Budget Direct Income Protection Insurance

Budget Direct is a provider of income protection insurance, car insurance, home & contents insurance, life insurance, travel insurance, and roadside assistance.

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Considering Budget Direct’s income protection insurance? The table below displays a snapshot of Budget Direct income protection policies on Canstar’s database, sorted by star rating. These results are based on a 30-39-year-old non-smoking male in a medium blue-collar occupation, such as trades.  

Click here to compare more policies based on your circumstances.

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What income protection does Budget Direct offer?

At the time of writing Budget Direct offers one  income protection insurance policy which offers cover for a variety of conditions that may prevent you from working.

What features does Budget Direct income protection offer?

The Budget Direct Income Protection Cover offers the following features:

  • The option of choosing a maximum benefit period of up to 5 years
  • A maximum monthly benefit of up to $10,000
  • Phone-based support and an easy-to-apply online process
  • Policy renewal up until age 65
  • 30-day cooling off period
  • No premium charges while you’re receiving a benefit
  • Flexible waiting periods – choose between 30 and 60 days

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What does Budget Direct income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as:

  • Your age and gender
  • Occupation
  • Whether you’re a smoker or a non-smoker
  • Benefit period and waiting period

You can customise your policy to suit your specific needs. Get a quote for Budget Direct income on its website before applying to see what you might need to pay.

In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.

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Budget Direct FAQs

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.

Budget Direct advises that their income protection insurance premiums will generally be tax deductible.

Lodging a claim for income protection with Budget Direct is a straightforward 3-step process.

  1. Contact Budget Direct: Call Budget Direct on 1300 360 129 (Mon to Fri 8am to 8pm) and let one of their customer service representatives know you’d like to make a claim. Make sure you have your policy number, details of your diagnosis and the date you stopped working.
  2. Submit claim:  You can find all the information and forms you need to fill out to lodge a claim on the Budget Direct website. You can choose to either email them (life.claims@budgetdirect.com.au) or mail your documents to:

Budget Direct Life Insurance

PO Box 342

Toowong QLD 4066

  1. Approval: Budget Direct will assess your claim and let you know of the outcome. Once the waiting period expires, and your claim has been approved, you’ll receive your benefit.

You can apply for Budget Direct income protection after comparing your options in Canstar’s comparison tables and generating a quote on Budget Direct’s website.

Budget Direct may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

Budget Direct’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be at least 18 years old and below 59 years old
  • You must be either an Australian or New Zealand citizen or be an Australian Permanent Resident
  • You must have worked at least 20 hours per week in your usual occupation for at least 12 months before the start of your policy

Budget Direct has insured over 1.5 million Aussies since they were founded in 2000. They are part of the international Budget Insurance group.

Budget Direct is the trusted insurer for over 1.5 million Australian drivers. If you’re with Budget Direct, sign up for the Budget Direct Hail Hero App on the Apple iTunes Store or Google Play for Android so you’ll have enough warning to get your car undercover before a hailstorm hits.

Budget Direct helps its community by supporting several foundations and causes, including Act for Kids to prevent and treat child abuse and neglect, along with charity events such as RSPCA Cupcake Day & Goods Collection, Australia’s Biggest Morning Tea, and Movember.

Written by: Regina Collins | Last updated: June 19, 2018