Do you offer insurance that can help cover my credit card repayments?
Last updated 15 April 2014
CreditCard Plus is insurance that can help pay your credit card balance if the unexpected happens.
It can pay a benefit if:
- You become involuntarily unemployed
- You become temporarily or permanently disabled
- You become terminally ill or you pass away
The major benefits include:
- Paying 20% of your credit card balance, or 10 times the minimum amount due, each month if you become involuntarily unemployed or temporarily disabled
- Paying off your credit card balance, up to $25,000 worth, in a single payment if you pass away, suffer a terminal illness or become permanently disabled
- The cash assistance payment for terminal illness, permanent disablement and death. For example, if a $25,000 permanent disablement benefit is paid to your credit card, an additional $25,000 lump sum will be paid to you.
It’s important you understand the benefits payable are based on your credit card balance at the time of a claim. For example, if your credit card balance is $2,500 at the time of a claim and you add another $2,000 to it in the months following the claim, you’ll only be covered for the initial balance of $2,500.
Find out more about CreditCard Plus.