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What’s new in my CreditCard Plus insurance?

See all Credit card insurance FAQs

Last updated 28 October 2016

We’re always looking at ways to provide you better value and service for your products.

We’ve made some changes to your CreditCard Plus policy that are available on new claim events from 3 September 2016. The rate of charge for the monthly premium was also reduced from your next Credit Card statement after this date.

What’s changed?

Your premium

  • We’ve reduced the rate at which we charge your monthly premium from $0.55 to $0.45 per $100 of the closing balance on your monthly credit card statement.

Your involuntary unemployment benefit

  • We’ve reduced the waiting period from 30 days to 14 days.
  • We’ve increased the minimum monthly benefit from $25 to $60.

Your disability benefit

  • We’ve removed the 28 day qualifying period for disability claims caused by injury/accident.
  • We’ve reduced the waiting period to receive temporary disability benefits from 30 days to 14 days.
  • We’ve increased the minimum we will pay for any one period of continuous temporary disablement from $25 to $60 per month.

Your terminal illness benefit

  • We’ve removed the 28 day qualifying period.

When you can claim

  • We’ve reduced the requirement for working hours in the definition of “employed” from an average of 20 hours or more, to 15 hours or more per week in non-seasonal work.
  • We now calculate the benefit payments for involuntary unemployment and temporary disability benefits from the date of your event, rather than from after the waiting period. Payment is made after you have met the waiting period and other eligibility requirements.

The improved terms are set out in the CreditCard Plus Product Disclosure Document (PDS) and Policy Document, effective 3 September 2016.


Still need help?

Things you should know:

CreditCard Plus is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. This information is provided by CMLA and where we refer to ‘we’, we mean CMLA.

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