Budget Direct's life insurance is a product designed for Australian residents aged from 16 to 69 that meet Budget Direct's health and lifestyle requirements. It comes with the following benefits:
Life insurance. Your beneficiaries can receive up to $15 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 $15,000 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 $100,000 or 20% 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 $2,000 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.
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 or Trauma cover. 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 10% of your sum insured as a superannuation contribution.
Business expenses insurance. If you're self-employed you can choose cover of up to $25,000 per month in the event you can't work due to sickness or injury.
Compare Budget Direct with the other 2023 Life Insurance award winners
Finder's data and insights experts created a rating algorithm to compare 10 life insurance policies in Australia across pricing and key features. Our 2023 winners are:
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
$15,000,000
16
69
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
55
65
Business Expenses Insurance
$25,000 per month
21
59
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).
What is excluded?
All policies have exclusions. These are some of the main exclusions Budget Direct will not cover:
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.
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Frequently asked questions about Budget Direct life insurance
Budget Direct Premium Life Direct is issued and underwritten by the insurer, NobleOak.
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.
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.
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.
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.
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
Life insurance can be bought directly from an insurer. Learn about the benefits and a few watch outs you should be aware of.
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
