MOZO's Experts Choice 2022 - Exceptional Quality Income Protection
MOZO's Experts Choice 2022 - Exceptional Quality Life Insurance
MOZO's Experts Choice 2022 - Exceptional Value Income Protection
MOZO's Experts Choice 2022 - Exceptional Value Life & TPD Insurance
MOZO's Experts Choice 2022 - Exceptional Value Life & Trauma Insurance
MOZO's Experts Choice 2022 - Exceptional Value Life Insurance
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Provided by
NobleOak Life Insurance.

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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.

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.

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

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

The Mozo Expert Choice Awards, now in their ninth year, present an opportunity to highlight products in the market they believe offer great value to Australians.

The awards are based on extensive research, comparing both the cost of premiums and the benefits offered. For the 2022 Life Insurance awards, Mozo analysed 21 different insurance companies and we are proud to be named a winner of six award categories:

MOZO's Experts Choice 2022 - Exceptional Value Life Insurance

Exceptional Value Life Insurance

2022

MOZO's Experts Choice 2022 - Exceptional Quality Life Insurance

Exceptional Quality Life Insurance

2022

MOZO's Experts Choice 2022 - Exceptional Value Life & TPD Insurance

Exceptional Value Life & TPD Insurance

2022

MOZO's Experts Choice 2022 - Exceptional Value Life & Trauma Insurance

Exceptional Value Life & Trauma Insurance

2022

MOZO's Experts Choice 2022 - Exceptional Value Income Protection

Exceptional Value Income Protection

2022

MOZO's Experts Choice 2022 - Exceptional Quality Income Protection

Exceptional Quality Income Protection

2022

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.

Hopefully, you’d never have to make a claim. But if life took a turn for the worse, the financial wellbeing of you, your family and loved ones can be better protected with the right covers in place.

How to get Life Insurance:

  • Choose your level of cover – You can find the financial protection that suits you best, from Life, Total & Permanent Disability, Trauma, or Income Protection Cover.

  • Choose an insured amount – It’s worth deciding on the amount of cover you want before applying. This can vary depending on your current and future financial situations, taking into account any mortgages or large debts, school fees and other ongoing living costs.  Budget Direct’s Life Insurance Calculator can assist through this step.
  • Apply for cover – The best place to start is by getting a life insurance quote online.

All Budget Direct Life Insurance cover is fully underwritten by NobleOak. This means that the underwriting is done upfront after you submit your application instead of at the time claim. You’ll be asked a range of medical, health and lifestyle questions, and if required, be asked to undertake a simple medical assessment. This risk assessment is then used to determine the cost of your cover and any exclusions that apply to you.

This application and underwriting process helps to ensure there are no nasty surprises if you, or your family or loved ones ever need to make a claim (provided you were completely honest when you made your application – details of the duty to take reasonable care are in the PDS). You know exactly what you’re covered for, and all terms are agreed with you in advance including any special terms which apply to your cover.

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.

As of 1 March 2022, NobleOak is Australia’s most awarded Direct Life Insurer. Their experience in underwriting policies for customers to uniquely serve their situation has been recognised by some of Australia’s topmost experts in the field.

To date, they have been awarded:

  • Canstar Outstanding Value Awards (2021, 2020, 2019, 2018, 2017 and 2016)
  • Feefo Platinum and Gold Trusted Service Awards (Platinum in 2021 and 2020, Gold in 2019, 2018 and 2017)
  • Finder Best Life Insurance (2021 and 2020)
  • Finder Best Life Insurance (2021, 2020 and 2019)
  • Finder Best Income Protection (2021 and 2020)
  • Mozo Experts Choice Awards - Life Insurer of the Year (2021, 2020 and 2019)
  • Plan for Life Awards - Overall Excellence (2021, 2020, 2019, and 2018)
  • Plan for Life Awards - Customer Service (2021 and 2020)
  • Grist Top Rated Life Insurance Sales Contact Centre (2020)
  • Australian Insurance Awards - Life Insurance Company of the Year (2018).
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Cover with Budget Direct does not stop, however you will need to pay your premium and renew every 12 months. As long as premiums are paid, NobleOak guarantees to renew your insurance cover each year up until the expiry age that applies for the cover. Your insurance cover will not be cancelled, nor will your premiums be increased due to any future change in your state of health, lifestyle, occupation or pastimes.

Budget Direct Life Insurance policy are issued by NobleOak Life Limited, who is regulated by the Australian Prudential Regulation Authority (APRA); and it holds an Australian Financial Services License issued by the Australian Securities and Investments Commission (ASIC). 

Budget Direct Life Insurance is issued by NobleOak Life. With a variety of awards and over 140 years of experience insuring Australians, they ensure any policy undertaken with Budget Direct carries the care and experience needed.

It really depends on your circumstances. Life Insurance could clear any debts you might hold, provide an income stream for any dependants and look after any funeral expenses if you were to pass away. TPD provides a lump sum If you are sick or injured and can no longer work as a result, which could clear any debts, meet the costs of home modifications and even allow for the purchase of a modest dwelling in the case you are a renter. Income Protection pays a monthly benefit if you cannot work due to sickness or Injury, which can help to meet financial commitments while you are sick or injured. Trauma cover provides a lump sum if you are diagnosed with a serious medical condition listed in the PDS, which can be used to relieve financial burdens or simply allow for extended time off work to recover fully from the medical condition. 

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. 

Yes. In Australia, it is legal to hold multiple life insurance policies. The downside of having multiple policies is that you pay multiple policy fees and stamp duty.

If you’re looking to re-evaluate your current Life Insurance, it might be worth using Budget Direct’s Life Insurance calculator, to get an estimate of what level of Life Insurance you should consider having. Or, you can get a quote on Budget Direct Life Insurance.

With the indexation feature, your premium on Life, TPD and Trauma cover will increase at each policy anniversary to help guard your cover amount against inflation. The increase is based on the previous year’s Consumer Price Index, or 3% whichever is the greater. Your premium will automatically adjust to reflect the increase in cover.

This helps ensure your level of cover keeps pace with inflation. You do have the option to stop the indexation of your cover if you prefer, in which case your cover amount will remain fixed and any rise in your premium will only be due to your increasing age.

A pre-existing medical condition is one which you have either been diagnosed with, or present symptoms of, prior to taking out your Life Insurance policy.

Your application for Budget Direct Life Insurance will be assessed upfront, where you will be asked a series of health and lifestyle questions. You can still make an application for cover if you have a pre-existing medical condition; all applicants must ensure they meet their duty to take reasonable care when answering the questions asked during the application process. An explanation of 'the duty' is detailed in the PDS and in the application form.

As part of the underwriting process, your application for Life Insurance may result in the requirement for a blood test, or a medical examination. If this is the case, NobleOak’s Budget Direct Life Insurance team will arrange this, and do so at no cost to you.

If there are any special acceptance terms that are required to be noted on your policy – for example, with respect to a pre-existing condition – you will be advised prior to the enforcement of your policy.

One that results in you being unable to work and earn an income from your usual occupation; and requires ongoing medical treatment. The illness or injury must be certified by your medical practitioner and confirmed by one or more medical specialists nominated by us.

‘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).

Starting from $1,500 per month, Budget Direct’s Income Protection Insurance will cover you for up to 70% of your regular, pre-tax income to a maximum of $30,000 per month (subject to certain limits). Within these guidelines, you can choose the Monthly Benefit to suit you and budget, as your premiums will be calculated on the amount of the cover.

Next you need to choose your waiting period, which at Budget Direct is either 30 days or 90 days. This is the period before you become eligible to receive a Monthly Benefit. If you choose a 90 day Waiting Period, your premiums will be lower, because you are effectively self-insuring for those first 90 days of disability.

You then choose the Benefit Period, which is the maximum length of time you will receive a monthly payment while unable to work due to Sickness or Injury. At Budget Direct, you have the choice of a 2-year or 5-year Benefit Period.

If you first suffer a serious listed medical condition while you are covered for Trauma Insurance, Budget Direct will pay you the cover amount as a lump sum, helping you to pay any treatment expenses that are not covered by your health fund, and adjust your lifestyle. The money received will also help replace any lost income while away from work, particularly if you have used up all your sick leave and savings.

The main trauma events that Budget Direct Trauma Insurance covers are:

  • Cancer excluding specified early-stage cancers
  • Coronary Artery Angioplasty – through specific procedures
  • Coronary Artery By-Pass through open chest surgery
  • Heart Attack with evidence of severe heart muscle damage
  • Stroke in the brain resulting in specified permanent impairment

However, the full list of events is far longer than this. For all the specified events covered under Budget Direct’s Trauma Insurance, please refer to the Product Disclosure Statement (PDS).

For the industry-approved definitions of serious medical conditions covered under this policy, please head to the Financial Services Council website. 

Trauma Insurance, sometimes known as critical illness or recovery insurance, covers you in the event you are diagnosed with a serious listed medical condition. The Trauma benefit is paid as a lump sum that can help to cover the cost of ongoing therapy and any lifestyle changes that might be necessary to help manage your condition.

You can start by taking out Life Cover with Budget Direct. In the process, you’ll have the option of adding Trauma Insurance to your policy. If you wish, you can also take Trauma Insurance as standalone cover.

Then, if you’re diagnosed with a serious listed medical condition, you can make a claim. If approved, you’ll receive a lump sum, to put toward anything you wish – such as paying off debts, covering therapy or medical costs, or helping you adapt to your lifestyle.

The main trauma events that Budget Direct Trauma Insurance covers are:

  • Cancer excluding specified early-stage cancers
  • Coronary Artery Angioplasty – through specific procedures
  • Coronary Artery By-Pass through open chest surgery
  • Heart Attack with evidence of severe heart muscle damage
  • Stroke in the brain resulting in specified permanent impairment.

However, the full list of events is far longer than this. For all the specified events covered under Budget Direct’s Trauma Insurance, please refer to the Product Disclosure Statement (PDS).

For the industry-approved definitions of serious medical conditions covered under this policy, please head to the Financial Services Council website.

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.

Claiming on your Budget Direct Income Protection Insurance, or Budget Direct Life Insurance can be done by calling us on 1300 220 627.

You can find more details, including a step-by-step process on our Life Insurance Claims page.

Once you’ve followed the process detailed on our Claims page and submitted the appropriate forms, NobleOak will review your Life Insurance, or Income Protection Insurance claim. Once they have a decision, you or your beneficiary will be notified promptly.

If you’re in the process of a claim and would like to learn more, you can contact us on 1300 220 627 for more information.

We understand that making a claim can be a difficult and emotional time. The Budget Direct Life Insurance team at NobleOak aim to make the process as efficient and straightforward as possible.

NobleOak has a strong claim philosophy built on a fundamental desire to put the policy holder first at all times. When making a claim, you or your beneficiary will be assigned a dedicated claims consultant to assist with the process.

As a first step, the claims team can be contacted on 1300 220 627. They will walk you or your beneficiary through the process, send the required documentation to complete and explain what other documentation may be required.

Once the claim is assessed, you or your beneficiary will be advised of the outcome promptly. Once a claim is accepted, payments are usually made within five business days.

You can find more details, including a step-by-step process on our Life Insurance Claims page.

In the event a person holding Budget Direct Life Insurance passes away, we can quickly advance $15,000 of their cover to assist with funeral expenses, once we receive evidence of age, and the death certificate.

With most Life Insurance products in Australia, there are several types of covers available (typically, Life, TPD, Trauma and Income Protection). 

With Budget Direct Premium Life Direct, 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 took a turn for the worse.

Life cover will help you to protect your family against financial hardship with a lump sum benefit payable (which is your sum insured; up to $15m cover can be applied for) if you were to pass away or are diagnosed with a terminal illness that is likely to result in death within a period of 24 months.

With Budget Direct Life Insurance’s Life cover, an advance payment of $15,000 will also be available from the Life cover amount that you have insured for, to assist with funeral expenses. This can help to lessen the financial stress at a very emotional time.

As an option with Life cover, you also can add Total Permanent Disability (TPD) cover with a lump sum benefit payable (up to $5m cover can be applied for), which will help protect you financially if you can never work again through sickness or injury . 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 sum insured by the amount of the TPD cover payment.

Trauma cover will help protect you financially upon diagnosis of a serious medical condition listed in the PDS, with a lump sum benefit payable (up to $2m cover can be applied for). if you take Trauma cover as an option with your Life cover, then any approved claim for a Trauma event will reduce the Life cover (and TPD cover, if also taken) by the amount of the Trauma cover payment. You can also take Trauma cover as standalone cover.

Income Protection cover will pay a monthly benefit in arrears, for your benefit period (2 or 5 years) whilst you cannot work due to a sickness or injury, helping you support yourself and your family, and cover essential living expenses.

Accidental death is covered as a part of Budget Direct Life Cover. For all the specifics, exclusions, terms, conditions and limits, please refer to the Product Disclosure Statement (PDS).

Trauma Insurance, sometimes known as critical illness or recovery insurance, covers you in the event you are diagnosed with a serious listed medical condition. The Trauma benefit is paid as a lump sum that can help to cover the cost of ongoing therapy and any lifestyle changes that might be necessary to help manage your condition.

You can start by taking out Life Cover with Budget Direct. In the process, you’ll have the option of adding Trauma Insurance to your policy.

Then, if you’re diagnosed with a serious listed medical condition, you can make a claim. If approved, you’ll receive a lump sum, to put toward anything you wish – such as paying off debts, covering therapy or medical costs, or helping you adapt to your lifestyle.

The main trauma events that Budget Direct Trauma Insurance covers are:

  • Cancer excluding specified early-stage cancers
  • Coronary Artery Angioplasty – through specific procedures
  • Coronary Artery By-Pass through open chest surgery
  • Heart Attack with evidence of severe heart muscle damage
  • Stroke in the brain resulting in specified permanent impairment.

However, the full list of events is far longer than this. For all the specified events covered under Budget Direct’s Trauma Insurance, please refer to the Product Disclosure Statement (PDS).

For the industry-approved definitions of serious medical conditions covered under this policy, please head to the Financial Services Council website.

Income Protection Insurance offered by Budget Direct does not cover redundancy. Rather, it’s there to help if you happen to be unable to work due to injury or sickness. If you work in a trade and severely break your leg on the weekend, meaning you were unable to work, you would most likely be eligible to claim on your Income Protection Insurance.

For all the terms, conditions, limits, sub-limits and exclusions of Budget Direct Income Protection Insurance, please refer to the Product Disclosure Statement (PDS).

Budget Direct Life Insurance is not available to individuals under age 16 (for Life and TPD cover) and 18 for Income Protection cover and Trauma cover.

The amount of cover you can apply for will depend on your income, living expenses, and what you think you'd need should you be unable to work due to sickness or injury.

Once you receive your welcome pack, you have a 30 day cooling off period to ensure your cover suits your needs. If you need to make any changes, please contact us as soon as possible. During the cooling off period, you may cancel your insurance cover and any premiums paid will be refunded in full. Otherwise, please keep your documentation in a safe place for future reference and in case of any future claims.

If you’re looking to cancel your Budget Direct Life Insurance policy, you can call our friendly team on 1300 220 627, who will be able to help.

For a few exclusive reasons, a Life Insurer may be able to cancel your policy. These might include:

  • reaching exclusion ages (ages at which your policy won’t be renewed)
  • certain non-payment situations (whereby you don’t pay your premiums)

All the information about how/when Budget Direct can cancel policies can be found in your Product Disclosure Statement (PDS).

Many people will experience changes in their lives which will impact their financial responsibilities. As you move through the different stages of your life, you may find that the insurance cover amount you attained at the outset doesn’t cover your evolving needs.

With Life cover and TPD cover, the Budget Direct Life Insurance Future Increases Benefit allows you to increase your cover amount by as much as $100,000 (depending on your original cover amount) within any year without having to provide further medical evidence, upon the occurrence of certain events. This will apply to the following allowable events: 

  • You take out or increase a mortgage on your primary place of residence 
  • You marry, officially register a partnership or commence a de facto relationship recognised at law 
    • You or your partner gives birth to or adopts a child
    • Your spouse dies, or 
    • You get a divorce 

To be eligible, you must be less than 60 years of age when the allowable event occurs and you must notify NobleOak within 90 days of the event or within the 30 days prior to or following the next anniversary of your cover which follows the allowable event, and your original cover must have been issued with a medical loading not greater than 50%. While you will not have to provide further medical evidence, however you will be required to provide appropriate documentation to support the request. Increases to the original cover amount can only be requested once per year and the total value of increases cannot exceed 100% of your original cover amount.

With Budget Direct Life Insurance, you can apply to decrease your cover level (on any cover type you have attained) at any time.

If you’re looking to update personal details such as your address or contact information, or you want to discuss any changes to wish to make to your policy you can call NobleOak’s friendly Budget Direct life insurance team on 1300 220 627, and they’ll be able to assist.