Q Mastercard® Card Repayment Insurance

 

Relax knowing that your monthly Minimum Payment on your Q Mastercard could be covered in the event of Redundancy or if you can’t work due to a Temporary Disability. It could even repay your Q Mastercard Closing Balance in full in the event you can’t work due to a Permanent Disability, or in the event of Bankruptcy, Death or diagnosis of a Terminal Illness.

 

Q Mastercard Card Repayment Insurance is underwritten by Consumer Insurance Services Limited which has a B++ (Good) Financial Strength rating given by AM Best Company Inc. which is an approved agency under the Insurance (Prudential Supervision) Act 2010.

 

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 are unable to work for at least 30 consecutive days

 

If eligible, Q Mastercard Card Repayment Insurance will pay:

 

Three times the monthly Minimum Payment for up to three months for a Flexi Payment Purchase, Cash Advance and Standard Q Purchase, thereafter Permanent Disability cover may apply.

 

One times the monthly Minimum Payment for up to three months for a Fixed Instalment Purchase and any Fees, thereafter Permanent Disability cover may apply.

 

The total benefit paid will not exceed the total of the Closing Balance at the time of the event that led to the Temporary Disability or $20,000 whichever is less.

 

Permanent Disability

Where you 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 at the time of the event that led to the Permanent Disability as a lump sum payment, up to a maximum of $20,000.

 

Redundancy

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

 

If eligible, Q Mastercard Card Repayment Insurance will pay:

 

Three times the monthly Minimum Payment for up to six months for a Flexi Payment Purchase, Cash Advance and Standard Q Purchase.

 

One times the monthly Minimum Payment for up to six months for a Fixed Instalment Purchase and any Fees.

 

The total benefit paid will not exceed the total of the Closing Balance at the time of Redundancy or $20,000 whichever is less.

 

Basic eligibility requires that you need to have been;

  • Made involuntarily redundant; and
  • a permanent full-time employee working at least 25 hours a week with a single employer.

 

Bankruptcy

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance as at the date of Bankruptcy as a lump sum payment, up to a maximum of $20,000.

 

Terminal Illness or Death

If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance as at the time of diagnosis of the Terminal Illness or Death, as a lump sum payment up to a maximum of $20,000.

 

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.