Budget life insurance: what happened and who looks after policies now
What happened to Budget life insurance, who looks after existing policies, how to contact Budget or make a claim, and where to look for new cover.
- New policies
- Closed
- Since 1 November 2024
- Existing cover
- Unaffected
- Budget says cover and claims continue
- Insurer
- Scottish Friendly
- Administered by Budget
- Life claims line
- 0330 018 8692
- Enquiries: 0330 018 8806
In a nutshell
Budget Insurance stopped offering life insurance and critical illness cover on 1 November 2024. If you already have a Budget life insurance policy, Budget says your cover, and any claim you might have, are not affected.
- Budget says its life policies are arranged and administered by Budget Insurance Services on behalf of the insurer, Scottish Friendly Assurance Society Limited.
- To make a claim, call Budget’s life claims line on 0330 018 8692. For other questions about a policy, call 0330 018 8806.
- Budget Insurance is a trading name of BISL Limited, which has been part of the Markerstudy Group since 2022. Budget’s website now offers car and van insurance.
- If you need new life cover, you will have to apply to a provider that is selling it now. Keep any existing policy running until the new one starts.
About Budget Insurance
Budget Insurance is a trading name of BISL Limited, a company registered in England (number 03231094) with its registered office at Fusion House, Katharine Way, Bretton, Peterborough. Budget says Budget Insurance Services was founded in 1996.
- Trading name of
- BISL Limited (company no. 03231094)
- Founded
- 1996, as Budget Insurance Services
- Type of firm
- Insurance intermediary, not an insurer
- FCA register number
- 308896
- Owned by
- Markerstudy Group (since 29 April 2022)
- Registered office
- Fusion House, Katharine Way, Bretton, Peterborough, PE3 8BG
- Offers now (homepage)
- Car and van insurance
Budget is not an insurer. It describes itself as an independent intermediary dealing with selected insurers, authorised and regulated by the Financial Conduct Authority. Its website terms say that for life insurance it works with a selected insurer.
BISL Limited is part of the Markerstudy Group. Companies House lists Markerstudy Group Limited as the company’s person with significant control, owning 75% or more of its shares, from 29 April 2022, the date BGL Group Limited stopped being one.
BISL Limited’s accounts for 2025 say its principal activity continues to be distributing motor and home insurance, and Budget’s homepage offers car and van insurance.
Budget’s life insurance page, still online, describes the cover it sold: level term and decreasing term (also called mortgage term) life insurance, for one person or two, with cover up to £750,000. Critical illness cover, including cover for children, could be added.
The page also lists a free will, a trust tool, free legal help with end-of-life matters and a companions service with a registered nurse for customers diagnosed with a critical illness. Budget’s website terms say Budget Life Insurance was only available to permanent UK residents, excluding the Channel Islands and the Isle of Man.
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What happened to Budget life insurance?
Budget Insurance stopped offering life insurance and critical illness cover as of 1 November 2024. Anyone with a quote who wanted to buy had to complete the purchase before that date.
Budget says existing customers’ cover, and any claim they might have, are not affected. Its life insurance pages are still online with this notice and give a general enquiries number and a claims number for life customers.
Budget’s life policies are with Scottish Friendly Assurance Society Limited. Budget says Budget Insurance Services arranges and administers them on Scottish Friendly’s behalf.
- Selling life insurance
- No, not since 1 November 2024
- Selling critical illness cover
- No, not since 1 November 2024
- Existing cover and claims
- Not affected
- Insurer
- Scottish Friendly Assurance Society Limited
- Administered by
- Budget Insurance Services
- Life claims line
- 0330 018 8692 (general enquiries 0330 018 8806)
Budget’s notice doesn’t say why it stopped selling life insurance, and we found no announcement that Budget life policies have moved to another company.
Budget Insurance history
-
1996
BISL Limited is incorporated on 30 July as Packetchange Limited and renamed Budget Insurance Services Limited on 27 September.
-
2002
Budget Insurance Services Limited is renamed BISL Limited on 20 December.
-
2021
Budget’s life insurance page says 99.1% of its life insurance claims were paid in 2021, and that Budget life insurance is backed by Scottish Friendly Assurance Society.
-
2022
Companies House records Markerstudy Group Limited as BISL Limited’s person with significant control from 29 April, the date BGL Group Limited ceased to be one.
-
2024
Budget stops offering life insurance and critical illness cover on 1 November. Existing cover and claims are not affected.
Existing Budget life insurance policies
If you have a Budget life insurance policy, it carries on. Budget says your cover, and any claim you might have, are not affected by it no longer selling life insurance.
Budget says its life policies are arranged and administered by Budget Insurance Services on behalf of Scottish Friendly Assurance Society Limited, a friendly society authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Your policy documents name your insurer.
Budget says monthly premiums stay the same for the whole term on both level and decreasing term policies. If you have critical illness cover and make a successful critical illness claim, the premium is adjusted.
To change your policy, Budget says to call its contact centre on 0330 0188806, and it says it doesn’t charge extra to change or cancel a Budget life policy. Budget also says you won’t get your money back if you don’t die during the policy term.
- Insurer
- Scottish Friendly Assurance Society Limited
- Administered by
- Budget Insurance Services
- Cover and claims
- Not affected by the closure to new business
- Monthly premiums
- Fixed for the term (adjusted after a critical illness claim)
- Charge to change or cancel
- None, Budget says
- Money back if you outlive the term
- No
- Critical illness cover: Budget tells existing customers to check the terms and conditions in their own policy documents for the conditions they are covered for.
- Exclusions: Budget’s knowledge base says terminal illness cover doesn’t apply in the last 12 months of the policy term, and that the policy won’t pay out for suicide in the first 12 months. Your policy documents set out the full terms.
- Trusts: Budget says who receives the pay-out depends on the choices made in the application, and that a Budget life policy can be placed in trust, so you can name who is responsible for distributing the pay-out.
- Free will: Budget’s website terms say a customer who bought a life policy can get a free simple will while the policy is active, paid up to date and Budget Insurance Services has not been told to cancel it. Budget’s free will page says to call its customer service line on 0330 0188806 to find out how to claim it.
Scottish Friendly has announced a proposal to merge with OneFamily, which it expects to take effect in early 2027, subject to approvals including regulatory approval. It says the combined mutual will use the group name OneFamily and the Scottish Friendly brand will remain.
Can’t find your policy? Call Budget’s general enquiries line for life customers on 0330 018 8806.
It also helps to look for a welcome letter or policy schedule, and for the monthly premium on old bank statements. Our guide to lost life insurance policies explains other ways to trace a policy.
Contacting Budget about a life policy and making a claim
Budget’s life insurance pages give separate phone numbers for life insurance claims and for other questions about a life policy.
To make a claim on a Budget life insurance policy, call the life claims line. Budget’s life insurance page also says its UK-based customer service team, on 0330 0188806, can help if you have questions or need to make a claim.
Budget’s general Call us page gives bereavement numbers for car, van and home insurance only. For a life policy, use the life insurance numbers below.
- Life insurance claims
- 0330 018 8692
- Life insurance general enquiries
- 0330 018 8806
- Hours for 0330 0188806 (as Budget’s free will page gives them)
- Mon–Fri 8am–9pm, Sat 9am–5pm, Sun 10am–3.30pm
- Email (Budget gives it for cancelling a life policy)
- life@budgetinsurance.com
- Post (Budget gives it for cancelling a life policy)
- Budget Life Insurance, Pegasus House, Bakewell Road, Peterborough, PE2 6YS
- Complaints by post (Budget’s complaints page)
- Complaints, Budget Insurance, Complaints Department, Nile Street, Burslem, Stoke-On-Trent ST6 2BA
- Budget life insurance page
- budgetinsurance.com/life-insurance (opens in a new tab)
If you’re still unhappy at the end of Budget’s complaints process, you can take the complaint to the Financial Ombudsman Service.
Budget’s About Us page lists free enrolment onto the Financial Services Compensation Scheme (FSCS), which protects life insurance policyholders.
Phone numbers, opening hours and addresses are Budget’s own, as published on its website on 3 October 2026, and may change. Your policy documents also give contact details.
Budget Insurance ratings and reviews
Trustpilot rates Budget Insurance as a whole. It lists Budget as an insurance agency, also in its car and motor insurance and home insurance agency categories, so the score is not a rating of Budget life insurance alone.
| Review site | Rating | What it means |
|---|---|---|
| Trustpilot | 4.2 / 5 · Great | Based on 18,669 reviews of Budget Insurance. View on Trustpilot (opens in a new tab) |
Ratings were checked on 3 October 2026 and may have changed since. Life Cover Quotes is not connected with Budget Insurance or Trustpilot.
Looking for new life cover?
Budget no longer offers life insurance or critical illness cover, so you can’t get a new quote from Budget.
If you need new or extra cover, compare providers that sell life insurance today. A new policy is priced on your age and health when you apply, so keep any existing policy running until the new cover has started.
Life Cover Quotes is not connected with Budget Insurance. Our guides explain how term life insurance, decreasing term life insurance, critical illness cover and over 50s life insurance work, and the insurer reviews page lists every company we cover.
Budget’s life policies are insured by Scottish Friendly, so our review of Scottish Friendly is listed below with other insurer reviews.
Guides to life cover
- Term life insurance: Cover for a set number of years, with level or decreasing cover.
- Decreasing term life insurance: The payout falls over the term, often in line with a mortgage.
- Critical illness cover: A lump sum on diagnosis of a serious illness your policy covers.
- Over 50s life insurance: Guaranteed acceptance for ages 50–85, and what to check before you buy.
Insurer reviews
- Beagle Street life insurance review
- Scottish Friendly life insurance review
- All insurer reviews: plain-English reviews of UK life insurers, listed alphabetically
Budget life insurance FAQs
No. Budget stopped offering life insurance and critical illness cover on 1 November 2024. It now offers car and van insurance.
It carries on. Budget says your cover, and any claim you might have, are not affected by it no longer selling life insurance.
Scottish Friendly Assurance Society Limited. Budget says Budget Insurance Services arranges and administers Budget life policies on Scottish Friendly’s behalf.
Call Budget’s life insurance claims line on 0330 018 8692. For other questions about a policy, call 0330 018 8806.
To cancel, Budget says to call 0330 0188806, email life@budgetinsurance.com or write to Budget Life Insurance, Pegasus House, Bakewell Road, Peterborough, PE2 6YS. To make a change, it says to call its contact centre on 0330 0188806. Budget says it doesn’t charge extra to change or cancel a Budget life policy.
Budget says monthly premiums stay the same for the whole term on both level and decreasing term policies. They are adjusted if you make a successful claim on critical illness cover.
No. Budget says you won’t get your money back if you don’t die during the policy term.
Call Budget’s life insurance general enquiries line on 0330 018 8806.
A welcome letter, a policy schedule or the monthly premium on an old bank statement can also help. Our guide to lost life insurance policies explains other ways to trace a policy.
Budget Insurance is a trading name of BISL Limited, which is part of the Markerstudy Group. Companies House lists Markerstudy Group Limited as BISL’s person with significant control from 29 April 2022. Before that it listed BGL Group Limited.
Yes. BISL Limited, which trades as Budget Insurance, is authorised and regulated by the Financial Conduct Authority. Its FCA register number is 308896.
Sources
The facts on this page come from these sources.
- BISL Limited — Life Insurance (Budget Insurance): life insurance notification and product page (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Who’s behind Budget Life Insurance? (Budget Insurance Knowledge Base) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Budget Insurance homepage (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited / Markerstudy Group — Budget Insurance Privacy Policy (hosted by Markerstudy, last updated March 2026) (opens in a new tab), resources.markerstudy.com, accessed 3 October 2026.
- Companies House — BISL LIMITED (03231094): persons with significant control (opens in a new tab), find-and-update.company-information.service.gov.uk, accessed 3 October 2026.
- Companies House — BISL LIMITED (03231094): company overview (opens in a new tab), find-and-update.company-information.service.gov.uk, accessed 3 October 2026.
- BISL Limited (filed at Companies House) — BISL Limited Annual Report and Financial Statements, year ended 31 December 2025 (filed at Companies House 29 July 2026; scanned PDF, text by OCR, pages 1 and 3) (opens in a new tab), find-and-update.company-information.service.gov.uk, accessed 3 October 2026.
- BISL Limited — Terms and Conditions (Budget Insurance website) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Critical Illness Cover (Budget Life Insurance add-on) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Will my monthly premiums change? (Budget Insurance Knowledge Base, life insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Can I change my policy after purchase? (Budget Insurance Knowledge Base, life insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — How much does it cost to change or cancel a policy? (Budget Insurance Knowledge Base, life insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Do I get my money back if I don’t die whilst the policy is valid? (Budget Insurance Knowledge Base, life insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Are there any exclusions to the policy? (Budget Insurance Knowledge Base, life insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Who receives my pay-out? (Budget Insurance Knowledge Base, life insurance claims) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Free will writing service (Budget Life Insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- Scottish Friendly — OneFamily and Scottish Friendly announce proposal to merge (Scottish Friendly press release, 2026) (opens in a new tab), scottishfriendly.co.uk, accessed 3 October 2026.
- BISL Limited — Call us (Budget Insurance contact numbers) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — How do I cancel my life insurance policy? (Budget Insurance Knowledge Base) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — Complaints (Budget Insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- BISL Limited — About Us (Budget Insurance) (opens in a new tab), budgetinsurance.com, accessed 3 October 2026.
- Trustpilot — Budgetinsurance reviews (Trustpilot) (opens in a new tab), uk.trustpilot.com, accessed 3 October 2026.