Before purchasing, if I have any questions about the insurance including cover terms, conditions, and exclusions, I can call MLC Limited (MLC) on 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 (PDF, 472KB) (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.


  • If you die, a lump sum is paid to your credit card to cover the outstanding balance at the date of your death, up to a maximum of $50,000. When a death benefit is paid, a 'Double benefit' may apply (i.e. the same or reduced amount will be paid to your estate to a combined maximum of $50,000).

Critical Illness

  • If you’re diagnosed with a defined critical illness (10 covered), a lump sum payment of 150% of the outstanding balance at the date of your diagnosis is paid to your NAB credit card, up to a maximum of $50,000.


  • While you’re either unable to work, or unable to perform activities of daily living for more than 30 days, due to injury or illness, a monthly benefit of 25% of your outstanding balance at the date of your disablement is paid to your NAB credit card for up to 24 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 25% of your outstanding balance at the date of your unemployment is paid for up to 6 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, MLC will not pay a benefit if the death, illness or injury arises from a pre-existing condition (see definition below), 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.

A Pre-existing condition means any injury, illness, condition or symptom that the cardholder:

(a) was aware of, or a reasonable person in the cardholder’s position should have been aware of, and

(b) would have, or should have, sought advice or treatment from a registered medical practitioner or other health professional for (in circumstances where a reasonable person in the cardholder’s position would have sought advice or treatment) in the 12 months prior to the cardholder’s start date.

For example, if the cardholder was diagnosed with a melanoma three years prior to their start date, then the cardholder will not be covered under the policy for the melanoma or any death, illness or injury related to that condition if the cardholder sought advice or treatment for the melanoma within the 12 months prior to the cardholder’s start date. If during the 12 months prior to the start date, the cardholder was undertaking routine skin examinations to ensure the melanoma had not re-appeared and as long as those skin examinations showed no presence of the melanoma then this will not be deemed as seeking advice or treatment and the pre-existing condition exclusion will not apply

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 uncomplicated child birth.

Involuntary Unemployment, if the cardholder:

  • is notified of their unemployment prior to, or within 30 days of cover commencing
  • is unemployed as a result of a disability in respect of which we’ve paid a claim
  • has a fixed term contract which ends, or they’re engaged in seasonal work
  • is not working at least 15 hours per week, in one occupation, for six months or more continuously, immediately before they become involuntarily unemployed
  • is employed by their family company or business
  • becomes unemployed as a result of industrial action
  • chooses to end their employment
  • is self-employed or in a business partnership and their business temporarily ceases trading
  • is in a partnership which 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, 472KB). 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.

Claim Limits

The maximum number of claimable insured events differs depending on claim type and whether the claimant is the primary or additional card holder. Read the Product Disclosure Statement (PDF, 472KB) for more details.

What I agree to pay

I agree to pay the premiums for NAB Credit Card Cover which will:

  • be calculated and charged at 74 cents for each $100 (or part thereof) of the NAB credit card closing balance on the closing date of each statement period (up to a maximum of $50,000) while the policy is in force,
  • automatically charged to my NAB credit card or any replacement or substituted NAB credit card /s,
  • incur interest in line with my credit card terms and conditions, and
  • if changed in the future 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 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
  • 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 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 the insurer 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 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 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 my 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.


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.