Budget Direct Life Insurance
If you are looking for a new life insurance policy, you can compare a selection of other providers with Canstar. Or, if you are an existing Budget Direct life insurance policyholder, you can view details about the product below.
Budget Direct Life Insurance FAQs
At the time of writing, Budget Direct life insurance is not available for new customers. The company is continuing to cover existing policyholders, and says it will resume offering life insurance to new customers in the near future.
Life Cover policyholders who do not have total and permanent disability (TPD), trauma and/or children’s cover continue to have the option of adding one or more of these covers to an existing policy. This can be done by calling Budget Direct on 1800 555 048.
Budget Direct says you can manage your policy using the Policy Manager portal on its website. If you want to enquire about or change your policy details, Budget Direct says you can contact the company over the phone or via email.
You or your beneficiaries can claim with Budget Direct Life Insurance 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:
- The policy information
- Death certificate
- Medical reports
- Test, examination or laboratory results
- Any other supporting documentation required
If the insurance claim is approved, Budget Direct will arrange the payment of the benefit amount.
Generally speaking, premiums for forms of life insurance such as term life insurance, total and permanent disability (TPD) insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this.
The ATO, however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. 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.
If you hold a Budget Direct Life Insurance policy, you can apply to increase or decrease the amount of your cover. Your application to increase your cover will typically be subject to the same eligibility criteria.
You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact Budget Direct to discuss your options.
Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium.
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.