Compare Life Insurance
Budget Direct life insurance covers a wide range of unforeseeable events that can result in you getting seriously ill or injured or dying, leaving you unable to work and earn an income for a long time, if ever again.
The following table helps you compare the different types of life insurance cover we offer, so you can choose one or more to suit your needs and budget.
|Benefits and features||Life Cover||Express Life Cover||TPD Cover||Trauma Cover||Children's Cover||Accidental Death Insurance||Income Protection Cover|
|Add-on to Life Cover||—||—||—||—|
|Covered For||Death or terminal illness||Death or terminal illness||Total and permanent disability||Specified serious illness or injury||Death, terminal illness, or specified serious illness or injury||Accidental death||Serious illness or injury that prevents you from working|
|Minimum age (next birthday) at entry||18||18||18||18||2||18||19|
|Maximum age (next birthday) at entry||64||50||59||59||17||64||60|
|Benefit Amount||$50,000 - $1,000,000||$50,000 - $300,000||$50,000 - $1,000,000||$25,000 - $500,000||$20,000 - $50,000||$50,000 - $500,000||Up to 75% of your income (capped at $10,000 per month)|
|Waiting period||—||—||—||90 days||90 days*||—||30 or 60 days‡|
|Guaranteed cover until your...||100th birthday||100th birthday||65th birthday||65th birthday||Child's 21st birthday||75th birthday||65th birthday|
|Increase/decrease your cover (and premium) at any time†|
|Available to part-time workers and homemakers||Minimum 20 hours work per week|
|No medical or blood tests|
|30-day cooling-off period|
|Worldwide cover 24/7|
*Waiting period applies only to specified serious illness or injury; death and terminal illness are covered immediately upon acceptance of your application.
† Increases are subject to your age and the benefit amount limits.
‡ During the waiting period, you must be unable to work due to your illness or injury. If a doctor confirms you're still unable to work at the end of this time, we will pay you monthly benefits in arrears.
How much cover do I need?
You know how much cover (the ‘benefit amount’) we’ll give you, but how much do you actually need?
Find out more
The information on this page is a summary only. For more details about Budget Direct life insurance, including the terms, conditions, limits and exclusions that apply, please read the life insurance product disclosure statement or income protection cover PDS.
Get a quote
To apply for life insurance, you must be an Australian resident and fall within the relevant age range (which varies, according to the type of cover).
We’ll ask you a handful of questions about, among other things, your health, occupation and lifestyle. This will help us to determine whether we’re able to offer you cover.
You won’t need to fill out complicated forms or have a medical check-up or blood test. Get a quote in 60 seconds or call us on 1800 555 048.
Frequently asked questions
Why would I need TPD Cover and Trauma Cover?
If you have TPD Cover only, you won’t be insured if you suffer a trauma event like cancer or a stroke that doesn’t prevent you from returning to work. And if you have Trauma Cover only, you won’t be covered for events like musculoskeletal injuries that leave you totally and permanently disabled but don’t meet the definition of a trauma event.
Trauma Cover and Income Protection Cover both cover serious illness or injury – are they essentially the same thing?
No – Trauma Cover insures you against specified serious illnesses and injuries and can pay you a benefit of up to $500,000, while Income Protection Cover’s definition of a serious illness or injury is less restrictive and can pay you a benefit of up to 75% of your pre-tax income (capped at $10,000 per month) for one, two or five years if you can’t work in your usual occupation.
I’m a homemaker – do I need life insurance?
It’s entirely up to you, but if you have children you may want to consider the possibility that, if you were to die, your partner may need to pay for child care and housekeeping, for example, in order to keep earning an income. Does he or she earn enough to meet those additional costs? Similarly, if you’re caring for a family member with special needs, you may want to weigh up what it would cost to provide for that person if you were too unwell to continue caring for them.
What would be the point of having Life Cover and Accidental Death Insurance?
If you had the maximum amount of Life Cover available and wanted to provide more for your beneficiaries, Accidental Death Insurance could help you meet this goal should you die accidentally. For example, if you had $1,000,000 of Life Cover and $500,000 of Accidental Death Insurance, your beneficiaries could be paid $1.5 million (more than the maximum benefit for Life Cover alone).