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ASB Credit Card Repayment Insurance

Please note ASB Credit Card Repayment Insurance is no longer available for new customers. This page is to help existing ASB Credit Card Repayment Insurance customers understand what benefits they are covered for.

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

Policy cover

What is Credit Card Repayment Insurance?

ASB Credit Card Repayment Insurance can help provide financial assistance with your credit card repayments in the event of your death, illness, injury, redundancy or bankruptcy. 

This cover does not include additional protection to cover things such as rent, school fees and other every day expenses.

I have Credit Card Repayment Insurance, should I keep it?

If you are an ASB Credit Card Repayment Insurance customer, we recommend you review your cover to ensure that it is still right for you, as circumstances change and so can your insurance needs. Simply call us on 0800 200 252, come into any ASB branch or fill out an enquiry form. We’re happy to help.

What you're covered for:

When considering the suitability of this insurance it is important to understand that your eligibility and the claims criteria for some of the benefits are dependent on your current working arrangements and your age. As this might have changed since you took out the policy, it is important to review your policy.

What benefit can it provide?

Events you can claim for1
What benefit will be paid
Stand-down period
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 balance2 to 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 dies or is 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.
You must have been 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.

For full details of the exclusions relating to this policy, please refer to the benefit sections of the Policy Wording.

Breakdown of employment eligibility

 

Events you can claim for 1 
You are employed for financial gain for 20 or more hours a week
You are self-employed for financial gain for 20 or more hours per week
You are a Homemaker2,
for 20 or more hours a week
Other policyholders
You die or are diagnosed as having a terminal illness as defined under the policy.
You are diagnosed with a critical illness as defined under the policy.
You are temporarily disabled as defined under the policy, for more than 30 days.

Your temporary disability must entirely prevent you from working in what Sovereign considers to be your usual occupation for a period of 30 consecutive days or more.

Your temporary disability must entirely prevent you from working in what Sovereign considers to be your usual occupation for a period of 30 consecutive days or more.

Your temporary disability must entirely prevent you from working in what Sovereign considers to be your usual occupation for a period of 30 consecutive days or more.

Your temporary disability must confine you to a hospital or bed for a period of 30 consecutive days or more on medical advice acceptable to Sovereign.
You are permanently disabled as defined under the policy for more than 6 months.

Subject to you having a disability which in the opinion of Sovereign will prevent you ever again engaging in all of the duties relating to what they consider to be your usual occupation.

Subject to you having a disability which in the opinion of Sovereign will prevent you ever again engaging in all of the duties relating to what they consider to be your usual occupation.
Subject to you being under age 70 at time of claim, alternative criteria applies.

For full details of claim criteria please refer to page 12 of the policy wording.
Subject to you being under age 70 at time of claim, alternative criteria applies.

For full details of claim criteria please refer to page 12 of the policy wording.
Your spouse or child dies or is diagnosed as having a terminal illness as defined under the policy.
You are made involuntarily redundant and are unable to find work for more than 30 days.
Not Eligible
Not Eligible
Not Eligible
You are self-employed and made bankrupt.
Not Eligible

Subject to you being self-employed for financial gain for at least 20 hours per week.
Not Eligible
Not Eligible

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: A person whose principal occupation is to manage the household of his or her own immediate family for at least 20 hours per week.

What you are not covered for

There are a number of circumstances called 'exclusions', when Sovereign will not pay a benefit under your policy.

These include claims resulting from:

  • Pre-existing medical conditions, within 6 months of your policy start date
  • 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.

For full details of the exclusions relating to this policy, please refer to the benefit sections of the policy wording.

Is it mandatory to have Credit Card Repayment Insurance?

It is not mandatory to have this insurance so if your circumstances have changed or if you think this insurance may no longer be suitable for you, it is important to let us know. We can help you review your current insurance needs and ensure you have the insurance solution that's right for you.

How much it costs

The cost of this insurance is 74 cents (joint cover $1.27) for each $100 (pro-rated) of your monthly closing debit balance. For example, if you receive your monthly credit card statement that shows a balance of $1,010, your insurance premium for that month will be $7.47 for single cover ($1,010 x 0.74% = $7.47). You will only pay a premium when there is an outstanding balance on your monthly credit card statement - if there is a zero or credit balance on your statement then you won't pay any premium for that month. Your premium will be added to your credit card account at the end of each billing month but will not attract any interest charges.

When will your policy end?

Unless it is cancelled earlier by you, your policy will finish when your credit card account closes, if you stop paying the premiums, if you reach age 100, if we make a lump sum payment under the terms of the policy (excluding those made on the Death or Terminal Illness of a spouse or child) or if all ASB Credit Card Repayment Insurance policies are cancelled under the terms of the policy.

In what circumstances might this insurance be unsuitable for you?

This policy may not be suitable for you if:

  • You have existing insurance which provides all or a number of the same benefits
  • You do not fully understand the policy's benefits and terms, and feel unable to make an informed decision
  • Your employment status means you may not be eligible for a number of the benefits

Please note, it is important that you have considered whether you can afford this premium in addition to your credit card repayment.

How can you cancel your policy?

You can cancel this policy at any time by visiting any ASB Branch and completing a Cancellation Advice Form or providing a written request that is dated and signed.

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) financial strength 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

To claim on your ASB Credit Card Repayment Insurance policy, simply contact us on 0800 501 223 (selecting option 5) or visit an ASB Branch to get an insurance claim form.

Once completed, please return the form to us by:

  • Scanning the documentation and emailing it to insurances@asb.co.nz or;
  • Faxing it to 09 337 2424 or;
  • Dropping it into an ASB Branch and asking them to scan and email it to insurances@asb.co.nz or;
  • Posting it to:
    Insurance Operations
    ASB Bank
    PO Box 35
    Shortland Street
    Auckland 1140
    New Zealand

Once we've received your form we’ll be in touch to confirm the claim has been received and request any further information if required to assess the claim. There may be some instances when you are unable to make a claim, you can find out more in the policy wording.

Time to review your insurance needs?

We can help you review your current insurance needs and ensure you have the insurance solution that is right for you.

Call us

Simply call us on 0800 200 252.

0800 200 252

Enquire now

Come into any ASB branch or fill out an enquiry form . We're happy to help.

Enquire now

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The information contained in this brochure is general in nature and is not intended to be advice. It may not be relevant to individual circumstances and before making any investment, insurance or financial planning decision you should consult a professional adviser. If you require advice about your particular circumstances in relation to any ASB insurance product, we recommend that you speak with ASB. Copies of our disclosure statements are available on request free of charge. 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. An excess may apply for health insurance policies. 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"). None of ASB Bank Limited or its subsidiaries, 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 products issued by Sovereign or its subsidiaries.

Life, loan and income protection insurance Credit Card Repayment Insurance