Why Older Australians May Want to Consider Life Insurance

Whether you’re still working, preparing for retirement, becoming a grandparent or planning to travel or spend more time with your family, life after you reach age 50 can be rewarding in so many ways.

But getting older often comes with a higher risk of health issues and accidents, which is why it may be important  to ensure you have a financial safety net in place.  Life Insurance could be the answer.

At Budget Direct, our Life Insurance offers a range of options, from protecting your income if a sickness or injury prevented you from working, providing a lump sum cash payment to help clear debt, or creating a financial legacy for your loved ones if you were no longer around.

Benefits Included in Life Insurance

Budget Direct Life Insurance comes with a range of cover options that can help protect you and your loved ones when you need it the most.

If you meet the relevant age criteria, you can choose the covers you want and only pay for what you are covered for.

Cover Type What you are covered for Max. Age at entry Cover Expiry Age
Life cover A lump sum  payment if you pass away or are diagnosed with a terminal illness. A funeral  advance benefit of $15,000 will also be made available to assist with funeral  expenses. 74 99
An option within  Life cover - Total and Permanent  Disability (TPD) cover A lump sum payment (advanced from your Life cover) if you’re never able to work again because of sickness or injury 59 75
Income Protection cover Help replace a share of your income with a monthly payment if you can’t work due to a sickness or injury 55 65
An option within Life cover, or standalone cover - Trauma cover A lump sum payment in case you suffer a serious listed medical condition (noted in the Budget Direct Life Insurance PDS) 59 70

Compare life insurance premiums and cover options to find the best life insurance policy for you and your family. 

Find out more about the covers available and premiums here Budget Direct Life Insurance cover.

Award-Winning Life Insurance

Budget Direct Life Insurance may give you peace of mind should life take a turn for the worse. In addition to your age and gender, your premiums are calculated on a range of factors including;

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    The type of cover and level of cover you choose

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    Your bill of health

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    The types of hobbies and pastimes you enjoy

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    Whether or not you smoke (non-smokers pay much less on average than smokers)

As Budget Direct Life Insurance is fully underwritten, when you apply for cover you will be asked a series of health and lifestyle questions. and may require a medical examination. If a doctors report or blood test is required – we arrange these at our cost.

While there's no right time to get life insurance coverage, it may be a good idea to look at your options sooner rather than later.

It's common for life insurance companies to put a maximum entry age on cover options, so consider the PDS carefully to review the maximum entry age, and cover expiry age, or talk to a Budget Direct Life Insurance representative.

Life Insurance Cover Options


Life Cover

Life Cover, otherwise known as term life insurance or death cover, can help provide a degree of financial security for your family and loved ones in the event of your death, or if you are diagnosed with a terminal illness with less than 24 months to live.

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Total and Permanent Disability Cover

By adding optional TPD Cover with Life Cover, you can receive a lump sum payment if you're permanently disabled as the result of a sickness or injury, and are unable to work again.

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Income Protection Cover

Income Protection cover can help keep a level of income flowing for your benefit period if you were to suffer a sickness or injury and can't work during that time.

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Trauma Cover

Get a lump sum payment if you are diagnosed with 1 of 37 serious medical conditions listed within the PDS if you choose Trauma Cover to be added as an option with Life Cover, or as standalone Cover.

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