How am I protected?

Loss of income due to accident or illness
If you are unable work for at least 30 consecutive days due to an accident or illness, you will receive three times your minimum monthly instalment up to a maximum of $50,000 or 24 months, whichever occurs first.

Loss of income due to redundancy**
If you are made redundant from permanent full time employment for at least 30 consecutive days, you will receive five times your minimum monthly instalment up to a maximum of $25,000 or six months, whichever occurs first.

Death or terminal illness
You’ll be covered for your outstanding credit card balance if you die or you are diagnosed as terminally ill (as defined in your policy), up to a maximum of $50,000. An additional amount equal to 15% of this payment will be paid direct to you or your estate.

Permanent disablement**
You have cover for your outstanding credit card balance if you are permanently disabled, up to a maximum of $50,000. An additional amount equal to 15% of this payment, paid direct to you.

Diagnosed with a heart condition, cancer or a stroke
If you suffer from a heart condition, cancer or stroke (a critical illness as defined in your policy), your outstanding credit card balance will be covered up to a maximum of $25,000.

Self-employed and declared bankrupt**
You’ll be covered for your outstanding credit card balance if you are self-employed and are declared bankrupt, up to a maximum of $25,000.

Premiums

  • Cover costs 78 cents for every $100 (or part thereof) owing on your monthly statement.
  • Joint cover is available for a discounted premium of $1.34 for every $100 (or part thereof) owing.
  • If your monthly statement has a zero, or credit, balance then there’s no premium charged – so you only pay for the cover when you may need it.
  • You can cancel the policy within 30 days of commencement date and we will refund any premium charges.

Conditions of cover

We’ve kept it to a minimum but there are some things you need to know about:

  • You cannot claim in the first six months for any disability as the result of an accident or illness you had prior to taking Credit Card cover arranged by TSB Bank.
  • Pre-existing conditions are covered after six months.
  • We also don’t cover for any event relating to an illness that occurs within the first 14 days of the cover.
  • You won’t be covered for any redundancy or bankruptcy which occurs within the first 30 days of cover.
  • You’ll not be covered for the Critical Illness benefit if the critical illness (or symptoms or signs of that illness) occurs in the first 90 days of cover.
  • No premium refund will be made if there has been a claim within 30 days of the cover commencing and the policy is subsequently cancelled within the same period
  • Employment conditions apply to some benefits.
  • You cannot claim for events due to alcohol or drugs, suicide or self-inflicted injury.

Some other conditions and exclusions do apply and when you apply we will send you your full Credit Card Insurance policy document.

Need to make a claim?

To request a claim form or ask any questions related to a claim

Phone 0800 872 274

  • Terms and Conditions

    *TSB Bank Credit Card Insurance is underwritten by Sovereign Assurance Company Limited, 74 Taharoto Road, Takapuna, North Shore 0622, Private Bag Sovereign, Victoria Street West, Auckland 1142. TSB Bank Limited does not guarantee or underwrite this insurance product marketed on behalf of Sovereign and is not liable if the insurer declines to pay a claim. TSB Bank Ltd receives a commission from the sale of insurance policies sold on behalf of Sovereign Assurance Company Limited. 

    **Must be working for financial gain for a minimum of 20 hours per week. 

    Full terms, conditions and exclusions are available in the Policy Wording. Sovereign Assurance’s Credit Rating can be viewed here