Written by

Cristal Dyer

Writer

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