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BNZ Credit Card Repayment Insurance

April 2024

FAQs
What is Credit Card Repayment Insurance?

Credit Card Repayment Insurance can provide financial assistance towards your BNZ Bank credit card repayments should the unexpected happen to you – whether it is due to redundancy, bankruptcy, critical illness, disablement, terminal illness, or death.

BNZ Credit Card Repayment Insurance underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life) has been closed to new customers since 2018.  Since then, the number of customers with cover has steadily declined each year. 

Recent reviews of your product have resulted in a decision to end the cover on 1 July 2024.  We apologise for any inconvenience this closure may cause. 

Your policy will end on 1 July 2024.

For BNZ Credit Card Repayment Insurance, premiums will continue to be charged on a monthly basis based on the outstanding balance of your credit card account at your monthly statement date, up to and including your May 2024 statement. Your last premium will be charged and will appear on your May 2024 credit card statement.  If you don’t have an outstanding balance, then no premium will be charged.  If you have an outstanding balance in June 2024, we’ll waive any premiums that would have been charged in that month, however your insurance cover will remain in place until 1 July 2024.

Yes.  If you no longer require your BNZ Credit Card Repayment Insurance, you can call Chubb Life on 0800 659 020 or email Getintouch.NZ@chubb.com

No, Credit Card Repayment Insurance is paid monthly and is calculated against the balance of your credit card for that period.  You have therefore received a benefit of the Insurance cover for that period.  If you have not had an outstanding credit card balance for a particular month, then you have not been charged a premium for that month.  This premium is charged on past balances, so there is no future premium to refund.

BNZ will be refunding a portion of your premiums paid for five months prior to your recent price reduction on 1 April 2024. 

We are reducing the prices from 1 April 2024 to reflect that BNZ will no longer be receiving commission so you will receive a lower premium rate for any premiums paid during April and May 2024. 

 

Premium rates

Current rate

New rate from 1 April 2024

CreditCare Plus Insurance

$0.64

$0.58

CreditCare Plus Business

$0.49

$0.44

There is no alternative Credit Card Repayment Insurance available through BNZ or Chubb Life. 

We offer a wide range of insurance options to help you with your future cover, contact us on 0800 659 020 for more information.

No, this will not affect your credit card and you can continue to use it as you do today.

No, your policy will automatically cancel on 1 July 2024, so you don’t need to do anything.  

If you have further questions about your BNZ Credit Card Repayment Insurance, you can call us on 0800 659 020 hours or email Getintouch.NZ@chubb.com.  For general enquiries about BNZ Insurance, call the team on 0800 275 269

If you’re finding it difficult to make your repayments, BNZ can help.  Please get in touch with the team on 0800 66 55 60

Claims

You may still be able to make a claim after the closure date if the reason you’re claiming is for something that happened before, or on the closure date of 1 July 2024.  If you’re unsure whether you can make a claim, please call Chubb Life on 0800 244 623 or email claims.NZ@chubb.com  All the existing policy terms and conditions including waiting periods will apply to your claim.

The closure of BNZ Credit Card Repayment Insurance does not affect your current claim.

All claims submitted for events that occurred prior to the closure date will be assessed and if accepted, paid as per the policy terms and conditions.

To make a claim please call Chubb Life on 0800 244 623 or email claims.NZ@chubb.com

Please refer to the policy document for the full terms and conditions including definitions, eligibility criteria and exclusions, waiting periods, no claim/stand down periods, benefit restrictions and limits that apply to BNZ Credit Card Repayment Insurance. You can only make a claim if the claim event occurred on or before 1 July 2024.  A policy document may be requested by contacting Chubb Life on 0800 659 020

Your insurance is underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life). Chubb Life has an A (Excellent) financial strength rating given by A.M. Best Company Inc. A summary of 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. For the full rating scale and more rating information visit www.ambest.com/ratings/guide.pdf