Card Repayment Cover could be right for you if:

• The unexpected happens and you’re unable to pay off your credit card balance or make repayments
• You do not have existing cover, or have cover that may not protect against some or all of the risks (such as death or crisis cover)
• The balance of your credit card is high compared to your income
• You have had no medical conditions within the 12 months prior to the commencement date of your policy. If you have, you won't be covered for any resulting illness or injuries (examples could include pre-existing depression, back issues, diabetes).
• You’re 18-65 years. If you're 66-79 years, cover is only available for death or terminal illness.

Benefits of Card Repayment Cover

Here's how Card Repayment Cover could help you.

Heart

If you’re diagnosed with a crisis condition

Card Repayment Cover could pay your outstanding balance, up to a maximum of $30,000. If you’re diagnosed with a defined crisis condition, including suffering from cancer, a heart attack, or stroke.

insurance disability

If you’re unable to work because of disability

Card Repayment Cover could pay out 2.7 times your card balance as a lump sum to clear your credit card debt (up to $50,000 in total)

Financial Burden

If you’re unable to ever work again because of a total and permanent disability

Card Repayment Cover could pay out 2.7 times your card balance, up to $50,000 in total, as a lump sum to clear your credit card debt.

insurance redundancy

If you’re made involuntarily redundant

Card Repayment Cover could pay 15% of your monthly balance, up to $50,000 in total, if you are made involuntarily redundant. Payments can start after 30 days of unemployment for up to nine months.

Insurance bankrupt

If you’re self-employed and made bankrupt

Card Repayment Cover could pay up to $30,000 off your card balance, if you’re self-employed and made bankrupt. Cover must have been in place for at least six months.

insurance death

If you die or are diagnosed as terminally ill with less than 12 months to live

Card Repayment Cover could pay out up to $50,000 as a lump sum to clear or reduce your credit card debt.

Costs less than $1 a month for every $100 on your card

Card Repayment Cover costs 53 cents a month for every $100 of your outstanding credit card balance. For example, if your closing balance was $1,000, your cost would be $5.30 for that month.

If you only make the minimum repayment each month, you will pay more interest and it will take you longer to pay off the unpaid balance.

Your premium goes on the card

Any premium owing is charged directly to your credit card. This can make life easy, but do remember you may also be charged interest on the premium.

More reasons to choose Card Repayment Cover

No medical information required

There are no medical questions to answer when you apply. Acceptance is automatic. However you will not be covered for any pre-existing medical conditions which existed within 12 months prior to the commencement date of your policy, which you knew or reasonably ought to have known you had, or for which you had symptoms or sought medical advice or treatment. For example, pre-existing depression, back issues, diabetes etc.

No extra charge for joint cardholders

If you’ve a joint or additional cardholder, they can also be covered for no additional charge.

Get Credit Card Repayment Cover with a 30 day-free look

With our 30-day free look, if you decide the cover is not for you during the free look period, just notify us and we’ll refund any premiums you’ve paid. 

Important things to know:

Who can be covered by Card Repayment Cover?
If you’re 18-65 years, you can be covered, and if you’re 66-79 years, cover is only available for death or terminal illness.

What's not covered
Westpac card repayment cover does not cover you for any pre-existing conditions which existed in the 12 months prior to the commencement date of your policy, nor will it pay out in certain circumstances. Please see the lists below:

Death
No benefit will be paid for death arising from:
• suicide within 13 months of commencement;
• any injury, sickness or disease which existed within 12 months prior to the commencement date, which you knew or reasonably ought to have known you had, or for which you had symptoms or sought medical advice or treatment ;
• where the exclusions listed under "All Covers" below apply.

Terminal Illness
No benefit will be paid for terminal illness arising from:
• a deliberately self-inflicted injury or attempted suicide;
• any injury, sickness or disease which existed within 12 months prior to the commencement date, which you knew or reasonably ought to have known you had, or for which you had symptoms or sought medical advice or treatment ;
• where the exclusions listed under "All Covers" below apply.

Crisis Cover
No benefit will be paid for a crisis condition caused or resulting from:
• any injury, sickness, disease or degenerative condition which existed within 12 months prior to the commencement date, which you knew or reasonably ought to have known you had, or for which you had symptoms or sought medical advice or treatment;
• any sickness, disease or degenerative condition which made itself known within 90 days of the commencement date;
• a deliberately self-inflicted injury or attempted suicide;
• being addicted to alcohol or a drug;
• being under the influence of alcohol, poison or drugs not medically prescribed;
• where the exclusions listed under "All Covers" below apply.

Total Disability and Total and Permanent Disability
No benefit will be paid:
• for absence from work due to childbirth, abortion or uncomplicated pregnancy.
• for disability arising from:
    any injury, sickness, disease or degenerative condition which existed within 12 months prior to the commencement date, which you knew or reasonably ought to have known you had, or for which you had symptoms or sought medical advice or treatment;
   • any sickness, disease or degenerative condition which first made itself known within 14 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.
• where the exclusions listed under "All Covers" apply.

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 at the commencement date the cardholder knew or ought to have known there was a possibility of redundancy;
• if you have just completed a fixed term contract 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;
• where the exclusions listed under "All Covers" below apply.

Bankruptcy
No benefit will be paid:
• for cardholders who are not self-employed;
• for voluntary bankruptcy;
• where the exclusions listed under "All Covers" below apply.

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.

Read your policy
You’ll find more details about your cover in your policy document including full details on waiting periods, exclusions and limits on cover. Do read it carefully, so you fully understand your cover.

See your Card Repayment Cover policy

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Westpac Card Repayment Cover is arranged by Westpac New Zealand Limited (“Westpac NZ”) and underwritten by Westpac Life-NZ-Limited ("Westpac Life"), which is a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited, which is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia. None of Westpac Banking Corporation Westpac or any member of the Westpac group of companies guarantee the obligations of, or any products issued by Westpac Life. Westpac will receive commission payments as a result of the arrangement of Westpac Life Insurance policies. For Westpac Life’s solvency margin please click here. For Westpac Life's financial strength rating please click here.

Terms, conditions, exclusions and limits apply to Westpac Card Repayment Cover. A policy document may be downloaded here as a pdf or obtained from any Westpac branch free of charge. The availability of any insurance cover is subject to the receipt of a completed application.

Any payment is subject to your claim being accepted.