Life Insurance Solved® with Budget Direct

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Lump sum payment if you pass away
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Terminal illness benefit
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Funeral advance benefit
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Future increases benefit
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Underwritten for you
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Insurance issued by NobleOak Life
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Lump sum payment if you pass away

Feel some peace of mind knowing that you have cover in place, should the worst happen. You can apply for up to $15 million cover (max entry age is 69).

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Terminal illness benefit

If you are diagnosed with a terminal illness, we can advance your Death Benefit cover amount, rather than pay it when you pass away. That way you can cover any expenses you want to look after (such as mortgages or education), or simply fund any experiences or adventures you wish.

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Funeral advance benefit

We can quickly advance $15,000 of your cover to assist with funeral expenses, once we receive evidence of age, and the death certificate.

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Future increases benefit

If a particular allowable event (such as the birth of a child, or you take out a mortgage) 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.

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Underwritten for you

Any Life Insurance policy issued by Budget Direct is fully underwritten when you buy it, rather than when you need to make a claim. 

This minimises the risk of there being any nasty surprises at claim time.

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Insurance issued by NobleOak Life

With a solid collection of awards and over 140 years insuring Australians and their families, your Budget Direct policy is issued with a wealth of care and experience.

Terms, conditions, limits and exclusions apply. For all the details, please read the Product Disclosure Statement (PDS).

Explore different types of Life Insurance

Life Cover can help to clear debts and support your family and loved ones, if you were to pass away or be diagnosed with a terminal illness with less than 24 months to live.

However, there are several other Life Insurance covers available as well as Life Cover:

Optional Total and Permanent Disability (TPD) Cover

Receive a lump sum payment if you become permanently disabled as the result of a sickness or injury and are unable to work again. 

You can spend your payments however you wish - whether that’s modifying your home, buying a modest dwelling to suit your needs, or covering future living expenses.

TPD Cover is available as an optional extra on a Life Cover policy.

Income Protection Cover

Receive regular payments during your benefit period to replace a share of your income if you’re unable to work due to sickness or injury.

Income Protection Cover can help assist in paying your everyday expenses, such as groceries and mortgage repayments, so you can concentrate on recovering.

Trauma Insurance

Receive a lump sum payment if you are diagnosed with 1 of 37 serious medical conditions listed within the PDS.

Any payment/s you receive are yours to spend however you wish. That might mean paying off a mortgage, or simply living life on your terms while you recover.

You can add Trauma Cover as an optional extra to your Life Cover policy, or buy it as a stand-alone policy by calling 1300 220 627.

Award-winning Australian Life Insurance

Budget Direct has been awarded Money magazine’s Best Value Direct Life & TPD Insurance award 2024. Money magazine's Best of the Best award demonstrates commitment to product and service excellence while delivering amazing value to customers. We are also the winner of Canstar’s Outstanding Value Direct Life Insurance for 2023. Canstar’s Direct Life Insurance Award recognises providers who offer outstanding value policies to consumers in Australia.

We are also the winner of The Mozo Experts Choice Awards 2024 and the Finder Highly Commended Life Insurance award 2024.

CANSTAR's Outstanding Value Car Insurance Australia 2023

Outstanding Value Direct Life Insurance

2023

Money Magazine's Best of the Best Life Insurance 2024

Money magazine - Best-Value Life Insurance

2024

MOZO's Experts Choice 2024 - Exceptional Quality Life Insurance

Exceptional Quality Life Insurance

2024

MOZO's Experts Choice 2024 - Exceptional Value Life & TPD Insurance

Exceptional Value Life & TPD Insurance

2024

MOZO's Experts Choice 2024 - Exceptional Value Life & Trauma Insurance

Exceptional Value Life & Trauma Insurance

2024

MOZO's Experts Choice 2024 - Exceptional Value Income Protection

Exceptional Value Income Protection

2024

finder - Highly Commended Life Insurance

Finder Highly Commended Life Insurance

2024

Find out more

The information on this page is a summary only. For all the terms, conditions, limits and exclusions, please read the Product Disclosure Statement (PDS).

Manage your Life Insurance policy

Manage your policy

You can find details of your policy, make changes to it by contacting us on 1300 220 627.

Make a claim

You can find out more about how to make a claim on our Claims page.

How much Life Insurance do I need?

To help you understand the amount of Life Insurance cover you might need, our Life Insurance Calculator can help you get an estimate as to what insured amount might suit you.

Life Insurance FAQs

Life Insurance is often used as a term to refer to the different types of covers available (typically, life, TPD, trauma and income protection) with the aim of keeping your family and loved ones’ way of life protected financially. 

Life Cover (sometimes known as term life insurance or death cover) is a type of Life Insurance which can help provide a degree of financial security for your family and loved ones in the event of your death, or if you are diagnosed with a terminal illness with less than 24 months to live. Particularly if you have a mortgage, family or loved ones, Life Insurance can help you protect what’s most important to you if you are no longer around.

You can choose to cover yourself for Life (Death) only, or consider additional covers that can (depending on the type of cover) help provide financial protection if you couldn’t work as a result of a sickness or injury, or were diagnosed with a serious illness condition.

‘Life Insurance’ is often used as an umbrella term to refer to several different types of cover that provide a degree of financial protection in the event of death, diagnosis of a serious medical condition listed in the cover, or if you suffer sickness or injury and can’t work.

Budget Direct Premium Life Direct Life Insurance cover types include Life, Total and Permanent Disability (TPD), Trauma and Income Protection (known in the PDS as Disability Income Insurance cover). You can choose one more of these covers with the aim of providing yourself, your family and loved ones with some financial protection if life takes a turn for the worse.

Depending on the cover type(s) you choose, and if you meet the conditions of cover, you would generally be eligible to claim if you were;

  • to die or were diagnosed with a terminal illness condition (Life cover) 
  • could not ever work again due to a sickness or injury (TPD cover), 
  • unable to work due to sickness or injury (income Protection cover) or 
  • diagnosed with a serious medical condition listed in the PDS (Trauma cover).

Total and Permanent Disablement (TPD) Insurance is an optional extra you can apply to your Life Cover, that can help you financially if you suffer a sickness or injury and are and unable to work again.

Having this type of cover in place can help ensure your family will not be left with a major financial burden. For example, a TPD Insurance benefit may be used to ensure:

  • major debts such as the home mortgage, credit cards and personal loans can be paid out
  • you can afford to move home or make modifications to your existing home
  • you can pay for ongoing care and medical costs.

If you add TPD cover as an option to your Life cover then any approved claim for a TPD event will reduce your Life cover by the amount of the TPD cover payment.

If you are aged between 16 and 59 you can apply for up to $5m cover, to be paid as a lump sum following approval of a claim. Cover can remain in place to age 75 as long as you continue to pay your premiums when due.

Some superannuation includes life insurance cover which may be a nominal amount. Depending on your circumstance, your debts and lifestage, you may require more insurance than what is available in your super. Additionally you may wish for as much of your superannuation balance to be invested to grow your super, rather than directing some of it to cover life insurance premiums. Terms, Conditions, Limits and Exclusions differ between insurance held inside super and outside super, so always check the PDS. 

The cost of Life Insurance can depend on a variety of factors, such as your age, gender and whether you smoke or not. It also depends on your occupation and lifestyle, your medical history and the level of cover you choose.

For example, if you are a 35-year-old non-smoking male with no existing medical conditions, you would pay approximately $30/month for Life Cover worth $500,000. If you are a 35-year-old non-smoking female with no existing medical conditions, you would pay approximately $25/month for the same cover. Females tend to have a lower mortality risk, so will usually pay less in premiums.

Premiums can be paid monthly or annually, to suit your budget.