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What is Life Insurance?

Budget Direct Life Insurance includes:

  • Budget Direct Life Cover
  • Budget Direct Express Life Cover
  • Budget Direct Total & Permanent Disability (TPD) Cover
  • Budget Direct Trauma & Trauma Plus Cover
  • Budget Direct Children's Cover

Budget Direct Life Insurance includes Budget Direct Life Cover and Budget Direct Express Life Cover, which provide your loved ones with a lump sum benefit should you:

  • pass away
  • be diagnosed with a terminal illness and have a life expectancy of less than 12 months.

Both Budget Direct Life Cover and Express Life Cover include all causes of death, except suicide or self-inflicted injuries in the first 13 months.

Whilst Budget Direct Express Life Cover is a standalone product, you can also apply for one or more of the following types of optional cover in addition to Budget Direct Life Cover:

  • Budget Direct Total & Permanent Disability (TPD) Cover
    Provides both you and your loved ones with financial protection by paying a lump sum benefit should you become permanently disabled due to sickness or injury and can no longer work in any occupation or manage your home.

  • Budget Direct Trauma & Trauma Plus Cover
    Provides both you and your loved ones with financial protection by paying a lump sum benefit should you suffer a specific serious illness or injury. Budget Direct Trauma covers specific types of cancer, coronary artery bypass surgery, heart attack, and stroke (as defined in our PDS). For extra protection, we also offer Budget Direct Trauma Plus Cover, which provides cover a range of trauma events, such as intensive care and major organ transplant.

  • Budget Direct Children's Cover
    Provides both you and your loved ones with financial protection by paying a lump benefit should an insured child pass away, be diagnosed with a terminal illness, or suffer a serious illness or injury.

See the Product Disclosure Statement for full terms and conditions and exclusions.

What's the difference between Budget Direct Life Cover and Budget Direct Express Life Cover?

Budget Direct Life Cover provides a benefit amount between $50,000 and $1 million (subject to age), and may be complemented by additional protection, including Budget Direct TPD Cover, Budget Direct Trauma or Trauma Plus Cover, or Budget Direct Children's Cover. You can apply for Budget Direct Life Cover over the phone by calling 1800 555 048 or get a quote now.

Budget Direct Express Life Cover provides a benefit amount between $50,000 and $300,000 without any complicated forms, medical tests, or blood tests. You can apply in a matter of minutes online or over the phone by answering a few quick questions.

What's the difference between Budget Direct Life Cover, TPD Cover, Trauma & Trauma Plus Cover and Children's Cover?

Budget Direct Life Cover and Express Life Cover offer a Death Benefit, meaning a lump sum benefit is paid should you pass away. The Death Benefit is distributed to your assigned beneficiaries. The benefit can be used to cover funeral and legal costs, pay for outstanding debts and everyday expenses, such as rental payments or a mortgage, car payments, credit card debts, bills, childcare, school fees, and groceries, or serve as an inheritance. It can provide peace of mind in knowing that your loved ones can maintain the lifestyle to which they’ve grown accustomed should something happen to you.

Budget Direct TPD Cover is known as a Living Benefit. In general, a Living Benefit is distributed to you as a lump sum payment should you suffer an insured event that does not result in your death, and which results in a permanent disability that prevents you from working in any occupation or managing your home. The benefit can be used to cover outstanding debts, such as mortgages and car repayments as well as everyday expenses, such as bills, childcare, school fees, and groceries. As a renter, it could also cover the purchase price of a modest home which could be modified to cater for a disability. Likewise, the benefit can assist with lifestyle changes, such as hiring a professional in-home carer or housekeeper, pursuing ongoing rehabilitation, or covering additional medical expenses.

Budget Direct Trauma & Trauma Plus Cover are also known as Living Benefits, and are intended to provide short-term financial assistance to you in the event of a serious illness or injury. The benefit can be used to help meet mortgage repayments or rental payments, medical costs and out-of-pockets, alternative therapies, or cover unpaid leave for yourself or your partner during the insured's recovery period.

Budget Direct Children's Cover offers both Death and Living Benefits and pays a lump sum benefit should an insured child pass away, be diagnosed with a terminal illness, or suffer a serious illness or injury.

Cover Death Benefit Living Benefit
Budget Direct Life Cover    
Budget Direct Express Life Cover    
Budget Direct TPD Cover    
Budget Direct Trauma & Trauma Plus Cover    
Budget Direct Children's Cover    

Why is Life Insurance so important? Do I also need TPD and Trauma or Trauma Plus Cover?

Budget Direct Life Insurance can help secure the financial future for your surviving loved ones if you were no longer there to provide for them. Likewise, TPD and Trauma or Trauma Plus Cover can be equally as important. Not only do these add-ons to Budget Direct Life Cover help secure the financial future of your loved ones, they also help ensure that you can provide for yourself even if you can no longer work or you suffer a serious illness or injury.

What would happen to your family or loved ones if a source of income was lost? Even if you're not earning an income, have you considered the costs of cooking, laundry, cleaning, and childcare, especially if you have young children?

Budget Direct Life Insurance can help give you peace of mind in knowing that you've taken an important step towards covering everyday expenses as well as education costs, mortgages, and car payments under a range of unexpected scenarios. The financial security and assurance these products offer could mean you and your family can maintain the lifestyle you've worked so hard to provide without selling your assets or draining your investments or savings.

But I’m young and healthy. Why do I need Life Insurance and these other products?

At every phase in our lives, we're either responsible for ourselves or for others. This means that even if you're young, you may not want to become a burden for your loved ones, especially if you have a family with children. Even without a family, it's worth considering your own personal situation. How would you survive if you could no longer work? Do you have enough savings or other sources of income to sustain yourself should you need to take time off work due to serious illness or injury?

Additionally, Life and Express Life Cover, TPD Cover, and Trauma and Trauma Plus Cover are linked to your general health, so it could be more expensive and more difficult to get insurance if your health changes. Securing Budget Direct Life Insurance while you’re healthy can be an affordable option that offers value when you really need it.

How can I take out a Budget Direct Life Insurance policy?

Get an online quote now or give us a call on 1800 555 048 to organise your application. Over the phone our friendly staff can also:

  • give you a quote
  • give you more information about Life Insurance cover
  • answer any other questions you may have.

How can I save money on my Life Insurance?

Budget Direct Life Insurance can give you smart, flexible cover that suits your needs and your budget. We base your premium on your age, sex, health, and risk factors such as whether you smoke.

We can offer you non-smoker rates if you haven't smoked for 12 consecutive months. Non-smoker rates can save you a significant amount on your premium.

And if you're already a Budget Direct customer you can receive a 10% discount on new Budget Direct Life Insurance.  

Am I covered when I'm overseas?

Once we accept your application, you're covered 24 hours a day, 7 days a week anywhere in the world.

Do you accept credit card payments?

Yes, you can pay by:

  • automatic debit from your bank account
  • charging payments to your Visa or MasterCard.

And you can make payments fortnightly, monthly, or annually—it's your choice.

Who is the insurer?

Budget Direct Life Insurance is issued by:

Hannover Life Re of Australasia Ltd
Level 7, 70 Philip Street, Sydney NSW 2000
ABN 37 062 395 484

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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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