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Why get Warehouse Money Card Protect?

What does Card Protect Insurance cover?

  • If you have an accident or you’re unwell and unable to work for at least 30 consecutive days, Warehouse Money Card Protect will calculate 15% of your credit card’s outstanding balance as at the time you became disabled and pay this amount into your credit card account each month you remain disabled, for up to 24 months or $50,000 (whichever happens first).

    If you don't work for at least 20 hours per week in permanent employment, or as a homemaker as defined in the policy wording, then to receive the benefit you must be confined to a hospital or bed at home for at least 30 consecutive days, on medical advice acceptable to Sovereign.

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • If you’ve been disabled for at least 6 consecutive months and you’re unlikely to ever be able to go back to your job, or if you're under 70, you meet an 'Activities of daily living' definition as set out in your policy, Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time you became disabled (less any amount already paid into your credit card account under Temporary Disablement). The most we’ll pay on your credit card balance is $50,000. We’ll also give you an additional 15% of this payment as cash to help you through this difficult time.

    If this benefit is paid, the cover under your policy will end.

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • If you’re diagnosed with a specified critical illness (as defined in the Warehouse Money Card Protect Policy Document), Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time of diagnosis. The most we’ll pay is $25,000. 

    If this benefit is paid, the cover under your policy will end.

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • If you are diagnosed with a terminal illness or you die, Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time of diagnosis or death. The most we’ll pay on your credit card balance is $50,000. We’ll also give you or your estate an additional 15% of this payment as cash to help through this difficult time. 

    If this benefit is paid, the cover under your policy will end.

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • If your spouse or child dies or is diagnosed with a terminal illness, Warehouse Money Card Protect will make a lump sum payment to repay the amount you owed on your credit card account at the time of diagnosis or death, up to a maximum of $5,000.  This benefit ceases when the lump sum payment is paid to your credit card account. Your cover continues in respect of the other benefits under this policy.

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • If you’re made redundant from your permanent job and are out of work for at least 30 consecutive days, Warehouse Money Card Protect will calculate 15% of your credit card’s outstanding balance as at the time you became redundant and pay this amount into your credit card account each month you remain unemployed, for up to 6 months or $25,000 (whichever happens first).

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • If you’re self-employed and you become bankrupt, Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time of your bankruptcy. The most we will pay is $25,000. 

    If this benefit is paid, the cover under your policy will end. 

    Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to this benefit.

  • Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

What Card Protect Insurance doesn't cover

Each benefit has terms and conditions, exclusions, and stand-down periods that apply. 
Here are some of the exclusions that apply to your insurance. Your claim won’t be paid out if it’s caused or contributed to by any of the following:

    • you deliberately injure yourself or make yourself ill, attempt to injure yourself, commit suicide, or attempt to commit suicide.
    This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

    • you deliberately take non-prescribed drugs other than for medical reasons and in accordance with the manufacturer’s directions, or
    • you misuse prescribed drugs, or
    • you don’t comply with treatment prescribed by your attending treatment providers, or
    • you drive a vehicle with a breath or blood alcohol level in excess of the legal limit.
    This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

    • you take voluntary redundancy, retire or are dismissed; or
    • you knew or ought to have known when your insurance started that you could be made redundant, or
    • you are self-employed, or
    • you are employed in seasonal, part-time, contract or relief work; or
    • you work for an employer owned or controlled by you or any of your relatives, or
    • you have been on any type of unpaid leave for longer than 30 days; or
    • your redundancy results from a strike or labour dispute.
    This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

    • you knew or ought to have known when your insurance started that you could be made bankrupt.
    This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

    • you'll be ineligible for some benefits if your claim is related to criminal conduct, pregnancy or childbirth.
    This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

  • Different stand-down periods apply to each type of claim. This means that a benefit won’t be paid out if what you are claiming for happens within a specified period of time from the start of your insurance:
    • Accident-related claims – no stand-down period applies
    • Critical illness claims – a three month stand-down period applies and for all other illness-related claims (including death by illness) a 14 day stand-down period applies
    • Redundancy and bankruptcy claims – a 30 day stand-down period applies.
    • Claims related to pre-existing conditions – a six month stand-down period applies.
    This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

Applying for Card Protect Insurance

Here are some things that you need to consider before you apply for Warehouse Money Card Protect.

  • To apply for Warehouse Money Card Protect, you must meet our credit card lending criteria, and also not have claimed a Terminal Illness benefit under another Warehouse Money Card Protect policy. 

    To be eligible to apply for a credit card you must be:
    • 18 years or older, and
    • a New Zealand citizen or permanent resident living in New Zealand, and
    • earning or receiving a regular income.

  • When you apply for your Warehouse Money credit card, you can also add Warehouse Money Card Protect to your application. You’ll need to read the Warehouse Money Card Protect Key Information Fact Sheet and Warehouse Money Card Protect Policy Document to make sure this insurance is right for you.

    1. Eligibility - To apply for Warehouse Money Card Protect, you must meet our credit card lending criteria, and also not have claimed a Terminal Illness benefit under another Warehouse Money Card Protect policy. To be eligible to apply for a credit card you must be: 18 years or older, a New Zealand citizen or permanent resident living in New Zealand, and earning or receiving a regular income.

    2. Your benefits – Each benefit has terms and conditions, exclusions, and stand-down periods that apply. Refer to the Policy Document for full details.

    3. Work conditions that may affect your ability to claim – For example, if you haven’t been working at least 20 hours a week at the time of the claim event you won’t be eligible for the Redundancy or Bankruptcy benefits and a different definition of Temporary Disablement and Permanent Disablement will apply. Other terms and conditions also apply – please see the Policy Document for full details.

    4. Unpaid leave – If you’ve been on unpaid leave for more than 30 consecutive days at the time of the claim event, you won't be eligible for the Redundancy benefit and different definitions for Permanent and Temporary Disablement benefits will apply. Other terms and conditions also apply – please see the Policy Document for full details.

    5. Debts and liabilities this insurance covers – This insurance will cover your Warehouse Money credit card account only and not any other debt or liabilities that you may already have (e.g. personal loans, or mortgage).  

    6. You may already have enough cover – Depending on what insurance you may already have, you may have sufficient insurance to cover your Warehouse Money credit card repayments or balance. You may want to check with your current insurance provider or adviser to see if the insurance you have is sufficient. 

    7. Free-look period – If your application for insurance is approved, you’ll have 30 days from the start of the insurance or 5 working days from receiving your Policy Document (whichever is later) to review the Policy Document and decide if this insurance is right for you. If it’s not right for you, you can cancel it and if you haven’t made any claims, we’ll refund any premium charged.

    8. Need more information or advice? Call Sovereign on 0800 802 801.

    Existing cardholder?
    If you are want to add Warehouse Money Card Protect to your card, just call us on 0800 801 808 and we’ll arrange this for you. Easy!

  • It costs $0.74 for each $100 (pro-rated) 

    We’ll calculate your insurance premium for the month based on your credit card monthly closing balance, and charge this amount to your credit card account each month. You’ll only be charged a premium if you owe money on your Warehouse Money credit card.

    Here are a few examples of how much you could be charged:
    Your credit card monthly
    closing balance
     
    Here's how we'll calculate
    premium to be charged
     
    Warehouse Money Card Protect 
    premium charged for that month
     
    $0 ($0/$100) x $0.74 $0
    $500 ($500/$100) x $0.74
    $3.70
    $1,850 ($1,850/$100) x $0.74
    $13.69
    $2,100 ($2,100/$100) x $0.74
    $15.54

Who underwrites Warehouse Money Card Protect?

Warehouse Money Card Protect is underwritten by Sovereign Assurance Company Limited (Sovereign). Sovereign has an A+ (Superior) financial strength rating from A.M. Best. A.M. Best is an approved insurance rating agency in terms of the Insurance (Prudential Supervision) Act 2010. The rating scale is available here.