Credit Card Insurance

Why Southsure Credit Card Protection Insurance

It is very important that you read all of the information on this page and understand the terms and conditions of your Credit Card Protection Insurance policy.

If there is anything you do not understand, or if you have any questions, please contact us on 0800 002 002.

 

Why Southsure Credit Card Protection Insurance?

Southsure Credit Card Protection Insurance can help repay your SBS Money Limited (“Warehouse Money”) credit card account (“credit card account”) should the unexpected happen to you whether it is due to redundancy, bankruptcy, disablement, hospitalisation, terminal illness or death.

Southsure Credit Card Protection Insurance is underwritten by Southsure Assurance Limited (“Southsure”). Southsure is a subsidiary company of Southland Building Society. Southland Building Society, trading as SBS Bank, is a New Zealand registered Bank and does not guarantee the obligations of Southsure.

IMPORTANT CONSUMER INFORMATION

Eligibility Criteria

Your age at the start of your policy - For you to be eligible for Credit Card Protection Insurance you must be over the age of 18 and under the age of 70 at the start date of your policy. 

If you are not, you must notify Warehouse Money immediately to arrange a refund of your premium.


What is not covered by Credit Card Protection Insurance?

In certain circumstances we will not pay a benefit under Credit Card Protection Insurance. These circumstances are called exclusions and each benefit has its own set of exclusions.
Please ensure that you read all of the terms and conditions of the policy, paying particular attention to the benefits and their respective exclusion clauses to ensure that it meets your needs.
Cover is provided for claim events which occur after the date this policy commenced only.

 

Does your policy meet your needs?

If you decide your policy does not appear to meet your needs in any way and for any reason and you no longer want it, you may cancel it.
If you cancel it within 30 days of the start date, we will make a full refund of your premium.
If you cancel it after 30 days from the start date, we will make a refund calculated as a proportion of your premium remaining from the date of cancellation to the date your next monthly statement is due.
Any refund made will be credited to your Warehouse Money credit card account.
To cancel this policy simply contact Warehouse Money at:
warehousemoney.co.nz
Phone: 0800 801 808
Warehouse Money, PO Box 9245, Newmarket, Auckland 1149

Southsure's Insurer Financial Strength Rating

For details of Southsures Financial Strength Rating, please click here.

About this policy

This policy (‘your policy’) is a contract between the policy owner named in the schedule (‘you’ or ‘your’) and Southsure (‘we’, ‘our’ or ‘us’).

The terms of your policy are set out and contained in the following documents:

  • this policy document and any alterations made to it; and
  • the schedule which states who the policy owner is, as well as setting out other important information.

What does your policy cover?

Subject to meeting the terms and conditions of your policy, you are covered and we will pay a benefit if:

  • you become temporarily or permanently disabled
  • you are hospitalised
  • you die or are diagnosed with a terminal illness
  • you are made redundant by your employer
  • you become bankrupt or are under a No Asset Procedure

When does cover under your policy start?

Your policy starts on the start date of this policy as stated in the schedule.

When does cover under your policy end?

Cover under your policy will end on the earliest of:

  • your credit card account being closed or cancelled for any reason;
  • we pay any lump-sum benefit under your policy;
  • you stop paying your premium, and your policy suspension period ends without your cover having been reinstated (See Part B, Premium rate for details);
  • all Southsure Credit Card Protection Insurance policies are cancelled by us, for example because of law or tax changes affecting the product or the sale of the product, and/or the product becoming unprofitable, and/or the end of the commercial relationship between Warehouse Money and us. In that case, you will be given at least 30 days’ notice and may be offered the option of alternative cover.

Who is covered under your policy?

You are covered if you are named in the schedule. Where there is an additional cardholder linked to your credit card account, any transactions on your credit card account charged by the additional cardholder will be eligible to be covered if the policy owner suffers a claim event.

Does your policy acquire a surrender value?

Your policy does not acquire a surrender value or cash value if cancelled. However, you are entitled to a refund if you cancel it.  Please refer to the section “How do you cancel this policy?” below for details about cancellations and refunds.

Can you transfer your policy to anyone else?

You cannot transfer or assign your policy or any of your rights under your policy to anyone else.

Can you still use your credit card account if you are receiving a benefit?

Yes, you can still use your credit card while receiving a benefit payment. However, any transactions, charges and interest incurred after the date of the event you claimed for will not be included when we calculate your ongoing benefit payments. You will be responsible for making any other repayments to your credit card as set out on your statement, subject to the terms and conditions of your credit card account.

Who receives commission for the sale of this policy?

Warehouse Money (a licensed brand of Finance Now Limited) will receive a commission as a result of the arrangement of Southsure insurance policies.

Southsure Statutory Fund

Your policy is part of the ‘Southsure Statutory Fund Number 1’. This is a requirement under the Insurance (Prudential Supervision) Act 2010, for policy holder protection. The purpose of the statutory fund is to keep the assets and liabilities relating to life insurance business separate from other company accounts, to help ensure that sufficient funds are available to pay customers' claims.

Subject to the laws of New Zealand

Your policy is issued in New Zealand and is subject to the laws of New Zealand.

We want You to remain satisfied with this Policy.

We have a complaints procedure to assist you to resolve any problem quickly and fairly. All complaints will be handled through our internal dispute resolution process in the first instance.

If this process is unable to resolve your complaint, your complaint can be referred to the Banking Ombudsman who may be able to help. We are a participant in the Banking Ombudsman Scheme which provides a free, independent complaints service for our customers. For more information about the Banking Ombudsman Scheme, visit www.bankomb.org.nz or call 0800 805 950.

Office of the Banking Ombudsman

Physical address

Postal address

Level 5, Huddart Parker Building

1 Post Office Square

Wellington 6011

Freepost 218002

PO Box 25327 Featherston Street

Wellington 6146

To make a claim simply:

  • call 0800 002 002 and we will send you a claim form, or
  • download a claim form directly from warehousemoney.co.nz

Complete the claim form and, along with any supporting information, either scan and email it to ssadmin@Southsure.co.nz

Or post it to:

Southsure Assurance Limited

PO Box 1404

Invercargill 9840

The instruction below also applies to your representative if applicable.

To avoid any delay in payment it is important that you let us know about a claim as soon as reasonably possible.

All information provided is kept strictly confidential and will not be disclosed to any other parties without your authority.

We will let you know if any further information is required once we have received a completed claim form. You are responsible for the cost of providing any further information we may require.

We may request that you have further medical examinations, at our expense. Additionally, we may write to your doctor to obtain further medical history or comment at our expense.

We can only determine your claim once we have all the necessary information, so it is important that you provide this to us as soon as possible to avoid your claim being delayed. If the claim is delayed through no fault of ours, and that delay prejudices the outcome of the claim, then we may decline your claim on that basis.

Examples of the type of information we may require are given below.

  • Death - proof of your death (death certificate or coroner’s report as applicable), and identity.
  • Terminal Illness - evidence of your life expectancy from a suitably qualified medical specialist.
  • Disability - evidence to show that you meet the qualifying criteria for temporary or total permanent disablement from a suitably qualified medical specialist.
  • Hospitalisation – proof of your admittance into hospital, the duration of your stay and the reason from a suitably qualified medical specialist.
  • Redundancy -evidence of your redundancy from your former employer.
  • Insolvency - evidence of your bankruptcy or No Asset Procedure from the Official Assignee or High Court.
  • For any event - any other information we may require which will enable us to assess your claim.

All statements and answers made by you or on your behalf in any claim must be true, correct and complete in every respect. You or anyone acting on your behalf must not make a claim that is false or fraudulent in any way. A failure to comply with this condition may result in your claim being declined in part or in whole, and/or your policy being cancelled.  Should there be a necessity to cancel your policy under this condition, there will be no refund of any premium.

To whom will we pay the benefit?

All benefits will be paid to Warehouse Money for credit to your credit card account.

Can you claim for more than one benefit at a time?

Your policy will only cover and pay for one benefit over any one period of time. For example:

  • If while we are paying you a Temporary Disablement benefit, you are eligible for the Death, Terminal Illness or Total Permanent Disablement benefit, on payment of the Death, Terminal Illness or Total Permanent Disablement benefit your Temporary Disability benefit will cease and the cover under your policy will end (see ‘When does the cover under your policy end’).
  • If while we are paying you a Temporary Disablement benefit you are made redundant or insolvent, we will not also pay a Redundancy or Insolvency benefit. We will continue paying your Temporary Disablement benefit until that claim ends.
  • We will pay the Hospitalisation benefit regardless of any other benefit payments being made.

The premium cost is calculated on the closing debit balance owing on your monthly credit card account statement. The premium is charged to the credit card account on the day the statement is produced and will show on your credit card account statement.

Premium rate: (X) cents for each $100 (pro-rated) of the total debit balance owing on your monthly credit card account statement. This is equal to 0.XX% of your total debit balance.

For example, if the total closing debit balance owing on your monthly credit card account statement is $1,500, the cost of cover for that month is $XX.XX ($1,500 x 0.XX% = $XX.XX).

Your monthly premium ensures cover for the transaction period set out on your monthly credit card account statement. The premium will be automatically charged to your credit card account each month. If you have a total closing balance of zero or a credit balance on your monthly credit card account statement, then you will pay no premium for that month.

How do you contact Warehouse Money or us?

Warehouse Money

Southsure

warehousemoney.co.nz

Southsure.co.nz

Phone: 0800 801 808

Phone: 0800 002 002

Warehouse Money, PO Box 9245, Newmarket, Auckland 1149

Southsure Assurance Limited, PO Box 1404, Invercargill 9840

How does the Temporary Disablement benefit work?

If you become temporarily disabled, we will pay 15% of your credit card account debit balance for each month you remain temporarily disabled. For part months, the amount of the benefit payable will be pro-rated for the number of days in the month that you are temporarily disabled. We will continue to make the payments whilst you remain temporarily disabled for up to 24 months or a maximum of $15,000.

Your credit card account debit balance includes all transactions, charges and interest incurred immediately before the date of your temporary disablement.

There is no amount payable for the first 14 days of your temporary disablement.

There is no benefit payable if your credit card account is not in debit at the date of your temporary disablement.

What does Temporarily Disabled/Temporary Disablement mean?

This means either:

  1. You are working for financial gain in any capacity for at least an average of 20 hours per week and were doing so immediately before your temporary disability.  Your temporary disablement entirely prevents you from working in what we consider to be your usual occupation for at least 14 consecutive days and you have been certified by a suitably qualified medical practitioner as such; or
  2. You are temporarily unable to perform at least two of the following activities without the physical assistance of someone else for at least 14 consecutive days and have been certified by a suitably qualified medical practitioner as such (if you can perform the activity on your own by using special equipment we will treat you as being able to perform that activity):
  • bathing and showering;
  • dressing and undressing;
  • eating and drinking;
  • using a toilet;
  • moving from place to place by walking, in a wheelchair, or with a walking aid

What is the date of your Temporary Disablement?

The date of your temporary disablement is deemed to be the day you consulted your doctor and your doctor certified you as being either A) or B) above. Back-dated medical certificates will not be acceptable as support of your claim. Because there is no amount payable for the first 14 days of your temporary disablement, the first date you will be entitled to receive a payment from will be 14 days after this date.

If within three months of a Temporary Disablement benefit ending you are disabled again, and we are satisfied after considering the advice of a suitably qualified and registered medical practitioner that it is from the same or a related cause, the required period of 14 consecutive days or more referred to above will not apply. We will consider you temporarily disabled again and treat your benefit payments as a continuation of your previous temporary disablement.

Payments will continue until the earliest of the following:

  • you are no longer temporarily disabled;
  • the maximum benefit payment period of 24 months is reached for any one claim;
  • the maximum of $15,000 has been paid for any one claim;
  • we pay a Death benefit, Terminal Illness benefit or Total Permanent Disablement benefit;
  • the cover under your policy ends.

When we will not pay a Temporary Disablement benefit

We will not pay a Temporary Disablement benefit if your temporary disablement:

  • is caused or contributed to by any illness within the first 14 days after the start date of this policy;
  • occurs within six months of the start date of this policy and is caused or contributed to by any injury, illness or medical condition:
    • for which, prior to the start date of this policy, you knew or reasonably ought to have known you had; or
    • for which, prior to the start date of this policy, you consulted or received treatment or services from a suitably qualified and registered medical practitioner or took prescribed medication;
  • is caused by you having a blood alcohol reading of more than 80 mg of alcohol per 100 ml of blood or a breath alcohol reading of more than 400 mcg of alcohol per litre of breath and the event for which you are claiming for is directly attributable to you being under the influence of alcohol;
  • is caused or contributed to by you deliberately taking or using drugs that have not been prescribed for you, or by misuse of prescribed drugs which includes not taking them for proper therapeutic or medical purposes and/or in accordance with the manufacturer’s directions for use;
  • is caused or contributed to by the normal effects of pregnancy or childbirth or whilst on maternity leave.

How does the Total Permanent Disablement benefit work?

If you become totally and permanently disabled, we will pay the total credit card account debit balance up to a maximum of $15,000.

Your credit card account debit balance includes all transactions, charges and interest incurred immediately before the date of your total permanent disablement.

There is no benefit payable if your credit card account is not in debit at the date of your total permanent disablement.

Once the Total Permanent Disablement benefit is paid, the cover under your policy will end.

What does Total Permanent Disablement mean?

This means either:

  1. You are working for financial gain in any capacity for at least an average of 20 hours per week and were doing so immediately before your total permanent disability. Your total permanent disablement entirely prevents you from ever again working in what we consider to be your usual occupation and you have been certified by a suitably qualified medical practitioner as such; or
  2. You totally and permanently lose the use of:
  • both feet (entire feet); or
  • both hands (entire hands); or
  • the sight in both eyes (to the extent that visual acuity is reduced to 6/36 or less in the better eye and/or the field of vision is reduced to 10 degrees or less of arc in the better eye); or
  • any combination of two of: a hand, a foot or sight in an eye (to the extent that visual acuity is reduced to 6/36 or less and/or the field of vision is reduced to 10 degrees or less of arc);

and have been certified by a suitably qualified medical practitioner as such; or

  1. You are constantly and permanently unable to perform at least two of the following activities without the physical assistance of someone else and have been certified by a suitably qualified medical practitioner as such (if you can perform the activity on your own by using special equipment we will treat you as being able to perform that activity):
  • bathing and showering
  • dressing and undressing
  • eating and drinking
  • using a toilet
  • moving from one place to another by walking, in a wheelchair, or with a walking aid; or
  1. You are unable to perform one of the activities in C) above and your intellectual capacity has reduced or deteriorated to such an extent that you require permanent and constant supervision and have been certified by a suitably qualified medical practitioner as such.

What is the date of your Total Permanent Disablement?

The date of your total permanent disablement is deemed to be the date you consulted your doctor and your doctor certified you as being either A), B), C), or D) above. Back-dated medical certificates will not be acceptable as support of your claim.

When we will not pay a Total Permanent Disablement benefit

We will not pay any Disablement benefit if your disablement:

  • is caused or contributed to by any illness within the first 14 days after the start date of this policy;
  • occurs within six months of the start date of this policy and is caused or contributed to by any injury, illness or medical condition:
    • for which, prior to the start date of this policy, you knew or reasonably ought to have known you had; or
    • for which, prior to the start date of this policy, you consulted or received treatment or services from a suitably qualified and registered medical practitioner or took prescribed medication;
  • is caused by you having a blood alcohol reading of more than 80 mg of alcohol per 100 ml of blood or a breath alcohol reading of more than 400 mcg of alcohol per litre of breath and the event for which you are claiming for is directly attributable to you being under the influence of alcohol;
  • is caused or contributed to by you deliberately taking or using drugs that have not been prescribed for you, or by misuse of prescribed drugs which includes not taking them for proper therapeutic or medical purposes and/or in accordance with the manufacturer’s directions for use.

How does the Hospitalisation benefit work?

If you have to go into hospital we will pay you $50.00 for each night that you remain in hospital to your credit card account. We will continue to make the payments whilst you remain hospitalised, for up to 10 nights or a maximum of $500.

There is no amount payable for the first 2 nights of your hospitalisation.

What does Hospitalisation mean?

This means that you are hospitalised for any medical treatment other than that which is requested by you for cosmetic, personal or psychological reasons, for at least 3 consecutive nights.

What is the date of your Hospitalisation?

The date of your hospitalisation is deemed to be the day you are admitted into hospital and, because there is no amount payable for the first 2 nights of your hospitalisation, the first date you will be entitled to receive a payment from will be 3 days after this date.

Payments will continue until the earliest of the following:

  • you are no longer hospitalised;
  • the maximum benefit payment period of 10 nights is reached for any one claim;
  • the maximum of $500 has been paid for any one claim;
  • we pay a Death benefit, Terminal Illness benefit or Total Permanent Disablement benefit;
  • the cover under your policy ends.

When we will not pay a Hospitalisation benefit

We will not pay a Hospitalisation benefit if your hospitalisation:

  • is caused or contributed to by any illness within the first 14 days after the start date of this policy;
  • occurs within six months of the start date of this policy and is caused or contributed to by any injury, illness or medical condition:
    • for which, prior to the start date of this policy, you knew or reasonably ought to have known you had; or
    • for which, prior to the start date of this policy, you consulted or received treatment or services from a suitably qualified and registered medical practitioner or took prescribed medication;
  • is caused by you having a blood alcohol reading of more than 80 mg of alcohol per 100 ml of blood or a breath alcohol reading of more than 400 mcg of alcohol per litre of breath and the event for which you are claiming for is directly attributable to you being under the influence of alcohol;
  • is caused or contributed to by you deliberately taking or using drugs that have not been prescribed for you, or by misuse of prescribed drugs which includes not taking them for proper therapeutic or medical purposes and/or in accordance with the manufacturer’s directions for use;
  • is for any medical treatment which is requested by you for cosmetic, personal or psychological reasons.

How does the Death or Terminal Illness benefit work?

If you die or suffer an illness or an injury which results in your life expectancy to be less than 12 months, we will pay the total credit card account debit balance up to a maximum of $15,000

Your credit card account debit balance includes all transactions, charges and interest incurred immediately before the date of your death or immediately before the date of your terminal illness.

There is no benefit payable if your credit card account is not in debit at the date of your death or the date of your terminal illness.

Once the Death or Terminal Illness benefit is paid, the cover under your policy will end.

What does Terminal Illness mean?

This means you suffer an illness or an injury which results in an appropriately qualified and registered medical professional determining your life expectancy to be less than 12 months.

What is the date of your death or terminal illness?

The date of your death is deemed to be the date you die.

The date of your terminal illness is deemed to be the date an appropriately qualified and registered medical professional determined your life expectancy to be 12 months or less.

When we won’t pay a Death or Terminal Illness benefit

We will not pay a Death or Terminal Illness benefit if your death or terminal illness:

  • is caused or contributed to by any illness within the first 14 days after the start date of this policy;
  • occurs within six months of the start date of this policy and is caused or contributed to by any injury, illness or medical condition:
    • for which, prior to the start date of this policy, you knew or reasonably ought to have known you had; or
    • for which, prior to the start date of this policy you consulted or received treatment or services from a suitably qualified and registered medical practitioner or took prescribed medication;
  • is caused by you having a blood alcohol reading of more than 80 mg of alcohol per 100 ml of blood or a breath alcohol reading of more than 400 mcg of alcohol per litre of breath and the event for which you are claiming for is directly attributable to you being under the influence of alcohol;
  • is caused or contributed to by you deliberately taking or using drugs that have not been prescribed for you, or by misuse of prescribed drugs which includes not taking them for proper therapeutic or medical purposes and/or in accordance with the manufacturer’s directions for use.

How does the Redundancy benefit work?

If you are made redundant we will pay 15% of your credit card account debit balance for each month that you are not employed due to redundancy. For part months, the benefit amount will be pro-rated for the number of days in the month that you are not employed due to redundancy. We will continue to make the payments whilst you remain redundant for up to 6 months or a maximum of $15,000.

Your credit card account debit balance includes all transactions, charges and interest incurred immediately before the date of your redundancy.

There is no amount payable for the first 14 days of your redundancy.

There is no benefit payable if your credit card account is not in debit at the date of your redundancy.

What does Redundancy mean?

This means that you are employed and working for financial gain for at least an average of 20 hours per week (other than in your own business and/or as self-employed) and your employment is involuntarily terminated by notice of redundancy in writing from your employer, as your position has been deemed superfluous to your employer’s needs, and you have not worked for at least 14 consecutive days as a result of you being made redundant.

What is the date of your Redundancy?

The date of your redundancy is deemed to be the day you received notification of your Redundancy from your employer. The Redundancy benefit period is deemed to start from the date your employment ceased and, because there is no amount payable for the first 14 days of your redundancy, the first date you will be entitled to receive a payment from will be 14 days after this date.

Payments will continue until the earliest of the following:

  • you return to employment;
  • the maximum benefit payment period of 6 months is reached for any one claim;
  • the maximum of $15,000 has been paid for any one claim;
  • we pay a Death benefit, Terminal Illness benefit or Total Permanent Disablement benefit;
  • the cover under your policy ends.

When we won’t pay a Redundancy benefit

We will not pay a Redundancy benefit if your redundancy:

  • occurs within the first 14 days after the start date of this policy;
  • is due to cessation of work where the work is of a seasonal, contractual, or temporary nature, or where you were employed for a specific period or by reference to specific work and become unemployed at the expiration of the period or on completion of the work.

How does the Insolvency benefit work?

If you have been declared bankrupt or enter a No Asset Procedure we will pay 15% of your credit card account debit balance for each month that you remain insolvent. For part months, the benefit amount will be pro-rated for the number of days in the month that you are insolvent. We will continue to make the payments whilst you remain insolvent for up to 6 months or a maximum of $15,000.

Your credit card account debit balance includes all transactions, charges and interest incurred immediately before the date of your insolvency.

There is no amount payable for the first 14 days of your insolvency.

There is no benefit payable if your credit card account is not in debit at the date of your insolvency.

What does Insolvency mean?

This means that the New Zealand High Court has declared you bankrupt as a result of your creditors asking the Court to do so; or you have entered a No Asset Procedure with the Official Assignee and your application has been accepted.

What is the date of your Insolvency?

The date of your insolvency is deemed to be the day you filed for bankruptcy or you completed the application for a No Asset Procedure. The Insolvency benefit period is deemed to start from the date you are declared bankrupt by the New Zealand High Court or your application for No Asset Procedure was accepted by the Official Assignee and, because there is no amount payable for the first 14 days of your insolvency, the first date you will be entitled to receive a payment from will be 14 days after this date.

Payments will continue until the earliest of the following:

  • you are no longer insolvent;
  • the maximum benefit payment period of 6 months is reached for any one claim;
  • the maximum of $15,000 has been paid for any one claim;
  • we pay a Death benefit, Terminal Illness benefit or Total Permanent Disablement benefit;
  • the cover under your policy ends.

When we won't pay an Insolvency benefit

We will not pay an Insolvency benefit if your insolvency:

  • occurs within the first 14 days after the start date of this policy; or
  • occurs and you knew or ought to have known at the start date of this policy that you could be made insolvent.