Founded in the UK in 1992, Budget Insurance Services is an insurance broker under the BGL Group. The company has helped over 3 million clients to date, offering motor, home, and life insurance products.
The company acts as an intermediary on behalf of Scottish Friendly Assurance Society Limited for its life insurance policies.
Budget offers two types of life insurance policies:
You also have the option of adding:
Like any insurance provider, Budget has various features and benefits that set it apart. Some of the more important ones include:
|Cover Options||Decreasing Term. Level Term.|
|Cover Period||Between 5 to 40 Years.|
|Critical Illness Cover||Available for an extra fee.|
|Maximum Applicant Age||64.|
|Minimum Entry Age||18.|
|Whole of Life Policy||Not available.|
|Joint Life Policy||Both policy options are available as single or joint life|
It’s worth discussing with a Budget advisor what’s excluded from the life insurance coverage. However, the main points are:
Remember to always check the details of any insurance policy you opt for, as you don’t want any surprises if something were to happen.
A great way to compare life insurance policies is to check ratings awarded by independent rating companies specialising in financial and insurance firms.
The research and rating company Fairer Finance ranked Budget 5th out of 25 companies reviewed for Life Insurance. The ratings included a:
UK-based financial information and rating company Defaqto awarded Budget a 3 Star Rating for its life insurance and a 3 Star Rating for its life insurance with critical illness cover policy.
The company doesn’t offer a specific life insurance product for over 50s, but anyone under 64 can apply for policies.
Budget provides a fantastic trust tool that allows you to write your life insurance policy in trust. These come in various types but essentially enable you to select a trustee who will make sure your beneficiaries receive the correct payout, should you pass away during the coverage period.
You can get in touch with Budget’s team to make any change to your policy free of charge. You can change the coverage amount and length and reduce the policy from joint life to two separate policies or a single policy.
Your life insurance premium with Budget will depend on various factors. The firm considers your age, whether it’s a single or joint life policy, your medical history, smoking status, health condition, and occupation. For a general understanding, here is an example:
The premium will increase if you’re older, a smoker, or if you’re employed in a hazardous job.
Budget Insurance Services offers a range of benefits and perks that make it a fantastic option if you’re looking for a provider with an excellent online platform. Its paperless system and 24/7 online access account will appeal to you if you prefer a more modern approach to handle your insurance.
The company is also good if you’d like to use the supplementary services, such as the free will service and the ability to write your life insurance in trust. This will save you time, and the company will likely give you a reasonable price on the latter.
If you need life insurance to cover a high cost, such as a large mortgage, the max coverage of £750,000 might fall short. However, for most people, that won’t be an issue since the average mortgage of first-time buyers in the UK stood at £198,777 in 2020.