Budget Life Insurance Review
This article was last updated:
Our experts review costs, policy features, and customer feedback on Budget's range of Life Insurance policies.
This article was last updated:
Our experts review costs, policy features, and customer feedback on Budget's range of Life Insurance policies.
Budget Insurance is an insurance broker offering a wide range of products. It's part of BGL – the same a company that owns Compare The Market.
But was Budget ranked in the UK's Top 10 Best Life Insurance Companies this year?
In this guide:
Budget Insurance is a trading name of BISL Limited (also known as BGL Insurance). It's a UK-based insurance intermediary, which says it wants to keep insurance simple, and has helped more than 4.5 million customers since it was founded 25 years ago.
Budget offers term life insurance policies.
Term insurance is the kind of policy that is designed to provide financial protection for your loved ones in the event of your death – it offers a lump sum payout to your family (or another beneficiary) if you pass away during a pre-determined time period, known as the "term".
Two different versions of term insurance are available from Budget Insurance:
Budget Life Insurance offers a range of life insurance policies starting at £5 per month for UK customers aged 18-40. Prices increase with age, but for a 40-year-old customer, the average price is £10 per month.
If you want to get a quote from Budget for life insurance, their contact number is 0330 0188 806.
On Trustpilot, Budget Insurance has a score of 4.5/5 from over 12,000 life insurance customer reviews.
Budget's UK customers have generally been happy with their Life Insurance policies. They have found the policies to be easy to understand and the claims process to be straightforward. Customer service has also been praised. Some customers have had issues with the policy terms and conditions, but these have generally been resolved satisfactorily.
The pros of Budget's UK Life Insurance policies are that they are relatively affordable and offer a good level of coverage. The cons are that the policies have a number of exclusions and limitations, and the claims process can be slow and complicated.
Budget paid out 99.8% of life insurance claims in 2020, which compares favourably to the industry average in the UK.
"I'm so glad I bought life insurance from Budget! I was worried about not having enough coverage, but their team was very helpful in finding the right policy for me. I feel much better knowing that my family will be taken care of financially if something happens to me."
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
Our experts review costs, policy features, and customer feedback on LV='s range of Life Insurance policies.
Get the low-down on Royal London's life insurance policies, from prices to customer feedback to claims.
Copyright © 2023 itsforlife.co.uk