What Life Insurance Covers

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

With Budget Direct Life Insurance, you can choose one more of these covers with the aim of financially protecting yourself, your family and loved ones 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’s Life cover, an advance payment of $15,000 will also be available from the Life cover sum insured amount to assist with funeral expenses. This can help to lessen the immediate financial stress for your loved ones at a difficult and emotional time.

As an option with Life cover, you also can add Total Permanent Disablement (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 amount 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 Insurance as standalone cover.

Income Protection cover will pay a monthly benefit after your selected waiting period (30 or 90 days) in arrears, for your benefit period (2 or 5 years) whilst you cannot work due to a sickness or injury. The proceeds of a claim may help you support yourself and your family and cover essential living expenses whilst you recover.

Accidental death is covered if you hold Budget Direct Life Cover.

For all the terms, conditions, limits and exclusions, please refer to the Product Disclosure Statement (PDS).

You can still make an application for Budget Direct Life Insurance if you have a pre-existing medical condition. You may require a blood test and medical examination, and we may need to attain medical records as part of your application process. In this case, the Budget Direct Life Insurance team at NobleOak will arrange this at no cost to you.

In some instances, special acceptance terms may be applied to a policy to secure coverage. The Budget Direct Life Insurance team at NobleOak will explain these to you if required.

This may depend on a person’s individual circumstances, and the type of cover that is selected. Always refer to the Product Disclosure Statement for terms, conditions, limits and exclusions.

When applying for life insurance, you may want to consider a level of coverage that may help you reduce or clear your mortgage, debts and assist with ongoing living expenses for your loved ones in the event of your death.

This may depend on a person’s individual circumstances. For all the specifics, exclusions, terms, conditions and limits, please refer to the Product Disclosure Statement (PDS).

For further support related to substance misuse or addiction you can contact:

• Griefline on 1300 845 745
• Family Drug Support (FDS) on 1300 368 186

This may depend on a person’s individual circumstances. For all the specifics, exclusions, terms, conditions and limits, please refer to the Product Disclosure Statement (PDS).

For further support related to substance misuse or addiction you can contact:

• Griefline on 1300 845 745
• Family Drug Support (FDS) on 1300 368 186

This may depend on a person’s individual circumstances, and the type of cover that is selected. For all the specifics, exclusions, terms, conditions and limits, please refer to the Product Disclosure Statement (PDS).

This may depend on a person’s individual circumstances, and the type of cover that is selected.  For all terms, conditions, limits and exclusions, please refer to the Product Disclosure Statement (PDS).

Help is always available, and Lifeline can provide compassionate support for people in crisis. Call 13 11 14 for 24/7 crisis support. If life is in danger, call 000.

Budget Direct Life Insurance covers death by suicide 13 months after commencing, reinstating, or increasing your cover. 

However, as much as we passionately strive to offer support to our policyholders and their loved ones, we just as firmly believe in supporting suicide prevention. Regardless of whether your policy might cover you or not, there are people who care and people you can speak to. And we’d strongly recommend contacting Lifeline on 13 11 14 for 24/7 crisis support.

If you hold Life cover with Budget Direct, once evidence of your age and the death certificate is received, $15,000 of your cover can be advanced to assist with funeral expenses. As a result, the Life cover death sum insured amount you hold will be reduced accordingly.

With Life cover, the length of time before you receive a life insurance payout will depend on the circumstances surrounding the death. With other cover types, the circumstances surrounding the event leading to the claim also will need to be assessed. 

After being notified about your claim, the claims team at NobleOak will explain your cover and the claim process to you, including why certain information has been requested and if any waiting periods apply.

Once all information has been gathered and all reasonable enquiries have been completed to assess your claim, you will be kept informed of the progress of your claim with regular updates. NobleOak aim to pay all approved claims within a period of five business days.

If you hold Life cover and you become terminally ill, the sum insured amount can be advanced to you, instead of paying this to your beneficiary(ies) at the time of your passing.

For further detail on the terminal illness benefit within Life cover, please refer to the Product Disclosure Statement (PDS).

Accidental HIV Infection contracted through occupation, or medical procedures is one of the trauma events that is covered with Trauma Insurance, listed in the PDS.

For all terms, conditions limits and exclusions,  please refer to the Product Disclosure Statement (PDS).

To find out more about what’s not covered with Trauma Insurance please refer to the Product Disclosure Statement (PDS).