While Credit Card Insurance products may differ, most will ensure your credit card outstanding balance will be paid off if you are unable to work due to an illness or injury, diagnosed with cancer, have a stroke/heart attack or you become involuntarily unemployed through no fault of your own - up to the maximum limits of the policy.
How much cover can I get?
Credit Card Insurance will cover your outstanding balance on your credit card up to a maximum limit of usually $50,000. Therefore you don’t choose your amount of cover as it can vary from month to month based on your outstanding balance.
How do I pay for Credit Card Insurance?
Credit Card Insurance is usually paid monthly. The cost of your Credit Card Insurance will depend on the outstanding balance on your monthly statement. If you have no balance outstanding on your credit card then there will be no insurance premium for that month.
Using CardAssure (which is offered via our partner Citibank), the premium for this product is 69c per $100 of your outstanding balance on your monthly statement.
Credit cards can be a convenient way to pay for the things you want and need. But if you’re unable to work due to illness or injury, have you thought about how you’ll