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Most of us wish for long, happy and healthy lives, however we can’t confidently say we’ll be alive tomorrow.

Our Life Cover provides your loved ones with a financial safety net in the event you die or are diagnosed with a terminal illness that results in a life expectancy of less than 12 months. 

On acceptance of a Life Cover claim, we’d pay you or your beneficiaries a lump sum that could be used to meet immediate costs (e.g. funeral), pay off the mortgage and other debts, and provide an income stream for your family.

What’s included?

Our Life Cover includes the following benefits and features:

Lump sum payment

On acceptance of your claim, we’d pay you (or, if you die, your beneficiaries) a benefit amount of up to $1 million as a lump sum.

Terminal illness benefit

If you had a terminal illness and had less than 12 months to live, you could apply to have your entire death benefit paid immediately – while you are still alive.

Advance funeral payment

While assessing a death claim, we may advance $10,000 of the benefit amount to assist with funeral costs and other expenses.

Flexible cover

You can apply to increase or decrease your Life Cover at any time to suit your changing needs and circumstances.

How much cover can I get?

The following table shows the maximum amount of Life Cover you can apply for, depending on your age:

Age (next birthday) when cover starts

Maximum benefit amount

18 – 44

$1,000,000

45 – 54

$750,000

55 – 59

$500,000

60 – 64

$300,000

...and how much do I need?

You know how much cover we’ll give you, but how much do you actually need?

Use our life insurance calculator to get an indication of how much cover you need

Find out more

The information on this page is a summary only. For more details about Budget Direct’s life cover, including the terms, conditions, limits and exclusions that apply, please read the product disclosure statement.

Add to your Life Cover

While Life Cover protects your dependents against the financial consequences of your untimely death, there are other illnesses and injuries that are non-fatal but which could still cost you your livelihood.

For added peace of mind, you have the option of adding the following cover to your Life Cover policy:

Total and Permanent Disability (TPD) Cover

TPD Cover can pay you a lump sum of up to $1 million in case, as a result of serious sickness or injury, you lose your sight or the use of your limbs or are unable to work ever again or cannot live independently. Read more about Total and Permanent Disability Cover.

Trauma cover

Also known as ‘critical illness cover’, trauma cover can pay you a lump sum of up to $500,000 in the event you suffer from cancer, coronary artery bypass surgery, heart attack or stroke (Trauma Cover) plus another 10 ‘trauma events’ (Trauma Plus Cover) and are forced to take extended time off work. Read more about trauma cover.

Children’s Cover

Children’s Cover can pay you a lump sum of up to $50,000 if your child dies, is diagnosed with a terminal illness, or suffers from 14 specified injuries or illnesses. This would allow you to take time off work to grieve or provide extra care and support for your child. Read more about Children’s Cover.

Express Life Cover

If you’re younger than 50 and want only $300,000 or less of life cover, you can apply for Express Life Cover.

It covers you in the event you die or are diagnosed with a terminal illness that results in a life expectancy of less than 12 months.

Unlike Life Cover, you do not have the option of adding TPD, Trauma or Children’s cover to your Express Life Cover policy.

Apply for and buy Express Life Cover online

Get a quote

You can apply for Life Cover or Express Life Cover if you’re an Australian resident aged 18 to 64 years (next birthday) and 18 to 50 years (next birthday) respectively.

You won’t need to fill out complicated forms or have a medical check-up or blood test.

Get a quote online in 60 seconds or call us on 1800 555 048.

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How to make a claim

If you need to make a claim, we’re here to help you through the process as quickly, efficiently and compassionately as we can.

Make a claim on your life cover insurance policy

Frequently asked questions

I have a pre-existing medical condition – can I get Life Cover through Budget Direct?

Yes, however if we agree to a special term with you that specifically excludes that condition, you will be unable to claim for a terminal illness or death resulting from that condition.

Can I increase my Life Cover benefit amount?

Yes – provided the increased benefit amount does not exceed the maximum allowed. Your age at the time you apply for the increase will be used to determine the maximum you’re eligible for (rather than your age when your cover originally started).

What would be the point of having Life Cover and Accidental Death Insurance?

If you had Life Cover and Accidental Death Insurance and you died accidentally, your beneficiaries could receive two benefit payments upon your death. For example, if you had $750,000 of Life Cover and $500,000 of Accidental Death Cover, your beneficiaries could be paid $1.25 million (more than the maximum benefit for Life Cover alone).

See all life insurance FAQs

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Get a 10% Existing Customer Discount

A 10% existing customer discount for new Budget Direct Life Insurance policies.

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