Insure against credit card debt
CreditCare Plus is insurance for your credit card^. It can help you pay your BNZ credit card bill if something happens to you, such as death, terminal illness, an accident, sickness, redundancy, or bankruptcy. To apply:
What you’re covered for
Depending on your situation, CreditCare Plus^ can either help you with monthly payments or pay a lump sum. For example, if you become ill or have an accident and can’t work full-time for 30 days or more, CreditCare Plus could pay 20% of the total amount owing on your monthly BNZ credit card bill each month, for up to 24 months, to a maximum of $60,000. Further conditions may apply.
Full cover until you’re 65
When you turn 65 your cover is limited to cover for death, and terminal illness only. There’s no cover once you’re over 100.
Full cover if working more than 25 hours
If you work less than 25 hours a week for one employer, your cover is limited to the cover for death, and terminal illness only.
For the full details of the benefits, exclusions, and conditions including pre-existing, please read the CreditCare Plus insurance policy pdf 212kb
How much CreditCare Plus costs
You don’t have to pay anything for this insurance if your credit card has a zero balance or is in credit at the time your statement is produced (i.e. not when payment is due). Otherwise, CreditCare Plus insurance costs (premiums) are:
- $0.79 per $100 owing for a single cardholder
- $1.29 per $100 owing for joint insured cardholders.
30 days to cancel the insurance
If you cancel your CreditCare Plus policy within 30 days of signing up to it, you’ll get a full refund of the premiums you’ve paid.
Financial strength rating
CreditCare Plus is underwritten by Cigna Life Insurance New Zealand Limited (Cigna), which has an A- (Excellent) financial strength rating given by A.M. Best Company Inc. Refer to Best's Financial Strength Rating guide pdf for more information.
The rating scale is: A++, A+ Superior | A, A- Excellent | B++, B+ Good | B, B- Fair | C++, C+ Marginal | C, C- Weak | D Poor | E Under Regulatory Supervision | F In Liquidation | S Suspended
CreditCare Plus is underwritten by Cigna Life Insurance New Zealand Limited (Cigna) who will be responsible for all claims and other matters relating to this policy. BNZ arranges CreditCare Plus as distributor for Cigna and BNZ receives a commission on any policies arranged. BNZ and its related companies do not guarantee the obligations of Cigna and will not be liable if Cigna refuses to pay a claim. Cover is subject to the terms, conditions and exclusions contained in the policy document. Pre-existing conditions are covered after the policy has been in force for 12 months. Cover for pre-existing conditions for temporary disablement claims is limited to 7.5% of the total debt balance at the date of disablement, provided that cover has been in place for 12 months. Cover is limited to death and terminal illness only for account owners who are aged 65 years or older or who work for less than 25 hours per week for one employer.