What you're covered for

  • Temporary Disablement

    If you’re unable to work for at least 30 consecutive days due to an accident or illness, we’ll cover you with a monthly payment equal to 15% of your outstanding credit card balance2. The cover will last for 24 months or up to $50,000 - whichever comes first.

    Note that different definitions of Temporary Disablement apply depending on your employment status.

     

  • Permanent Disablement

    If you’re permanently disabled, we’ll cover the entire outstanding amount on your credit card2 in one lump-sum payment, up to a maximum of $50,000. You’ll also receive an additional amount equal to 15% of this payment, paid direct to you as a Cash Assistance benefit.

    Note that permanent disablement is defined in the Policy Wording, and different definitions apply depending on your employment status.

     

  • Critical Illness

    If you’re diagnosed with a heart attack, coronary artery bypass, cancer, or stroke we’ll cover the entire outstanding amount on your credit card2 in one lump-sum payment, up to a maximum of $25,000.

    Note that the listed critical illnesses are defined in the Policy Wording.

     

  • Death or Terminal Illness

    If the worst should happen and you're diagnosed as terminally ill or die, we’ll cover the entire outstanding amount on your credit card2 in one lump-sum payment, up to a maximum of $50,000. We’ll also pay an additional amount, equal to 15% of this payment, direct to you or your estate as a Cash Assistance benefit.

     

  • Death or Terminal Illness of a Spouse or Child

    If your spouse or child is diagnosed with a terminal illness or dies, we’ll cover the entire outstanding amount on your credit card2 in one lump-sum payment, up to a maximum of $5,000. 

     

  • Redundancy

    If you’re made redundant from full-time employment for at least 30 consecutive days, we’ll cover you with a monthly payment equal to 15% of your outstanding credit card balance2. The cover will last for 24 months or up to $25,000 - whichever comes first.

    Note that you will need to be working for financial gain in a permanent, full-time job for at least 20 hours per week in order to be eligible.

     

  • Bankruptcy

    If you’re declared bankrupt we’ll cover the entire outstanding amount on your credit card2 in one lump-sum payment, up to a maximum of $25,000.

    Note that you will need to be self-employed for financial gain for at least 20 hours per week in order to be eligible.

     

This is a summary only of the protection given by Credit Card Insurance.  When you apply we’ll send you a copy of the full Policy Wording.  Please read this to make sure you understand it, and remember we’re here to help with any questions you might have.

 

Affordable Premiums

  • Your cover only costs $0.74 for every $100 (pro-rated) owing on your monthly statement
  • Joint cover is available for a discounted premium of $1.27 for every $100 (pro-rated) owing
  • You only pay for the cover when you need it, so if your monthly statement has a zero or credit balance then you won’t be charged anything
  • If you’re not happy with the cover you can cancel the policy within 30 days of the commencement date and we will refund any premium charges, provided no claim has been made within this time period
     

Things you need to know

We’ve kept it to a minimum, but here are a few things you need to know:

  • In certain circumstances exclusions will apply, and each benefit has its own set of exclusions. You can find more information in the Policy Wording
  • If you have an accident or illness that occurs before taking out a policy, you won’t be covered for any resulting disabilities until after 6 months
  • You won’t be able to claim for any event relating to an illness (or symptoms or signs of an illness) that occurs within the first 14 days of the cover
  • You won’t be able to make a Critical Illness claim if the illness (or symptoms or signs of that illness) occurs in the first 90 days of cover
  • You won’t be able to make a Terminal Illness claim if you were diagnosed with the illness prior to taking the cover
  • You won’t be able to make a Redundancy or Bankruptcy claim if the event occurs within the first 30 days of cover
  • You won’t be able to claim for events due to alcohol or drugs, suicide or self-inflicted injury
  • You won’t be entitled to a premium refund if you make a claim within the first 30 days of cover and then cancel your cover within that same period
     

Need to make a claim?

To request a claim form or ask any questions related to a claim, just phone Sovereign on 0800 872 274

  • Don't forget to read this bit

    1. This Credit Card Insurance is arranged by TSB and underwritten by Sovereign Assurance Company Limited (“Sovereign”), which is part of the Commonwealth Bank of Australia Group and is a related company of ASB Bank Limited and its subsidiaries (the “Banking Group”). This information is general in nature, a full copy of the terms and conditions are included in the Policy Wording. Sovereign reserves the right to change the terms of cover it offers from time to time. TSB receives a commission from the sale of this insurance. TSB does not guarantee the obligations of Sovereign. None of the Banking Group, the Commonwealth Bank of Australia, or any other company in the Commonwealth Bank of Australia Group, or any of their directors, or any other person, guarantees Sovereign or its subsidiaries, or any of the product issued by Sovereign or its subsidiaries. Sovereign Assurance’s Credit Rating can be viewed here

    2. The outstanding account balance immediately before the event you are claiming for.