Life Insurance

Can I cover my children with Budget Direct Life Insurance?

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.

What is Budget Direct’s cooling off period for life insurance?

Once you receive your welcome pack, you have a 30-day cooling off period to ensure the cover you have secured 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.

How can I purchase life insurance?

If you want to purchase life insurance you will need to:
  1. Choose your cover type(s) – You can choose Life, Total & Permanent Disablement, Trauma, or Income Protection cover
  2. For each cover type that you select, choose a sum insured amount – It’s worth having an idea of the amount of coverage you want before applying. This can vary depending on your current and future financial situation, taking into account your mortgage or large debts, school fees and ongoing living costs. Budget Direct’s Life Insurance Calculator can assist you with this step.
  3. Apply for cover – A helpful place to start is by getting a life insurance quote online. You can then apply online following receipt of your quote or call the Budget Direct Life Insurance team at NobleOak on 1300 220 627.

How is the cost of life insurance – the premium – calculated?

Your life insurance premium is based on your age, gender, smoking status, and the sum insured you select for the cover(s) you choose. The sum insured amount refers to how much you want to be covered for and is chosen by you. As Budget Direct Life Insurance is fully underwritten, your premium may then be adjusted based on any health or lifestyle factors that may pose additional risk to NobleOak. 

How much life insurance cover should I take out?

When applying for life insurance, you may want to consider your current and future living expenses, how much it may cost to pay off your mortgage or continue paying rent, how much you spend on your children’s education and how much you owe on other loans or debts.

To help you understand the amount of Life Insurance cover you might need, Budget Direct’s Life Insurance Calculator can help you estimate how much cover may suit you.

How much does life insurance cost?

The cost of life insurance will depend on the cover(s) you require and sum insured amount you select, your age, gender and whether you smoke or not. Your final premium may also be adjusted following the outcome of your application, which will include a health and lifestyle questionnaire.