Q Mastercard® Card Repayment Insurance

Please Note: Repayment Insurance policies are no longer being sold or existing policies renewed.  If you hold an existing Repayment Insurance policy it will continue on its terms until expiry, and will not be renewed. If you are an existing Repayment Insurance policyholder you can relax knowing that the entire Closing Balance on your Q Mastercard could be covered in the event you or your partner is made Redundant or 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 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.