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.
These policies are underwritten by OnePath Life (NZ) Limited. Find out more about their Financial Strength Rating and Solvency.
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.
For full benefits, exclusions and conditions, view our policy document – Credit Card Repayment Insurance Policy Document (PDF 72kB)
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.
Making a claim
If you already have Credit Card Repayment Insurance and need to make a claim please phone 0800 883 012.
IMPORTANT: The above information is a summary only of the cover and features that may be available. For full details of the terms, conditions, limits and exclusions please refer to the policy document - ANZ Credit Card Repayment Insurance Policy Document brochure (PDF 72kB) or call 0800 883 012.
ANZ Credit Card Repayment Insurance is underwritten by OnePath Life (NZ) Limited and distributed through ANZ Bank New Zealand Limited (ANZ). No member of ANZ, its related companies or any other person guarantees OnePath Life (NZ) Limited or any of the products issued by it. ANZ may receive a commission on any policy it arranges.
ANZ Credit Card Repayment Insurance is administered by Cigna Life Insurance New Zealand Limited.
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