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ASB Credit Card Repayment Insurance

We can help pay your personal Credit Card balance or on-going credit card repayments in the event of death, illness, injury, redundancy and bankruptcy.

Benefits at a glance

  • The balance of your ASB credit card (up to $50,000) can be paid in the event of your death or diagnosis of a terminal illness
  • Pays 15% of your card balance for up to 24 months ($50,000 max), if you are temporarily disabled for more than four weeks
  • You pay no monthly premium when your ASB credit card has a zero balance at the monthly statement date
  • You're covered 24 hours a day anywhere in the world

What you are covered for

Events you can claim for 1 
Employment eligibility
What benefit will be paid
Earliest a claim will be considered3
You are temporarily disabled as defined under the policy.
Different definitions of temporary disablement apply depending on employment status.
A monthly payment equal to 15% of your ASB credit card account debit balanceto a maximum of 24 months or $50,000 (whichever happens first).
14 days after the policy start date.
You are permanently disabled as defined under the policy.
Different definitions of permanent disablement apply depending on employment status.
A payment of the total debit balance2 of your ASB credit card account to a maximum of $50,000.

An additional 15% of this payment as a Cash Assistance benefit.
14 days after the policy start date.
You are diagnosed with a critical illness as defined under the policy.
No employment conditions apply.
A payment of the total debit balance2 of your ASB credit card account to a maximum of $25,000.
3 months after the policy start date.
You die or are diagnosed as having a terminal illness as defined under the policy.
No employment conditions apply.
A payment of the total debit balance2 of your ASB credit card account to a maximum of $50,000.

An additional 15% of this payment as a Cash Assistance benefit.
14 days after the policy start date.
Your spouse or child die or are diagnosed as having a terminal illness as defined under the policy.
No employment conditions apply
A payment of the total debit balance2 of your ASB Credit Card account, to a maximum of $5,000.
14 days after the policy start date
You are made involuntarily redundant and are unable to find work for more than 30 days.
Must be working for financial gain in a permanent job for at least 20 hours per week.
A monthly payment equal to 15% of your ASB credit card account debit balance2 to a maximum of 6 months or $25,000 (whichever happens first).
30 days after the policy start date.
You are self-employed and made bankrupt.
You must be self-employed for financial gain for at least 20 hours per week.
A payment of the total debit balance2 of your ASB credit card account to a maximum of $25,000.
30 days after the policy start date.

1: The above information is a summary of benefits only. Benefit exclusions, stand-down periods and eligibility criteria apply. Please refer to your policy document for full terms and conditions.

2: The balance immediately before the event that you are claiming for.

3. This stand-down period does not apply if the claim is a result of an accident.

ASB Credit Card Repayment Insurance is underwritten by Sovereign. For a full description of cover, please refer to the policy wording.

What you are not covered for

There may be some instances when you are unable to make a claim. These include claims resulting from:

  • Pre-existing medical conditions which occur within 6 months after the policy starts;
  • Suicide or deliberate injury;
  • Excess breath or blood alcohol;
  • Misuse of drugs or non-compliance with medical treatment;
  • Pregnancy;
  • Criminal conduct;
  • A terminal illness diagnosed prior to commencement of the policy.


You can find out more in the policy wording.

How much it costs

The premium cost is calculated on the closing debit balance of your ASB Credit Card Account monthly statement (but before Late Fees, if any are charged).

Premiums are calculated using the following rates:

If only one person is named in the schedule:

74 cents for each $100 (pro-rated) of the monthly closing debit balance

If two people are named in the schedule:

$1.27 for each $100 (pro-rated) of the monthly closing debit balance

For example, if the closing debit balance of the Credit Card Account monthly statement is $1,010, the cost of single cover for that month is $7.47 ($1,010 x 0.74 = $7.47).

The premium is charged to the Account on the date the statement is produced. If there is a zero or credit balance at any monthly statement date, then you will pay no premium for that month.

ASB and Sovereign - a partnership you can trust

In times of uncertainty, it’s important to know who you can trust. And when you’re relying on someone to protect you and your family’s financial wellbeing, you want to be sure that they’ll be there when you need them.

Sovereign Assurance Company Limited (“Sovereign”), the underwriter of the insurance cover, has an A+ (Superior) rating from A.M. Best, an approved rating agency, so you can be confident of receiving the financial support you need when the unexpected happens.

View Sovereign's financial strength rating.

Making a claim

Making a claim for ASB Credit Card Repayment Insurance is easy – simply call Sovereign on 0800 272 543 to obtain a claim form or download it from here.

The claim form should be completed by the policy owner and returned to Sovereign with any additional information requested.

Once completed, please return the form to Sovereign by:

  • Email: claims@sovereign.co.nz
  • Fax: 0800 329 768
  • Post:
    Private Bag Sovereign
    Victoria Street West
    Auckland 1142
    New Zealand

To avoid any delay in payment it is important to let Sovereign know about a claim as soon as reasonably possible.

While processing your claim, you can continue to use your ASB Credit Card Account. However, you will still be responsible for paying any transactions, charges and interest incurred after the date of the event you are claiming for.

This policy will only cover and pay for one event at any one time. This also applies to joint policies. For example, if while we are paying you a Temporary Disablement benefit you (or any other person named in the schedule, if applicable) are made redundant, we will not also pay a Redundancy benefit.

This does not apply to the Death or Terminal Illness of your Spouse or Child benefit which is an additional benefit.

There may be some instances when you are unable to make a claim, you can find out more in the policy wording.

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The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premium loadings may apply. For full details refer to the Policy Document which is available on request from any ASB branch. This insurance is underwritten by Sovereign Assurance Company Limited ("Sovereign").

Sovereign is part of the Commonwealth Bank of Australia Group and is a related company of ASB Bank Limited and its subsidiaries (the "Banking Group'). Neither the Banking Group, the Commonwealth Bank of Australia, nor any other company in the Commonwealth Bank of Australia Group, nor any other person, guarantees Sovereign or its subsidiaries, or any of the products issued by Sovereign or its subsidiaries.

Life, loan and income protection insurance Credit Card Repayment Insurance