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Budget life insurance

Compare quotes for Budget life insurance today

Compare quotes for Budget life insurance today

Why get life insurance from Budget?

Budget offers life insurance cover worth up to £750,000. This means you and your family could be well protected with the right policy. You can also get joint life insurance policies and critical illness cover.

In 2022, Budget Life Insurance paid out 99.4% of life cover claims, meaning you can feel confident that your policy will pay out and provide your loved ones with the help they need, when they need it most.

How to contact Budget

You can contact Budget via:

  • Webchat — you can do this by logging into your online account.
  • Email — [email protected]
  • Phone

For general Budget customer service, or to get a new quote, you can call 0330 018 8806. If you need to make a claim, you should call their claims helpline on 0330 018 8692.

Lines are open Monday to Friday 8am-8pm, Saturday 9am-5pm and Bank Holidays 9am-5pm.

What types of life insurance can I get with Budget?

Budget offers three different types of life insurance products:

Level-term life insurance

A level-term policy provides a fixed cover amount for the length of the policy term.

Decreasing-term life insurance

A decreasing-term policy’s potential payout reduces over time. For example, if you died three years into the policy, the payout would be far higher than if you died after 15 years. Because of this, decreasing-term life insurance is often cheaper than level-term cover.

Decreasing-term life insurance policies are often used to cover a repayment mortgage, which also reduces over time.

Joint life insurance

Joint life insurance covers two people on the same policy, but only pays out once. When the first person dies, the surviving partner receives the payout, but is then no longer covered themselves.

What optional extras are available?

Budget also offers critical illness cover, that can be added to your life insurance policy.

Critical illness cover is designed to protect you against the cost of a serious illness. This could be to cover your salary after being unable to work, or to cover the cost of adapting your home to suit your condition. This can be added to a life insurance policy.

Why compare life insurance with Compare the Market?

Our life insurance comparison service is quick and easy to use. Just give us a few details and we'll help you look for cheap life insurance quotes by comparing dozens of life insurance providers.

Get a quote in just 4 minutes[1]

Rated ‘excellent’ on Trustpilot[2]

 Tailor your quote. Our questions will help match policies to your needs.

 

[1] Correct as of September 2023.

[2] As of October 2023, Compare the Market had an average rating of 4.8 out of 5 from 35,144 people who left a review on Trustpilot. The score 4.8 corresponds to the Star Label ‘Excellent’.

What Defaqto star ratings do Budget insurance policies get?

Budget’s life insurance cover is rated 5 stars by Defaqto. 

The Defaqto rating system scores financial products based on their range of features and benefits. It’s important to know that price is not considered.

How well is Budget reviewed on Trustpilot?

In September 2023, Budget Insurance was rated 4.4 on Trustpilot.

See Budget’s current Trustpilot rating.

Frequently asked questions

Can I cancel a policy with Budget?

Yes, you can cancel your Budget life insurance policy.

To cancel a Budget life insurance policy, you can:

Depending on when you took out your policy, you can write to Budget:

  • For policies taken out up to 18 September 2023: Budget Insurance is a trading name of BISL Limited. Registered Office: Fusion House, Katharine Way, Bretton, Peterborough, PE3 8BG.
  • For policies taken out from 19 September 2023: Family Assurance Friendly Society Limited, trading as Budget Insurance, 16-17 West Street, Brighton, BN1 2RL.

Who underwrites policies from Budget?

Budget’s life insurance products are underwritten by Family Assurance Friendly Society Limited, a customer-owned financial services company that provides products and services to over 2 million customers to help families thrive.

What additional benefits are available from this provider?

When you take out Budget life insurance, you’ll receive access to a free simple will writing service. This can help protect your family further and avoid complications when you’re gone.

Budget also provide a free legal advice service. This is available to support your loved ones with end-of-life matters.