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 $15,000,000 – 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 $15,000. It should be enough for most but TAL and Australian Seniors both have higher benefits.
Maximum Cover
$15,000,000
Maximum Age
69
Total & Permanent Disability Cover
Trauma Cover
Congratulations, Budget Direct!
Budget Direct received the following highly commended award for Life Insurance in the 2024 Product Awards.
Budget Direct is also a 'Value Brand' in the Direct Life Insurance category in the 2024 Customer Satisfaction Awards.
Why compare life insurance with Finder?
You pay the same price as buying directly from the life 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.
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:
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.
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 20 products and gave each one a score between 1 and 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.
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
Are you thinking of cancelling your life insurance policy? There are a few things that you need to be aware of before surrendering an important protection cover for you and your loved ones.
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