Important information

I ACKNOWLEDGE AND AGREE TO THE FOLLOWING.

Before purchasing, if I have any questions about the insurance including cover terms, conditions, and exclusions, I can call 13 22 95 for more information.

My objectives

This information is general advice only and does not take into account my particular objectives, financial situation or needs.

Before deciding to purchase this insurance, I should read the Product Disclosure Statement and Policy Document (PDS) to make sure this insurance meets my needs. The purchase of this insurance is optional and will have no bearing on whether my credit card is approved. I should also consider whether I already have these benefits under another insurance policy. A consultation with a financial planner is a good way to ensure that I have the cover I need.

A snapshot of what’s included – read the PDS for full details

NAB Credit Card Cover can help meet your credit card repayments if you lose your job, or are unable to work due to injury or illness, and may pay a lump sum to cover your credit card balance if you’re diagnosed with a critical illness or die.

Life

  • If you die, a lump sum is paid to your credit card to cover the balance outstanding at the date of your death, up to a maximum of $50,000.

Critical Illness

  • If you’re diagnosed with a defined critical illness (10 covered), a lump sum is paid to your credit card to cover the balance outstanding at the date of your diagnosis, up to a maximum of $50,000.

Disablement

  • While you’re either unable to work, or unable to perform Activities of Daily Living functions for more than 30 days, due to injury or illness, a monthly benefit of 20% of your outstanding balance at the date of your disablement is paid for up to 18 months. This benefit is paid up to a maximum of $50,000.

Involuntary Unemployment

  • After you’ve become involuntarily unemployed, if you remain unemployed for more than 30 days, a monthly benefit of 20% of your outstanding balance at the date of your unemployment is paid for up to 5 months. This benefit is paid up to a maximum of $50,000.

A snapshot of what’s excluded – read the PDS for full details

There are important policy definitions that must be met before some benefits are paid.

For example, we will not pay a benefit if the death, illness or injury arises from a pre-existing condition, criminal activity, or being under the influence of alcohol or drugs. The Life benefit will not be paid for suicide within 12 months of the cover commencing. No critical illness, disablement or involuntary unemployment benefit is payable for an insured event which occurs within 30 days of cover commencing.

Pre-existing conditions means for a cardholder, any injury that occurs or sickness, illness or symptoms that first appear in the 12 months immediately before cover commences, or for which a cardholder has experienced symptoms or received medical treatment within 12 months before cover commences leading to a diagnosis after the cover commences, unless the cardholder was not aware of and could not be reasonably expected to have been aware of the injury, sickness, illness or symptoms.

In addition, no benefits will be paid for:

Critical Illness, relating to a:

  • condition that first appears, happens or is diagnosed within 30 days after the cover commences

Disablement, for:

  • a sickness contracted within 30 days after the cover commences
  • uncomplicated pregnancy, termination of pregnancy or child birth.

Involuntary Unemployment, if:

  • you’re not working at least 15 hours per week, continuously in one occupation, for six months or more, immediately before you become involuntarily unemployed
  • you received notice of the unemployment prior to, or within 30 days of cover commencing
  • you become unemployed due to a Disability for which you’ve been paid benefits under your policy
  • your fixed term contract ends, or you’ve been engaged in seasonal work
  • you’ve been employed by your family
  • your employment ends due to industrial action
  • you choose to end your employment
  • they are self-employed or in a business partnership and the cardholder’s business temporarily ceases trading
  • their partnership ceases under the relevant partnership agreement or law

These definitions, along with the terms, conditions and limitations, are outlined in the Product Disclosure Statement (PDF, 386KB), which is also a Policy Document. You should read this carefully, as it also contains full details on when a claim will and won’t be paid, and the limits to the number of claims that you can make.

What I agree to pay

  • I agree to pay the premiums for NAB Credit Card Cover:
  • calculated and charged at 79 cents for each $100 (or part thereof) of the closing balance (up to a maximum closing balance of $50,000) owing on my NAB credit card covered by the policy on the closing date of each statement period while the policy is in force,
  • automatically charged to my NAB credit card covered by the policy or any replacement or substituted NAB credit card /s,
  • which will be charged to my credit card each month, and will incur interest in line with my credit card terms and conditions, and
  • that any future change in premium made under the policy may be charged in the same way.

Cancelling the policy

I can cancel my policy at any time by calling 13 22 95.

If I cancel my policy within 30 days of the policy start date, MLC Limited (MLC) will refund any premiums already paid to my NAB credit card, unless I’ve made a claim.

My policy ends when

  • the NAB credit card account is closed and not rolled over into another account
  • I reach age 65
  • I die
  • I don’t pay the premiums for three consecutive months, and MLC gives me at least 30 days’ written notice of cancellation.

Commission

Commission of twenty per cent (20%) of my first year’s premium (excluding government charges) is paid to National Australia Bank Limited (NAB) by MLC. The commission payable is not an additional cost as it is paid from the premium.

Sharing my information

NAB may provide MLC with any information that NAB holds or will hold about my NAB Credit Card Account contract necessary to process this application for the insurance and to administer any insurance that I obtain as a result of making this application. I also authorise MLC Limited to share my information for any purposes associated with my NAB Credit Card Cover policy.

I acknowledge that if I go ahead with this application, MLC Limited may give some of my personal information to others described in MLC’s privacy notification and privacy policy at mlc.com.au/mlcinsuranceprivacypolicy. (I can request copies of these documents by contacting MLC on 13 22 95 at any time).

If I have provided an email address for the purpose of receiving communications from NAB and MLC, I acknowledge my personal and sensitive information may be sent to that email address.

There is more information about how MLC collects, uses, shares and handles your personal information in MLC’s Privacy Policy and MLC’s Privacy Notification. This includes how I can:

  • access and correct my information;
  • make a complaint about how MLC manages your information.

Insurer

MLC Limited ABN 90 000 000 402 AFSL 230694 (MLC) is the insurer and issuer of NAB Credit Card Cover, which has been branded by National Australia Bank Limited ABN 12 004 044 937, AFSL and Australian Credit Licence 230686 (NAB). NAB is the distributor of NAB Credit Card Cover. MLC Limited uses the MLC brand under licence. MLC Limited is part of the Nippon Life Insurance Group and not a part of the NAB Group of Companies.

NAB Credit Card Cover is not a deposit with or a liability of NAB, or any of its related bodies corporate. Neither NAB, nor its related bodies corporate guarantees or accept liability in respect of the product.

© National Australia Bank Limited. Use of the information contained on this page is governed by Australian law and is subject to the disclaimers which can be read on the disclaimer page. View the NAB Privacy Policy.

© National Australia Bank Limited. Use of the information contained on this page is governed by Australian law and is subject to the disclaimers which can be read on the disclaimer page. View the NAB Privacy Policy.