Your Credit Card Repayment Insurance policy is coming to an end


Your Credit Card Repayment Insurance Policy arranged by TSB and provided by AIA New Zealand Limited (AIA) will end on 26 February 2021. As a result, from that date you will no longer have cover to help repay your credit card should the unexpected happen.

To help you understand what this means for you, we have created some frequently asked questions. If you have further questions, please email us on help@customer.tsb.co.nz or call us on 0800 872 226 – we’ll be happy to help.

 

 

Frequently asked questions

  • What is Credit Card Repayment Insurance?

    Credit Card Repayment Insurance can help repay your TSB credit card should the unexpected happen to you whether it is due to redundancy, bankruptcy, critical illness, disablement, terminal illness or death.

  • Why is my policy ending?

    TSB will no longer be offering Credit Card Repayment Insurance from the 26 February 2021 as our partnership with AIA is coming to an end, which means your policy will be cancelled – please refer to Part D of your policy wording.

  • When does my policy end?

    Your policy will be ending on 26 February 2021.

  • When is my last premium payment?

    This will be charged on the last credit card statement you receive prior to 26 February 2021.

  • I would like to cancel now

    You can email us your request to cancel, including your TSB customer number (located on the bottom right hand corner of your statement) to help@customer.tsb.co.nz or call us on 0800 872 226.

  • Do I get a refund on the premiums I have paid?

    We will apply a premium reduction effective from February 2020. If you have paid premiums during this time, you can expect a partial refund and a reduction on any future premiums due to be paid through to 26 February 2021. We’ll let you know about the refund amount in January 2021 and this will be paid to you by the end of that month.

  • I still want this cover, what can I do?

    As TSB doesn’t have a replacement cover to offer, we recommend you speak with an insurance adviser to ensure you have the right cover in place to meet your needs going forward.

  • Will this affect my credit card?

    No, this will not affect your credit card and you can continue to use it as you do today.

  • Do I need to do anything else?

    If you no longer want this policy, it will automatically cancel on 26 February 2021, so you don’t need to do anything.

    If you still want this cover, we recommend you speak with an insurance adviser to ensure you have the right cover in place to meet your needs going forward.

  • What if I need to make a claim after 26 February 2021?

    You may still be able to make a claim after 26 February 2021 if the reason you are claiming is for something that happened before 26 February 2021. All the existing policy conditions and waiting periods will apply to your claim. If your new claim is for Temporary Disablement or Redundancy, no payments will be made after 26 February 2021. Please contact AIA on 0800 872 274.

  • What if I have a current or pending claim?

    If you currently have an ongoing or pending claim for Credit Card Repayment Insurance, please contact AIA on 0800 872 274 to discuss what this means for you.

  • How do I make a claim?

    Claims are made directly with AIA:

  • Who underwrites this policy?

    This policy is underwritten by AIA – Note: TSB does not guarantee the obligations of AIA or its subsidiaries, or any of the products issued by it or its subsidiaries.

  • What does Credit Card Repayment Insurance cover?

    Subject to meeting the terms and conditions of your policy, you are covered, and AIA will pay a benefit if you:

    • become temporarily disabled
    • become permanently disabled
    • suffer a critical illness
    • die or are diagnosed with a terminal illness
    • have a spouse or child who dies or is diagnosed with a terminal illness
    • are made redundant from employment
    • become bankrupt while self-employed
  • Who is covered under this insurance?

    You are covered if you are named in the schedule. Where there is an additional cardholder linked to your credit card account, any transactions on your credit card account charged by the additional cardholder will be eligible to be covered if the policy owner suffers a claim event.

  • How much does this insurance cost?
    • For an individual: $0.74 for each $100 (pro-rated) of the total debit balance owing on the customer's monthly credit card account
    • For two people: $1.27 for each $100 (pro-rated) of the total debit balance owing on the customer's monthly credit card account

Next steps

As TSB doesn’t have a replacement cover to offer, we recommend you speak with an insurance adviser to ensure you have the right cover in place to meet your needs going forward.

                                              

What to do if you have any questions

If you have any questions, please contact us. We're happy to help.