Credit card protection

It’s important to note that new policies for the optional Westpac Card Repayment Cover are no longer being issued, which means that if you cancel your cover, premium for the cover is not paid or your credit card account is closed or cancelled, you won’t be able to reinstate your cover. You also can’t purchase new cover on a new credit card account. However, your existing Westpac Card Repayment Cover can be retained if you change your credit card type or your credit account limit.

The information below is provided to help existing Westpac Card Repayment Cover policy holders understand their cover and assess whether it’s still right for them. Exclusions and limits apply.

 

Eligibility

It is important that you understand your eligibility and that of any eligible joint or additional card holder, for the different benefits under the policy.  See your Westpac Card Repayment Cover policy.

At the date of any event for which a claim is made, you or any eligible joint or additional cardholder, must be between the following ages to be eligible for this cover and you must meet the policy terms and conditions:

  • 18 and 65 years (inclusive) for the Crisis Cover, Total Disability, Total and Permanent Disability, Redundancy and Bankruptcy benefits; and
  • 18 and 79 years (inclusive) for the Death or Terminal Illness benefits.

Westpac Card Repayment Cover could help you if:

  • The unexpected happens and you would need financial assistance to be able to pay off your credit card balance or make credit card repayments.
  • You do not have existing insurance cover, or you have insurance cover that may not protect against some or all of the insured events covered under Card Repayment Cover. 
  • The balance of your credit card is high compared to your income.
  • You have had no injury, sickness, disease or degenerative condition within the 12 months prior to the commencement date of your policy.
  • You’re 18-65 years. If you're 66 -79 years, at the date of the event for which a claim is made, the only benefits available under Card Repayment Cover Policy are for death or terminal illness.

Benefits under Westpac Card Repayment Cover

Here's how Westpac Card Repayment Cover could help you.

Heart

If you’re diagnosed with a specified crisis condition

If you’re diagnosed for the first time as suffering from a specified crisis condition (as listed and defined in the policy), and you are eligible for a Crisis Cover benefit and meet the policy terms and conditions, Westpac Card Repayment Cover could pay your outstanding credit card account balance, up to a maximum of $30,000.

insurance disability

If you’re totally prevented from working as a result of an injury, sickness or disease

If you’re eligible for a Total Disability benefit, and meet the policy terms and conditions, Westpac Card Repayment Cover could make monthly payments of 15% of your outstanding credit card account balance, if you’re totally disabled due to injury, sickness or disease and totally prevented from engaging in your normal or usual business, occupation or work (including normal household duties if that is your primary occupation), until you are no longer totally disabled or for a maximum of 18 months (whichever is earlier).  The maximum amount paid could be up to $50,000 in total and payments can start after 30 days.

Financial Burden

If you’re prevented from ever working again because of a total and permanent disability

If you’re eligible for a Total and Permanent Disability benefit, and meet the policy terms and conditions, Westpac Card Repayment Cover could pay 2.7 times your outstanding credit card account balance, up to $50,000, as a lump sum to your credit card account. A waiting period of 30 consecutive days applies.

insurance redundancy

If you’re made involuntarily redundant

If you’re eligible for a Redundancy Benefit, and meet the policy terms and conditions, Westpac Card Repayment Cover could make monthly payments of 15% of your outstanding credit card account balance, if you are made involuntarily redundant. The maximum amount paid could be up to $50,000 in total. Payments can start after 30 days of unemployment resulting from redundancy for up to a maximum period of nine months.

Insurance bankrupt

If you’re self-employed and you are declared bankrupt

If you’re eligible for a Bankruptcy Benefit and meet the policy terms and conditions, Westpac Card Repayment Cover could pay your outstanding credit card account balance, up to $30,000 to your credit card account if you’re self-employed and are declared 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

If you’re eligible for a Death Benefit or a Terminal Illness Benefit and you meet the policy terms and conditions, Westpac Card Repayment Cover could pay your outstanding credit card account balance, up to $50,000, as a lump sum to your credit card account.

Your outstanding credit card account balance

The outstanding credit card account balance defined in the policy document and is calculated at a particular date. This date is specific to the insured event. Please read the policy document carefully to understand what the particular date is for each event.

 

Premium cost for Westpac Card Repayment Cover

Westpac Card Repayment Cover costs 53 cents a month for every $100 (or part thereof) of your outstanding monthly credit card balance as at the date of your monthly statement. For example, if the closing balance on your monthly statement was $1,000, your premium payable would be $5.30 for that month.

 

Your premium is automatically charged to your credit card

Any premium owing for Westpac Card Repayment Cover is charged directly to your credit card each month. This can make life easy, but do remember you may also be charged interest on the premium, if the credit card statement’s closing balance is not paid in full by the due date. For more information on the credit card interest rates and fees that apply from time to time, click here.

It’s important to consider that if you only make the minimum credit card repayment each month, you will pay more interest and it will take you longer to pay off the unpaid balance.

 

Claims payments are made to your credit card account

We will pay the proceeds of approved claims to your credit card account.

More features of Card Repayment Cover

No medical information was required when you applied

There were no medical questions to answer when you applied. However you are not covered for any pre-existing injury, sickness or disease, and in the case of the Crisis Cover and Total Disability and Total and Permanent Disability benefits pre-existing injury, sickness, disease or any degenerative condition, 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.

No extra charge for joint cardholders

If you have a joint or additional cardholder, they may also be covered under the policy for no additional charge. Please read section 1 of the policy document to understand how the policy works when there are joint or additional cardholders covered under the policy and a benefit is paid in respect of a cardholder.

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 within 30 days of commencement of the policy and if you haven’t made a claim, we’ll refund any premiums you’ve paid. 

Important things to know:

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, which you knew or reasonably ought to have known you had or for which you had symptoms or sought medical advice or treatment nor will it pay out in certain circumstances outlined in the policy. Examples of these circumstances include (but are not limited to):

 

Death

You are not covered under the Death Benefit for death arising from:

  • suicide within 13 months of commencement date of the policy; or
  • 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; or
  • the exclusions detailed under the "Exclusions applying to all cover” heading below.

 

Terminal Illness

You are not covered under the Terminal Illness Benefit for a Terminal Illness arising from:

  • a deliberately self-inflicted injury or attempted suicide; or
  • 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; or
  • the exclusions detailed under the "Exclusions applying to all cover” heading below.

 

Crisis Cover

You are not covered under the Crisis Cover Benefit 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; or
  • any sickness, disease or degenerative condition which first made itself known within 90 days of the commencement date; or
  • a deliberately self-inflicted injury or attempted suicide; or
  • you being addicted to alcohol or a drug; or
  • you being under the influence of alcohol, or the taking of poison or drugs, other than a drug taken on the advice of a legally qualified medical practitioner; or
  • the exclusions detailed under the "Exclusions applying to all cover” heading below.

 

Total Disability and Total and Permanent Disability

There is no cover under the Total Disability and Total and Permanent Disability Benefit for:

  • absence from work due to childbirth, abortion or uncomplicated pregnancy; or
  • disability 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; or
      • any sickness, disease or degenerative condition which first made itself known within 14 days of the commencement date; or
      • deliberate self-inflicted injury or attempted suicide; or
      • travel by air other than as a passenger on a licensed commercial or chartered aircraft; or
      • you being addicted to alcohol or a drug; or
      • you being under the influence of alcohol, or the taking of poison or drugs, other than a drug taken on the advice of a legally qualified medical practitioner; or
      • the exclusions detailed under the "Exclusions applying to all cover” heading below.

 

Redundancy

There is no cover under the Redundancy Benefit:

  • for cardholders who are self-employed, or in seasonal or casual work or contract work; or
  • for loss of employment as a result of resignation, dismissal or voluntary redundancy; or
  • for unemployment which was in existence at the commencement date or occurred within 28 days of the commencement date; or
  • if you knew or ought to have known, at the commencement date, that it was likely or possible that you would be made redundant; or
  • if you have just completed a fixed term contract of employment; or
  • if you were made redundant from employment outside of New Zealand; or
  • if you were a director where you had control over your employees, or if you were employed by a direct member of family (spouse, parents or children); or
  • for the exclusions detailed under the "Exclusions applying to all cover” heading below.

For the avoidance of doubt, a Redundancy benefit will not be paid for any loss of employment that occurs during any trial period (up to 90 days) relating to that employment.

 

Bankruptcy

There is no cover under the Bankruptcy benefit for:

  • cardholders who are not self-employed; or
  • voluntary bankruptcy; or
  • the exclusions detailed under the "Exclusions applying to all cover” heading below.

Exclusions applying to all cover

(Death, Terminal Illness, Crisis Cover, Total Disability, Total and Permanent Disability, Redundancy and Bankruptcy)

There is no cover for any claim resulting from:

  • riot or civil commotion, strike, lockout, war, civil war, rebellion, revolution, insurrection, the use of military or usurped power or if you were committing a materially unlawful act; or
  • injury, sickness or disease you sustained outside New Zealand if you have been outside New Zealand for over six months immediately preceding the date of the event which resulted in a claim.

Read the policy document

You’ll find more details about the cover in the 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 Westpac Card Repayment Cover policy