Please note.

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 below – see the details under 'What's not covered' or find more information in your Westpac Card Repayment Cover policy.

Eligibility.

You should understand your eligibility and that of any eligible joint or additional cardholder, 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.

Features.


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.

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.

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.

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.

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.

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.

Details.

Your outstanding credit card account balance

The outstanding credit card account balance is 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. Please note: you’ll be charged your premium even if you pay off your balance by the due date on your statement. 

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.

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.

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):

Make a claim

Find out how to make a claim. It's easy.

Things you should know.

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 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. 

Any claim payment is subject to your claim being accepted.