Budget Direct Income Protection Insurance
If you are looking for a new income protection policy, you can compare a selection of other providers with Canstar. Or, if you are an existing Budget Direct income protection policyholder, you can view details about their product below.
What features do existing Budget Direct income protection policies offer?
Budget Direct income protection cover offers the following features:
- The option of choosing a maximum benefit period of one, two or five years
- A maximum monthly benefit of up to 75% of your monthly income or $10,000 per month (whichever is less)
- Guaranteed policy renewal up until the age of 65
- No premium charges while you are receiving a monthly benefit
- Choose between a 30 or 60 day waiting period
What does Budget Direct income protection cost?
The cost of Budget Direct income protection insurance varies depending on several different factors, such as:
- Your age and gender
- Whether you’re a smoker or a non-smoker
- Benefit period and waiting period
- Your state of health
Budget Direct Income Protection FAQs
At the time of writing, Budget Direct life insurance is not available for new customers. The company is continuing to cover existing policyholders – including those with income protection cover – and says it will resume offering life insurance to new customers in the near future.
The Australian Taxation Office (ATO) 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 that 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 who is listed as the beneficiary, as well as who receives the payout, can influence whether or not a life insurance payout is free from tax. For more information, you may want to speak with an accountant or tax agent.
You can claim with Budget Direct by calling, emailing or sending a letter to Budget Direct. Once it has been notified of the claim, Budget Direct says it will send you a claims booklet to complete.
You may need to provide supporting documentation such as:
- Your policy information
- Medical reports
- Test, examination or laboratory results
- Any other supporting documentation required
If your insurance claim is approved, Budget Direct will arrange the payment of the monthly benefit amount.
Budget Direct has insured over 3 million Aussies since it was founded in 2000. The company’s policies are underwritten by Auto & General Insurance Company Limited.