Credit card insurance

If you have a credit card with Westpac, Card Repayment Cover is great for those of us who like to use our credit cards regularly. Specifically designed to protect your credit card repayments should the unforeseen occur. 

It's for you if:

  • you spend quite a lot on your credit card and you don't pay the full balance off each month.
What does it cover?

If you die

If you die, Card Repayment Cover may pay out a lump sum to cover your credit card debt up to a maximum of $50,000.

If you become disabled

If sickness or injury prevents you from working for 30 consecutive days or more, Card Repayment Cover may pay 10% of your credit card balance each month for up to 24 months (up to a maximum of $50,000).

If you are made redundant

If you are made involuntarily redundant Card Repayment Cover may, after 30 days of unemployment, pay 10% of your credit card balance each month for up to 6 months (up to a maximum of $50,000).

If you are self-employed and declared bankrupt

If you are self-employed and declared bankrupt more than six months after applying for cover, a lump sum payment up to a maximum of $10,000 may be made to pay off your credit card balance.

Note: Card Repayment Cover provides automatic acceptance (meaning we do not assess your health and lifestyle status) and any injury, sickness, disease or degenerative condition which existed at the policy commencement date (or makes itself known within 28 days) will not be covered including any medical condition(s) you were unaware of.

 

Who can be covered?
  • If you are between ages 18 to 65 inclusive, cover is available for death, total disability, redundancy and bankruptcy;
  • If you are between ages 66 to 79 inclusive, cover is available only for death;
  • If you are 80 or over, cover is not available.
What is not covered?

Westpac Card Repayment Cover will not pay out in certain circumstances.  Please see the lists below:

Life Cover

There is no cover for death arising from:

  • suicide within 13 months of commencement.
  • any injury, sickness or disease which existed at the commencement date, whether diagnosed or not.
  • the exclusions listed under "All Covers".

Total Disability

No benefit will be paid for:

  • absence from work due to pegnancy, childbirth or abortion.
  • disability arising from:
      • any injury, sickness, disease or degenerative condition which existed at the commencement date, or sickness disease or degenerative condition which first made itself known within 28 days of the commencement date;
      • deliberate self-inflicted injury or attempted suicide;
      • any travel by air other than as a fare paying passenger;
      • being addicted to alcohol or a drug;
      • being under the influence of alcohol, poison or drugs not medically prescribed.
  • the exclusions listed under "All Covers".

Redundancy

No benefit will be paid:

  • for cardholders who are self-employed, or in seasonal, casual or contract work;
  • for unemployment which was in existence at the commencement date or occurred within 28 days of the commencement date;
  • if the cardholder knew or ought to have known, at the commencement date, of possible redundancy;
  • if you have just completed a specific task or specific period of employment;
  • if you were made redundant from employment outside of New Zealand;
  • where the cardholder was a director with control over employees, or employed by a direct family member;
  • resignation, dismissal or voluntary redundancy;
  • for the exclusions listed under "All Covers".

Bankruptcy

No benefit will be paid for:

  • cardholders who are not self-employed;
  • voluntary bankruptcy;
  • the exclusions listed under "All Covers".

All Covers

There is no cover for any claim resulting from:

  • riot or civil commotion, strike, lockout, war, civil war, rebellion, insurrection, the use of military or usurped power or if the cardholder was committing an unlawful act;
  • any injury, sickness or disease sustained outside New Zealand if you have been outside New Zealand for over six months.

Full details of exclusions and limits can be found in the policy document which may be downloaded here.

How does it work?

The cost of Card Repayment Cover is just 79 cents for every $100 (or part thereof) of your outstanding monthly credit card balance, as at the date your statement is printed. There’s no cost if your balance is zero or in credit at this date. This amount is charged to your credit card each month. Interest may be payable on the premium. If you have a joint or additional cardholder, they can also be covered for no additional charge.

Apply now

You can apply for Credit Card Repayment Cover when you take out a credit card.

If you already have a Westpac credit card, just call us on 0800 888 111 anytime between 7.00am - 11.00pm, 7 days a week.

Card Repayment Cover is optional.  If you're unsure whether this cover is right for you, give us a call on 0800 177 277.

30-day free look period

You’re entitled to a free look period of 30 days from the commencement date.

If you decide the cover is not for you during the free look period, please advise Westpac Life in writing (PO Box 27031, Wellington) and we’ll refund any premiums you’ve paid.