NAB Credit Card Cover

When the unexpected happens, let us help you take care of your NAB Credit Card account.

Life may be full of surprises but they're not always pleasant. If your circumstances change unexpectedly - you lose your job, become disabled, critically ill, or even die - chances are you’ll have more important things on your mind than how to cover your credit card account repayments. Let us help.

NAB Credit Card Cover is issued by MLC, a member of the National Australia Bank Group (The Group) and a multi-award winning provider of personal insurance.

Get NAB Credit Card Cover

Overview

NAB Credit Card Cover (NCCC) is optional insurance that covers the following insured events:

  • Critical illness
  • Disability
  • Involuntary unemployment
  • Death.

The benefit is based on the outstanding balance owed on your credit card account (see the What's covered tab) and can total as much as $50,000 for each event.

If you have additional cardholders on your NAB credit card account, you can claim for events that may happen to them as well provided the cardholder is:

  • aged 18-64 (inclusive)
  • an Australian resident
  • a cardholder at the time of the event.

Other benefits

  • Guaranteed acceptance – as long as you meet the eligibility criteria
  • Worldwide cover – 24 hours a day, 7 days a week
  • No medical examination required
  • Guaranteed renewals until you're 65 years old
  • Easy premium payments – your monthly premiums are automatically charged to your NAB credit card account
  • 30 day cooling off period.

NAB Credit Card Cover Product Disclosure Statement and Policy Document (PDF, 368KB)

What's covered

Defined critical illnesses

For events like: Cancer, heart attack, stroke that befall you or any additional cardholder.

Payment: Lump sum payment of up to $50,000 for each cardholder.

Summary of how it works: The outstanding balance owed on the date of diagnosis of a defined critical illness is paid to your NAB credit card account.

Involuntary unemployment

For events like: You or any additional cardholder being made redundant.

Payment: Monthly benefit to a maximum of $50,000 for each event.

Summary of how it works: Each month, 15% of the outstanding balance owed at the date of involuntary unemployment is paid to your NAB credit card account.

For example if your balance was $5,700, then $855 is paid monthly.

The monthly payments continue until the first of:

  • The outstanding balance (owed at the date of involuntary unemployment) is repaid.
  • A total of $50,000 has been paid.
  • The cardholder returns to work.

Disablement

For events like: You or any additional cardholder is unable to work due to sickness (like pneumonia) or injury (like a broken leg).

Payment: Monthly benefit to a maximum of $50,000 for each event.

Summary of how it works: Each month, 15% of the outstanding balance owed at the date of disability is paid to your NAB credit card account.

For example if your balance was $3,400, then $510 is paid monthly.

The monthly payments continue until the first of:

  • A total of $50,000 has been paid
  • You've received 18 monthly benefits
  • The disability ends.

This means your account could go into credit.

Death

In event of: Your death, or the death of any additional cardholder.

Payment: Lump sum payment of up to $50,000 for each cardholder.

Summary of how it works: The outstanding balance owed at the date of a cardholder’s death is paid to your credit card account.

Note: The descriptions of covers and examples are intended to provide summaries only. Covers are subject to the terms, conditions, important definitions and limitations outlined in the NAB Credit Card Cover Product Disclosure Statement and Policy Document (PDF, 368KB). You should read this carefully as it contains full details on when a claim will be paid. There are limits to the number of claims that you can make.

Cost

NAB Credit Card Cover costs 79c per $100 (or part thereof) of the amount owing on your NAB credit card account (when the premium is calculated on the closing date of each statement period).

For example, if you have $2,800 owing on the closing date of the statement period, then the cost is (79c x $2,800/100 =) $22.12 for that month.

Your first month's premium is waived when you purchase NAB Credit Card Cover.

Apply

You can apply for NAB Credit Card Cover online if you are:

  • the primary cardholder of the NAB credit card account
  • aged 18-64 (inclusive)
  • an Australian resident.

Before you apply, read the NAB Credit Card Cover Product Disclosure Statement & Policy Document (PDF, 368KB) and Financial Services Guide.

Important information

NAB Credit Card Cover (NCCC) is issued by MLC Limited ABN 90 000 000 402 AFSL 230694 (referred to as MLC) of 105-153 Miller Street, North Sydney, NSW 2060, a related body corporate of National Australia Bank Limited (NAB). In introducing NCCC, NAB acts as an agent for MLC and may receive commission.

An NCCC policy does not represent a deposit with, or a liability of, NAB or any of its related bodies corporate (other than MLC as insurer). Neither NAB, nor any of its related bodies corporate (other than MLC as insurer), guarantees or accepts liability in respect of NCCC.

This website is intended to provide general information only and has been prepared by NAB without taking into account your particular objectives, needs or financial situation. You should, before acting on this information, consider the appropriateness of it with regard to your own circumstances.

You should obtain a copy of the NAB Credit Card Cover Product Disclosure Statement & Policy Document (PDF, 368KB) and consider it before making a decision whether to acquire this insurance. The PDS also contains full details of the cover provided by this insurance, including conditions, exclusions and important definitions. You should read it carefully. NAB recommends you obtain financial advice specific to your situation before making any financial investment or insurance decision.