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. What will stop me getting cashback?
Using a promotional/voucher code not posted and approved by TopCashback.
2. What else is essential?
Payout is restricted to BACS only. In order to click through to this merchant and earn cashback you must have your BACS details registered.
3. Good to know
a. To be eligible for the cashback offer, the quote must be started and completed solely on TopCashback. Any quote obtained through a price comparison site and then completed through TopCashback will not be eligible for the cashback offer.
b. By using cashback, you will not be eligible for any other offers from Budget Life.
c. Your policy will need to have had six monthly payments made in six consecutive months 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.
d. Cashback rates are subject to change both up and down.
e. Recurrences on the amount of purchases that can be made while earning cashback may be limited.
f. Budget Life Insurance cashback can be earned simply by clicking through to the merchant and shopping as normal.
g. Unless otherwise stated expect transactions for this retailer to appear within 24 hours. Your transaction will initially track at Zero and uplift upon validation.
h. Budget Life Insurance Cashback is available through TopCashback on genuine, tracked transactions completed immediately and wholly online.
4. What to do when
The vast majority of transactions from merchants track successfully, occasionally a transaction may not get reported. If you believe this to be the case, please submit a “Missing Cashback” query after 6 months of the transaction, but within 100 days of the 6-month anniversary of the policy start date, we will be unable to chase up claims older than this.
Some merchants may not be forthcoming with untracked cashback. We endeavour to chase untracked cashback but reserve the right to halt enquiries at any time. Please do not make purchase decisions based upon expected cashback as it is not guaranteed.
5. About your purchase
Budget Life love paying cashback, help them do this by completing your purchase in this visit through TopCashback. You will need to wait 6 months to ensure you are still a customer with Budget Life, after this your cashback will be processed and you should receive it within 2-8 weeks. Please note: To be eligible for the cashback offer, the quote has to be started and completed solely on TopCashback. Any quote obtained through a price comparison site and then completed through TopCashback will not be eligible for the cashback offer.
** For Terms & Conditions around the free Will and Trust Tool, please click here.