In the event of: You or any eligible additional cardholder being unable to work or perform Activities of Daily Living functions due to injury or illness for more than 30 days.
Payment: A monthly benefit of 20% of your outstanding balance at the date of your disablement is paid to your credit card, for up to 18 months, up to a maximum of $50,000.
Example of how it works: If a cardholder with an outstanding balance of $3,400 breaks their leg and is unable to work, then $680 ($3,400 x 20%) is paid monthly to the NAB credit card.
The monthly payments continue until the first of the following occurs:
- the cardholder is no longer disabled,
- 18 monthly benefits have been paid, or
- $50,000 has been paid.
What’s not covered: There are some important exclusions and definitions which may affect how you are covered and what benefits you receive.
For example, if you’re not working at least 15 hours per week, continuously in one occupation, for six months or more, at the time you become disabled, you’ll be assessed under the Activities of Daily Living definition.
To meet the Activities of Daily Living definition you must be unable to complete two or more of following without physical help from someone else: bathing/showering, dressing, eating and drinking, using the toilet or moving from place to place.
No benefit is payable for an insured event which occurs within 30 days of cover commencing. Your first month's premium is waived when you purchase credit card insurance.
A cardholder will not be covered for:
- Pre-existing conditions (see explanation in the Life section above)
- A sickness contracted within 30 days after the cover commences
- Involvement in criminal activity
- Being under the influence of drugs or alcohol
- Uncomplicated pregnancy, termination of pregnancy or child birth.