Budget life insurance review
If you want to protect your family, life insurance can help. Compare Budget life insurance policies now.
If you’ve just bought a house or are looking to plan for the future, it’s important that your family will be supported financially. Budget Insurance offers a number of policies to cover your loved ones in the event of your death. See how they work and compare your options below.
What is Budget?
Budget Insurance is a UK insurance provider and the trading name of BISL Limited. It was founded in 1992 and today offers policies to cover home, car and life insurance.
Budget Insurance is underwritten by Scottish Friendly Assurance Society.
What types of life insurance does Budget offer?
Budget offers two types of term life insurance policy: level term and decreasing term cover.
Customers can choose a single or joint policy and also have the option of adding critical illness cover as an extra.
- Budget level term life insurance
Under level term cover, the size of your insurance premium and payout remain the same across the entire term of the policy. At the beginning of the policy, you select the amount you want to be insured for, as well as the length of time you want to be covered. If you die during this period, your family will receive the lump sum insurance amount.
- Budget decreasing term life insurance
This is similar to level term cover, but both your premiums and payout reduce over the course of the policy term. Decreasing term insurance is designed to cover a large outstanding debt, generally a mortgage, which is paid off over time. Your insurance payout should therefore scale down in line with the amount remaining on your mortgage.
- Budget critical illness cover
This is an optional level of cover for those who want protection from a range of serious illnesses or conditions. If you’re diagnosed with a critical illness, you receive the agreed insurance payout.
Compare Budget policies
Benefits of Budget life insurance
- Choice of level term or decreasing term cover
- Free will service
- Legal advice included
- Joint policies available
Drawbacks of Budget life insurance
- Does not offer whole-of-life insurance
- Maximum cover is £750,000
- Limited information on policy requirements
Budget life insurance exclusions
You may not be able to claim in the following situations:
- You did not provide full, accurate and true information
- You fail to pay your premium within 29 days of the due date
- Suicide during the first 12 months of cover
What’s the claims process for Budget’s life insurance?
You can make a claim by calling Budget on its 24-hour helpline. You’ll need to provide your policy number or details, as well as be able to prove your permission to claim.
Frequently asked questions
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Terminal illness benefit
Read our guide to find out how terminal illness benefit on a life insurance policy could help your loved ones and offer some financial security.
Level term life insurance
Read our guide to find out how level term life insurance could offer your loved ones financial security after you’re gone.
Joint life insurance
Read our guide to help you decide if you and your loved ones could benefit from joint life insurance.