Budget Insurance Life Insurance Review
Budget Insurance Life Insurance at a Glance
- Two main life cover policies with two optional benefits.
- Terminal illness automatically included.
- Budget Insurance life insurance is underwritten by 1Life.
What we like:
With two cover options, a wide cover amount range, and two optional extras, Budget Insurance's life insurance policies give consumers some leeway to tailor their policies to their lifestyles. Their policies are also underwritten by another trusted South African insurer, 1Life.
Best for:
Budget Insurance life insurance policies are best suited to people who understand their budget and have clear expectations of what they want to get out of their policy. If you have a smaller budget or fewer beneficiaries the Budget Life Basic Insurance may be a good fit for you, but you must understand the benefits and extent of your coverage.
- The cover is valid for your entire lifetime and does not expire.
- An initial R50,000 is paid out to aid in funeral costs.
- No waiting periods for accidental deaths.
- No discounts or opportunities to earn cash back.
Uncertainty is an unfortunate part of life, nobody can tell what the future holds but we can do our best to prepare for it. Life insurance is one way to make sure that your loved ones are taken care of when you’re not around to provide for them. Known for being one of the most affordable insurers in South Africa, Budget Insurance has two main life insurance policies with two optional extras.
What Makes Budget Insurance Life Insurance Different?
Budget Insurance caters to smaller budgets with its basic life insurance option. This does come with a smaller cover amount of a maximum of R200,000 but does not expire and there are no waiting periods if your death is by accidental causes.
Whilst it is not a funeral plan, Budget Insurance does pay out an initial amount of R50,000 that is meant to aid in funeral-related costs. This is paid out to your family within two days of them submitting a valid claim with all the necessary documentation. This benefit is available on both the ‘Budget Life Basic Insurance’ and the ‘Budget Life Elevated Insurance’ policies.
And if you’re diagnosed with a terminal illness with a life expectancy of less than a year, you can receive your full cover amount while you’re living. This means you can distribute the money amongst your loved ones, use it to cover medical expenses, or however else you see fit!
Budget Insurance Life Insurance coverage options and benefits
Budget Life Basic Insurance
If you’re not looking for a large payout amount, Budget Insurance’s ‘Budget Life Basic Insurance’ policy might be right for you! As the name suggests, the policy has a cover amount ranging from R50,000 to R200,000 with no waiting period for accidental deaths. However, there is a two-year waiting period for suicides and natural deaths.
Budget Life Elevated Insurance
With a higher cover amount ranging from R200,000 to R10,000,000, this policy has no waiting periods for both accidental and natural deaths. There is still a two-year waiting period for suicides.
Budget Life Elevated Insurance’ also comes with added perks, like the ‘Guaranteed Assurability’ and ‘Expo-Sure’ benefits. The ‘Expo-Sure’ benefit offers Budget Insurance customers access to HIV testing and treatment. This includes counselling services and the whole process is entirely confidential.
The ‘Guaranteed Assurability’ benefit is an optional extra that allows you to make changes to your coverage amount. This is particularly useful if you’re younger or unmarried, as you can add future children or spouses as beneficiaries.
Dread Disease, Disablement Insurance
Budget Insurance’s ‘Dread Disease Insurance’ pays out a percentage of your total cover amount if you and your loved ones are diagnosed with a critical illness. This includes dread diseases listed on your policy, major surgeries, and organ failure. The cover amount for this benefit can also be increased if you include the ‘Guaranteed Assurability’ option.
If you claim from your ‘Dread Disease Insurance’ cover amount, it does not affect your other life cover policies. And you have complete control of how the payout is spent, whether it’s towards medical bills or other debts. Cover amounts range from R50,000 to R4,000,000 and there are no required medical exams besides an HIV test.
Disablement Insurance cover is a separate optional policy that pays out a percentage of your total cover if you are left disabled following an unfortunate incident. The cover amounts range from R50,000 to R10,000,000 for event-based cover and between R200,000 and R10,000,000 for occupation-based cover. The occupation-based cover amount will only pay out if you are permanently disabled, and cannot hold your previous job or any other job you are skilled for.
Pricing and Discounts of Budget Insurance Life Insurance
The main factors affecting your Budget Insurance life insurance policy can be age, gender, occupation, underlying medical condition, family medical history, and lifestyle choices. Getting an online quote from Budget Insurance is relatively quick and you can get a good idea of what you would pay in premiums.
Where Budget Insurance Life Insurance Can Improve
Most insurers do not offer discounts or cash-back incentives on longer-term policies, such as life cover. However, it is unclear whether Budget Insurance extends its ‘Cash Back Bonus’ programme to its life cover policies.
Many of the terms and conditions regarding their life insurance policies are not easily available online, so it can be difficult to conclude if Budget Insurance could be the right insurer for you without contacting them for a quote.
How to Request a Quote for Budget Insurance Life Insurance
- Fill out the short questionnaire on the website to get an online quote.
- Leave your name and contact number on the website to get a callback.
- Call the customer service line on 0860 86 04 44 to speak to a consultant.
Frequently Asked Questions (FAQ)
Do I need to take an HIV test?
Yes! You need to take an HIV test but no other medical tests are required to get covered.
Can I take out a Budget Life Insurance policy as a pensioner?
Both Budget Insurance life insurance options are only available to people between the ages of 18 and 64.
Do I have to call customer service to change policy details?
No, you can manage your policy online. If you are unsure of anything regarding your policy and cover, it is best to speak to a consultant first before making changes online.
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