Credit Cards & Visa Debit
Credit Card Insurance FAQs
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Q. Under what circumstances will a benefit be paid?
A. There are five cases in which a benefit may be paid under ANZ CreditCover:
- your death
- your total and permanent disability
- your temporary disability
- your involuntary unemployment
- your covered card is stolen.
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Q. How will I know how much my premium is in any given month?
A. On the nominated ANZ credit card, the premium charged will appear as a transaction on each statement for that period. The premium is calculated on your closing credit card statement balance.
For ANZ CreditCover the premium is 0.60c per $100. For example if your closing monthly balance is $900, your premium is $5.40.
For ANZ Creditcover Plus the premium is 0.79c per $100. For example, if your closing monthly balance is $900, your premium is $7.11.
Q. What if my outstanding credit card balance is zero?
A. You will not be required to pay a premium if the closing statement balance shown on your nominated credit card statement for that period is less than $10 or the nominated credit card is in credit.
Q. Am I still required to pay the premium if I pay my credit card statement in full?
A. Yes, unless the closing balance on your nominated credit card account is less than $10 or in credit for that statement period.
Q. Can my additional cardholder be covered?
A. No, cover is not available for additional cardholders. However, any purchases made by additional cardholders on the primary card are covered.
Q. What do you mean when you say 'total and permanent disablement'?
A. A cardholder is considered to be totally and permanently disabled if he or she has been absent from work for six consecutive months because of injury or illness that commenced whilst the Policy was in effect and has provided proof of being unable ever to work again at any occupation for which he or she is suited by education, training or experience. The date of disablement is the first day of absence in the six consecutive months of absence.
Payment is made provided appropriate medical evidence is produced to show that the customer is totally and permanently disabled. Payment will be reduced by the amount of any disability claim out of which the total and permanent disability claim has arisen.
Q. What do you mean when you say 'critical illness'?
A. A cardholder is considered to be diagnosed with a critical illness if he or she is diagnosed with or operated on for one or more of the following whilst the Policy is in effect: cancer, chronic kidney failure, coronary artery surgery, heart attack, major organ transplant or stroke.
Under the family trauma benefit, the spouse of the cardholder is considered to be diagnosed with a critical illness when he or she is diagnosed or operated on for one or more of the above critical illnesses whilst the Policy is in effect. The dependent child of the cardholder is considered to be diagnosed with a critical illness when he or she is diagnosed or operated on for one or more of the following whilst the Policy is in effect: bacterial meningitis, cancer, major head trauma, major organ transplant, paralysis or severe burns.
Q. What do you mean when you say 'disablement'?
A. A cardholder is considered disabled if he or she is unable to work in his or her usual occupation because of an injury occurring or any illness beginning while the Policy is current which continues for at least 30 consecutive days. The illness or injury must be certified by a registered medical practitioner. If, after a period of disability, the cardholder returns to work and within six months suffers disability from the same or related causes, this will be deemed the same disability and the 30 day waiting period will not apply. Payments are made only while the cardholder is under the continuous care of a registered medical practitioner. Repayments are made irrespective of any other compensation received by the cardholder.
Q. What do you mean by 'involuntary unemployment'?
A. A cardholder is eligible for benefits while unemployed if he or she has been involuntarily terminated whilst the Policy is in effect. Termination due to wilful misconduct, voluntary resignation, voluntary redundancy, retirement or the completion of a contract, project or apprenticeship is not considered involuntary. In order to claim under this benefit:
- The cardholder must be registered with Centrelink (or other equivalent body) as unemployed and/or have a letter from your previous employer confirming involuntary redundancy.
- Immediately before the cardholder was unemployed, they must have been employed in a permanent full-time or part-time job involving at least 10 hours per week, and have been with the same employer for a minimum of 3 months. Self employed, seasonal, temporary, contract or casual workers are not covered under this Policy.
Q. What are the exclusions in relation to life, total and permanent disablement, critical illness and disability?
A. Any illness, injury or condition where medical consultation has occurred during the 12 months immediately preceding commencement of the Policy. Any critical illness diagnosed or operated on within the first three months after the Policy begins. Other exclusions include any intentional self-inflicted injury (including suicide) and engaging in any illegal act. Other exclusions apply. Please refer to the Policy for details.
Q. What are the exclusions in relation to involuntary unemployment?
A. Involvement in a strike or labour disturbance, the seasonal, temporary or casual nature of employment, cessation of self employment, or a period of involuntary unemployment beginning before the Policy started, or in the first 30 days of the Policy.
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Copyright Australia and New Zealand Banking Group Limited (ANZ) 100 Queen Street, Melbourne 3000, ABN 11 005 357 522, 1996-2008.
ANZ's colour blue is a trade mark of ANZ. Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you.
ANZ recommends you read the Product Disclosure Statement and the Financial Services Guide before acquiring the product.