Budget Insurance Life Insurance Review 2021

Posted on Sep 10, 2021 by Staff Writer

Rateweb | South Africa

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Your loved ones don’t have to struggle financially should you pass away. Getting a life insurance policy can be an answer to your life worries. Life insurance is a product that ensures that your loved ones are financially stable should you pass on. 

Budget Insurance can help you with your life insurance needs so that you can tackle life’s obstacles without having to worry about who will take care of your loved ones should something happen to you. 

Budget life insurance is one of the most recognizable life insurance policies in South Africa and the company has decades of experience in issuing life cover products. The Budget company seems to be reliable as it has been delivering great services to its customers since its formation. 

The insurance company makes it easy for customers to apply for its life insurance policy and can issue out cover claims in a matter of hours. Using the Budget insurance website is the best way to get started as you can get a quote and start your application immediately. 

Claims are also easy. The company has also dedicated a fully loaded web page to make claiming easy. Claims can now be done 24/7, making the claiming process much easier and faster. 

Budget Insurance Life Insurance 

Budget Insurance Life Insurance offers life insurance products in partnership with 1Life. The partnership has enabled the insurance provider to issue more specialised life insurance benefits to help South Africans get life covers that they really need. 

The Budget life insurance has many products that one can choose from. Products can be chosen in combination or singular, therefore, individuals have an opportunity to select a policy that they need by taking advantage of the policy customisation ability. 

What are the life insurance products offered by  Budget Insurance? 

Budget Insurance offers numerous life insurance products that target different needs for individuals. The products are diverse and include:

  • Budget life basic insurance, 
  • Elevated life insurance, 
  • Dread disease insurance, 
  • Disability insurance, 
  • Terminal illness cover, and
  • Funeral cover

Insurance products are available to any South African between the ages of 18 to 64. The products are discussed below in detail. 

Budget Life Basic Insurance 

The Budget life basic insurance is available to individuals between the ages of 18 and 64. The product comes with added insurance benefits. Benefits include dread disease cover that covers you should you get diagnosed with a lifestyle changing illness and disability insurance that covers you should you suffer a permanent disability. 

Budget Life basic insurance pays out between R50,000.00 to R200,000.00 depending on the cover amount that you have chosen. The beneficiaries of the policy will receive R50,000.00 within two days of submitting a valid claim, which they can put towards funeral expenses. This eases the financial burden that is associated with burial proceedings. 

Not only can your beneficiaries benefit from your cover, but you can also benefit from the policy while you are still alive. The cover pays out your entire cover amount should you as a policyholder get diagnosed with a terminal illness. However, payouts are only made to policyholders that are given less than a year to live. 

Another advantage of getting the Budget Life Basic Insurance is that there is no waiting period for accidental death so you are covered immediately for accidental death. However, there are two years waiting period for natural death and suicide so you are not covered immediately for natural death and suicide. 

Budget Elevated Life Insurance Cover

The Budget Elevated Life Insurance Cover is a life insurance cover that covers the policyholder for death, suicide, disability, and dread disease. The cover is an upgrade from the Budget Life Basic Insurance as it offers payouts of R200,000.00 to R10,000,000.00.

Claims to the cover are attended quickly so that funeral arrangements can run smoothly. Budget insurance pays out R50,000.00 within two days of submitting a valid claim with the money put towards funeral expenses.

If you get diagnosed with a terminal illness as a policyholder you get a full payout. This is done only if you are expected to live for 12 months or less. The cover is valid for life and you can add other insurance benefits in the future such as Guaranteed Assurability which allows you to increase your life cover if your lifestyle changes. 

You are covered immediately on the Budget Elevated Life Insurance Cover for natural death and accidental death. Suicide death has a waiting period of two years. 

Dread Disease Insurance 

The Budget dread disease insurance ensures that the policyholder and his/her family will be provided for, should the policyholder be diagnosed with an illness that results in the policyholder’s inability to provide financially for his/her family. 

Dread diseases include illnesses such as cancer, heart transplant, etc. Should you get diagnosed with a dread disease, Budget Insurance will pay a portion of your cover amount from R50,000.00 to R4,000,000.00 immediately after a successful claim. 

Disability Insurance 

The Budget disability insurance protects you financially should you become disabled. The policy pays out a lump sum should you become disabled due to an illness or physical injury and you are no longer able to continue working within your job’s requirements. 

Budget Insurance offers two types of disability insurance which are Occupation based disablement insurance and event-based disablement insurance. Occupation-based disablement insurance pays out if you become disabled and cannot perform your duties or any work that you are suited for.

 Event-based disablement insurance is an insurance cover that pays out based on the severity and type of your disability. This cover pays out in percentage meaning a certain portion of your cover is paid out based on the severity of your disability. 

Conclusion 

Budget Life Insurance is a policy that many are proud of. This insurance is easy to get as it doesn’t require any underwriting except tests for HIV. Also, there are many benefits that you can choose from.

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