June 2023
Credit Card Repayment Insurance can provide financial assistance towards your Kiwibank credit card repayments should the unexpected happen to you – whether it is due to redundancy, bankruptcy, critical illness (crisis cover), disablement, terminal illness or death.
Kiwibank Credit Card Repayment Insurance underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life) has been closed to new customers for a number of years. Since then, the number of customers with this cover has steadily declined each year.
A review of this product has resulted in a decision to end the cover for everyone on 30 September 2023. We apologise for any inconvenience this closure may cause.
Kiwibank Credit Card Repayment Insurance – your cover will be ending (closure date) on 30 September 2023.
For Kiwibank Credit Card Repayment Insurance, premiums will continue to be charged monthly based on the outstanding balance of your credit card account at your monthly statement date, up to and including your August 2023 statement. If you don’t have an outstanding balance, then no premium will be charged. If you have an outstanding balance in September 2023, we’ll waive any premiums that would have been charged in that month, however your insurance cover will remain in place until 30 September 2023.
If you no longer require your Kiwibank Credit Card Repayment Insurance, you can call Chubb Life on 0800 154 805 weekdays between 8am and 6pm, or email Getintouch.NZ@chubb.com
No. Kiwibank Credit Card Repayment Insurance premiums are paid monthly and 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.
There is no alternative Credit Card Repayment Insurance available through Kiwibank or Chubb Life.
If you would like to explore other insurance options to make sure you have the right cover in place to meet your needs going forward, we recommend you visit www.kiwibank.co.nz/life
No. This won’t affect your credit card and you can continue to use it as you do today.
No. This cover will automatically cancel, so you don’t need to do anything.
Please contact Kiwibank on 0800 113 355 as soon as possible.
The closure of Kiwibank 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.
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. All the existing policy terms and conditions including waiting periods will apply to your claim.
To make a claim please call Chubb Life on 0800 154 805 weekdays between 8.30am and 5pm.
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 Kiwibank Credit Card Repayment Insurance. A policy document may be downloaded here
Any claim payment is subject to your claim being accepted.
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