Can I cancel my Life Insurance policy?
If you’re looking to cancel your Budget Direct Life Insurance policy, you can call the Budget Direct Life Insurance team at NobleOak on 1300 220 627.
Can NobleOak cancel my policy?
For a few exclusive reasons, NobleOak may be able to cancel your policy. These might include:
- reaching the cover expiry age for the cover type you select (ages at which your policy won’t be renewed)
- certain non-payment situations (whereby you don’t pay your premiums)
All the information about Managing Your Cover can be found in the Product Disclosure Statement (PDS).
Can I increase or reduce my Life Cover?
Many people 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 the lesser of $100,000 or 20% of your original cover amount without having to provide further medical evidence. 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 by law
- You or your partner gives birth to or adopts a child
- Your spouse dies, or
- You get a divorce
With Budget Direct Life Insurance, you can request to decrease your cover level (on any cover type you have attained) at any time.
If you want to make any changes to your Budget Direct Life Insurance policy, you can call the Budget Direct Life Insurance team at NobleOak on 1300 220 627.
If I want to make any changes to my policy how do I let you know?
If you’re looking to update personal details such contact information or payment details, or you want to discuss any changes you wish to make to your policy you can call the Budget Direct Life Insurance team at NobleOak on 1300 220 627.
What happens if I stop paying premiums?
If you choose to stop paying your life insurance premiums, your policy will lapse and you will not be covered. You will receive payment reminder letters containing the cancellation date if the outstanding premiums are not paid.
Non-payment of premiums means that the premiums due for this cover have remained unpaid for at least 60 days. If you are experiencing financial difficulty please contact the Budget Direct Life Insurance team at NobleOak to discuss options at 1300 396 455.
Do I need to update the insurer if my health or occupation changes?
No. We do however suggest you contact the Budget Direct Life Insurance team at NobleOak on 1300 220 627 if your smoking status that is reflected on your policy changes.
Can I change my insurance?
You can make changes to your insurance by contacting the Budget Direct Life Insurance team at NobleOak on 1300 220 627.
Is my Trauma or Income Protection insurance policy valid if I’m overseas?
Yes, once issued, your insurance cover is provided worldwide and 24 hours a day, subject to any special acceptance terms and conditions NobleOak may have applied to your cover.
How often should I review my Life Insurance?
You should review your insurance each time your life circumstances change. This might be when you get married, expand your family or purchase a new home.
What can I do if I'm unhappy with a decision?
If you are not satisfied with the service we have provided or would like to make a complaint about your insurance policy, you can contact the Budget Direct Life Insurance Client Care team at 1300 220 627 or email: [email protected]
You can find further information about Managing Enquiries and Concerns in the Product Disclosure Statement (PDS).
