*An Establishment fee of $55 applies to your first LTF transaction, a $35 Advance Fee applies to all subsequent LTF transactions. Standard Interest Rate, currently 25.99% p.a. applies to any outstanding balance at end of the interest free period. Lending criteria, $50 annual account fee, fees, terms and conditions apply.

Q Mastercard® Card Repayment Insurance

IMPORTANT INFORMATION – Notice that your Q Mastercard Repayment Insurance policy will be cancelled on 1 July 2022.

Your Q Mastercard Repayment Insurance policy (“Your Policy”) is underwritten by Consumer Insurance Services Limited (“CISL”), part of hummgroup, a provider of consumer and commercial finance products, including your Q Mastercard.

 

In December 2021, we advised you that we intended to cancel all remaining insurance policies. As allowed under the terms and conditions of Your Policy, we are now providing you with 30 days’ prior written notice that we will be cancelling your insurance cover on 1 July 2022.

 

The last time we will charge you a premium will be on your May 2022 Q Mastercard statement date. However, to support our customers, we will continue to pay eligible claims for any events covered by the Q Mastercard Repayment Insurance policy that occur up to and including 31 December 2022. We will cancel CISL’s insurance licence in early 2023.

 

If you have any questions about the cancellation of your policy, please contact us on insurance@humm-group.com.

 

If you would like to consider alternative insurance cover options, you could call another insurance provider such as Cigna Insurance Limited on 0800 750 019.

 

We will contact you again before May 2022 to provide you with final confirmation of the cancellation of your policy.

(Note you will still be able to use your card after your insurance policy has been cancelled.)

 

ABOUT Consumer Insurance Services Ltd (CISL)

CISL provides a range of insurance products to protect against the unexpected, however in 2019, we made the decision to cease issuing new insurance policies or renewing insurance policies once they expire. Please see above IMPORTANT INFORMATION regarding Your Policy cancellation on 1 July 2022.

 

Insurance CISL’s Financial Strength Rating and Solvency Margin.

Q Mastercard Card Repayment Insurance is underwritten by Consumer Insurance Services Limited. Consumer Insurance Services Limited has a B+ (good) financial strength rating, which was given by A.M. Best Company Inc. on 3 June 2021 A.M. Best Company Inc. is an approved agency pursuant to the Insurance (Prudential Supervision) Act 2010.

 

Consumer Insurance Services Limited Solvency as at 30 June 2021 is: Actual Solvency Capital = $3,524,000, Minimum Solvency Capital = $3,000,000, Solvency Margin = $524,000, Solvency Ratio = 117%.

 

The Ratings 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

 

We have summarised the key points of the policy below, but please make sure you read the policy document for the full details of inclusions, exclusions and stand down periods for which there is no entitlement to benefits.

 

What does Q Mastercard Card Repayment Insurance cover?

Temporary Disability

Where you or your partner are unable to work for at least 30 consecutive days

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before you or your partner become Disabled.

Permanent Disability

Where you or your partner are unable to work for at least 3 months and into the foreseeable future

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before you or your partner become Permanent Disabled.

Redundancy

Where you or your partner are out of work for a minimum of 30 consecutive days

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before your or your partner become Redundant.

Basic eligibility requires that you need to have been;

  • Made involuntarily redundant; and
  • a permanent full-time employee working at least 15 hours a week with a single employer.

Bankruptcy

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before you or your partner are declared Bankrupt.

Terminal Illness or Death

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance at the earlier of the date of death or the date immediately before the diagnosis of a Terminal Illness.

How much does Q Mastercard Card Repayment Insurance cost?

The monthly premiums will vary dependent on the Closing Balance of the Q Mastercard Account.

  • If there isn’t a Closing Balance, no premium will be charged.
  • If there is a Closing Balance, the premium will be calculated based on 89 cents for every $100 where a payment is due and 63 cents for every $100 that is still within a Payment Holiday.

For more information, view the Q Mastercard Card Repayment Insurance policy and Premium Rate Card or call 0800 855 333.

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