- Single Life Policy
A Single Life Policy is life insurance for one person, which means that you’d be covered for the length of the policy.
Joint Life Policy
A Joint Life Policy is life insurance for two people, but this policy will only pay out once. This will be when the first person dies, meaning the other person will receive the pay-out.
Critical Illness Cover
We also give you the option (subject to eligibility) to include Critical Illness Cover as an add-on to your life insurance policy. If you’re diagnosed with one of the Critical Illnesses covered under the policy, you’re able to claim for a pay-out (payable only once) that won’t impact your life insurance. Child Critical Illness Cover is also available and it covers any children whether you have them or are planning to have them in the future.
We offer our customers a free Will (worth £150**) when a valid life insurance policy is bought. This is written by a selected partner and allows you to be sure that your estate is given to the beneficiaries that you choose.
Having a Will means that you can be sure that your wishes will be taken into account in the future, as it’s a legal document. Our Will is usually worth £150, which means that if you buy Budget Life Insurance, you could be saving money on creating a Will.
Once you have purchased your Budget Life Insurance policy and have received your documents, please call our free Customer Service Line on 0330 0188806 (Mon-Fri 8am-9pm, Sat 9am-5pm, Sun 10am-3.30pm) and our team will assist you as to how you claim your free Will.
**For terms and conditions around Wills, please click here.
If you have a Single Life Insurance Policy, you may be able to write it in Trust leaving it to chosen beneficiaries. We provide a free Trust Tool** to all our customers, which means that you can be sure that the people you want to receive the proceeds of your policy do.
Some benefits of setting up a Trust include:
- If your estate is worth more than £325,000 your beneficiaries are less likely to have to pay the inheritance tax, which is currently at 40%. This means that your family will receive the whole pay-out.
- If you leave children under the age of 18 behind, you’ll be able to nominate a Trustee(s) to look after the Trust until the child turns 18 (or the age that you specified within the Trust).
If you wish to consider setting up a Trust for your single life insurance policy, go to Your Account or give us a call on 0330 0188806 to apply for a form to be sent you for free. For applicable terms and conditions, please click here.
* Cashback Terms & Conditions
1. Cashback is only available to new customers
2. Cashback will not be paid for renewals
3. Cashback will only be paid for new applications that are fully completed online
4. Cashback will not be paid if a saved quote is used. You must click the Quidco link, generate a new quote and make your purchase immediately
5. Cashback will only be paid to members who have BACS as their registered Quidco payment method
6. Cashback will only be paid for purchases made from within the UK
7. Cashback will only be paid if the Direct Debit payments are kept up to date for at least 6 months after the policy start date
8. Cashback will not be paid to employees of BGL Group Limited
9. Your policy will need to have had six monthly payments made in six consecutive months in order for your cashback to be valid. Once this time period has passed, your cashback will be processed and you should receive it within 2-8 weeks
10. To be eligible for the cashback offer, the quote has to be started and completed solely on Quidco. Any quote obtained through a price comparison site and then completed through Quidco will not be eligible for the cashback offer
11. Please also see the retailer’s standard terms and conditions for purchase as listed on their site
12. Cashback will not be paid in conjunction with any other offer, voucher or discount code unless listed on this page, or with any other discounts such as staff or student discounts
13. Cashback may not be paid on VAT, delivery, card payment fees, taxes or any other additional charges
** For Terms & Conditions around the free Will and Trust Tool, please click here.