ANZ Credit Card Repayment Insurance is affordable repayment protection insurance which helps repay the debt on your ANZ credit card in the event of:
- temporary disability
- critical illness
- bankruptcy (if you are self employed)
- permanent disability
- death or terminal illness.
As an ANZ personal credit card holder you have guaranteed acceptance for this cover if you’re aged 18 to 75 years.
For cardholders aged 65 and up to 75 years, cover is limited to Death and Terminal Illness only. For card holders under the age of 65 but not in paid full time employment, cover is provided for Death, Terminal Illness and Critical illness only. All cover ceases when you reach the age of 75.
If you are made Redundant
If you are unemployed for 30 consecutive days or more because of redundancy, we’ll make a monthly payments of 15% of the total outstanding ANZ Credit Card Account Balance as at the notification date of your Redundancy for each month that you remain unemployed until the earliest of the following occurs:
- You return to Full Time Employment; or
- Your total credit card balance, as at the notification date of Redundancy, is paid off; or
- You have received a total cumulative amount of $30,000 in payments; or
- You reach 65 years of age.
If you are diagnosed with a Terminal Illness or Die
If your are diagnosed with a Terminal Illness or die, we’ll pay the total outstanding ANZ Credit Card Account Balance as at the date of the death, or date you are diagnosed with the Terminal Illness, in a lump sum, up to a maximum of $60,000. In addition, we will pay over and above your debit balance on your credit card an additional $1,000 as a contribution towards any additional expenses you may have.
If you suffer a Temporary Disability owing to accident or illness
If you suffer a Temporary Disability owing to accident or illness, and remain disabled for 30 consecutive days, we’ll make a monthly payment of 15% (or 5% if related to any psychiatric, mental or nervous disorder) of the total outstanding ANZ Credit Card Account Balance as at the date you became temporarily disabled, for each month you remain disabled until the earliest of the following occurs:
- You return to full time employment or cleared to return to work; or
- You receive a maximum of 20 monthly payments; or
- The maximum benefit of $60,000 is paid; or
- You reach age 65.
If you are diagnosed with a Critical Illness
If you are diagnosed with a covered Critical Illness (Cancer, Heart Attack, Coronary Artery Bypass Surgery or Stroke), we’ll pay the total outstanding ANZ Credit Card Account Balance as at the date of the diagnosis, up to a maximum of $30,000.
If you become Permanently Disabled
If you become Permanently Disabled we’ll pay the total outstanding ANZ Credit Card Account Balance, as at the date of permanent disability, in a lump sum, up to a maximum of $60,000.
If you are declared Bankrupt
The premium is calculated at 79 cents for every $100 (or part thereof) of your monthly ANZ credit card account balance. Where a joint or additional card holder has been nominated to be covered, the premium is calculated at the discounted rate of $1.29 per $100 (or part thereof) of your ANZ credit card account balance. If the monthly account statement balance is zero or in credit then no premium is charged.
To apply please call 0800 883 012 and cover can be arranged over the phone. Acceptance is guaranteed and so there are no questions or medical examination required, though please be aware that pre-existing conditions are not covered.
Alternatively visit any ANZ branch for assistance.
Making a claim
If you already have Credit Card Repayment Insurance and need to make a claim please phone 0800 883 012.
Please note that the above information is a summary only. Full Policy terms, conditions and exclusions are contained in the ANZ Credit Card Repayment Insurance Policy Document brochure, which we will send to you if your credit card application is approved. If you're not happy with the cover, you can cancel the policy within 30 days and we will refund any premium charges. A copy of the Policy document can be obtained from any ANZ branch or call 0800 883 012 and ask for a copy of the Policy document to be sent to you.
The above summary is intended to be of a general nature for informational purposes, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. We recommend you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 883 012.
ANZ Credit Card Repayment Insurance is underwritten by OnePath Insurance Services (NZ) Limited and is distributed through ANZ Bank New Zealand Limited. OnePath Insurance Services (NZ) Limited has an "AA-" (Very strong) current financial strength rating under the Insurance (Prudential Supervision) Act 2010, from Standard & Poor’s (Australia) Pty Limited. Standard & Poor’s rating scale is: AAA Extremely strong, AA Very strong, A Strong, BBB Good, BB Marginal, B Weak, CCC Very weak, CC Extremely weak, R Regulatory action. Ratings from "AA" to "CCC" may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
No member of the ANZ Bank New Zealand Limited, any of its related companies or any other person guarantees OnePath Insurance Services (NZ) Limited or any of the products issued by it. ANZ Bank New Zealand Limited may receive a commission on any policy it arranges.
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