Insurance Cover For You

What is life insurance?

A life insurance policy is a contract between you and your insurance company, like Budget Life. The policy provides financial protection, in the form of a lump-sum payment, to beneficiaries of the policy upon the insured’s death.

Your life insurance policy will help your loved ones survive the loss of your income and provide them with the financial protection to continue living their lives as they were before your death. Your family can use your life insurance pay-out to cover daily living expenses, medical bills and school fees.

You’re never too young or healthy to invest in life insurance. As a matter of fact, the younger and healthier you are, the more cost-effective your monthly premium will be, as it is calculated based on your health, lifestyle, age, gender, and line of work.

Life Insurance products from Budget Life

The Life Insurance products offering by Budget Life, in partnership with 1Life, include:

• Budget Life Basic Insurance

• Elevated Life Insurance

• Dread Disease Insurance

• Disability Insurance

• Terminal Illness

• Funeral Cover

• Funeral Cover for older people

Budget Life Basic Insurance and Elevated Life Insurance are the two main life insurance products offered by Budget Life. Dread Disease and Disability Insurance are value added options to one of the two main life insurance policies.

Note that you must be between the ages of 18 and 64 to purchase Budget Life Insurance.

What does Budget Life Basic Insurance cover?

Depending on your cover amount, your beneficiaries will get a payout of between R50 000 to R200 000 in the event of your death. They will also get R50 000 within two days of submitting a valid claim to put towards funeral expenses, easing the burden during this most difficult time. 

You too can benefit from a Budget Life Basic Insurance policy while you’re still alive. If you’re diagnosed with a terminal illness and are given less than a year to live, we’ll pay out your entire cover amount, no exceptions. 

Additional Budget Life Basic Insurance benefits include:

• You can enjoy cover for your whole life.

• Waiting periods: There is no waiting period for accidental death and only a two-year waiting period for natural death or suicide. 

What does Budget Elevated Life Insurance cover?

Depending on your cover amount, your beneficiaries will get a payout of between R200 000 and R10 million when you pass away. They will also get R50 000 within two days of submitting a valid claim to put towards funeral expenses, easing the burden during this most difficult time.

If diagnosed with a terminal illness and the life expectancy is 12 months, the cover amount is paid out to the insured.

Additional Elevated Life Insurance benefits include:

• You can enjoy the cover for your whole life.

• Guaranteed Assurability: If you choose to add this to your Life Insurance policy, you can increase your life cover if your lifestyle changes, for example, if you have another child. 

• Expo-Sure: Our confidential HIV testing, treatment, and counselling service following accidental exposure to HIV are available to all Budget Life Insurance customers.  

• Waiting periods: There is no waiting period for natural and accidental death and only a two-year waiting period for suicide.

What does Budget Dread Disease Insurance and Disablement Insurance cover?

Dread Disease Insurance by Budget Life ensures that you and your family will be financially provided for should you be diagnosed with an illness that results in your inability to provide financially for your family. If you are diagnosed with a dread disease, such as cancer, need major surgery, like a heart transplant, or suffer organ failure, a portion of your cover amount, from R50 000 to R4 million, will immediately be paid out to you. 

Disablement Insurance by Budget Life protects you against disability. This policy will pay out a lump sum should you become disabled due to an illness or physical injury and are no longer be able to continue within the requirements of your job. We offer two types of affordable Disablement Insurance quotes: Occupation-Based Disablement Insurance and Event-Based Disablement Insurance, each making certain you can support yourself if you can no longer work due to becoming disabled.

• Occupation-Based Disablement Insurance: If you become disabled and cannot perform your job or any other work for which you’re suited, we will pay out a percentage of your cover amount immediately. 

• Event-Based Disablement Insurance: The severity and type of your disability will affect what percentage of your cover amount is paid out.

What life policy should I take out?

There is no ‘one size fits all’ type of life insurance. Typically, life insurance is chosen based on your specific needs. When deciding on which type of policy to take out, you need to consider your risk profile as well as the reliance of your beneficiaries on your income.

Your policy will be structured according to your individual needs and requirements. Your life insurance premium is based on your specific risk profile. This means that factors like your age, gender, occupation and health will all be considered when your monthly premium is calculated.

Do I already have life cover?

You may already have life insurance through your employer if you work for a group or large company. This type of policy, however, is usually quite limited. It therefore might be best to ensure you have one of your own, in addition. The expertise of a financial adviser will help you work out how much you need.

What dangerous sports, activities, and careers need to be disclosed?

Sports like paragliding, motor racing, parachuting, and diving, amongst other dangerous sports will need to be disclosed to your insurance provider. You are also encouraged by law to divulge any risks that are associated with your work – for example if you are a pilot, a miner or you work with weapons. These all impact your policy.

It’s important to be honest when disclosing these activities, as well as your medical history, in order for a claim to be paid out hassle-free in the event of your death.

Do I need to take a medical exam?

No medical examinations are required when taking out a life insurance policy with Budget, only an HIV test. 

Is suicide covered by life insurance?

There is a two-year exclusion period on all life insurance policies to prevent people from taking out insurance once they have decided to end their lives.

When would a life insurance claim be rejected?

A claim will be rejected if the life assured:

• Withholds information from Budget Life and 1Life at any stage.

• Dies by his/her own hand within 24 months of the commencement date (suicide).

• Gets income from a criminal act, including fraud.

• Participates in criminal activity or wilfully breaks the law.

• Dies as a result of the excessive consumption of alcohol and drugs or radioactivity and nuclear explosions.

Other exclusions – or conditions under which claims might be rejected – will also be listed in the policy schedule that is issued to you when you purchase your policy. Please ensure that you read through, and understand, these conditions.

Life Insurance quotes

Life is too short to spend it worrying about the future. Get an affordable Budget Life Insurance quote today and leave it to us to do the worrying. Get a Life Insurance quote online, call us on 0860 86 04 44, or leave your details and we’ll call you back.

Terms and conditions apply. * Life Insurance policies are underwritten by 1Life Insurance Limited, an authorised insurance, and financial services provider.

Life is too short to spend it worrying about the future. Get an affordable Budget Life Insurance quote today and leave it to us to do the worrying. Get a Life Insurance quote online, call us on 0860 86 04 44, or leave your details and we’ll call you back.

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