Credit card insurance

In event of: You or any eligible additional cardholder being diagnosed with a defined critical illness (10 covered):

• benign brain tumour
• cancer - excluding specified early stage cancers
• chronic kidney failure (chronic renal failure)
• coronary artery bypass surgery
• heart attack – with evidence of severe heart muscle damage
• major organ transplant surgery
• motor neurone disease
• multiple sclerosis
• paralysis
• stroke – in the brain and of specified severity.

Payment: We’ll pay a lump sum of 150% of the outstanding balance as at the date of your diagnosis, to your NAB credit card (up to $50,000).

Example of how it works: If a cardholder is diagnosed with multiple sclerosis, and at the date of diagnosis the outstanding balance owing on the NAB credit card is $14,500, then $21,750 is paid as a lump sum to the NAB credit card. Calculated as $14,500 x 150%.

What’s not covered:

• A condition that first appears, happens or is diagnosed within 30 days of cover commencing
• Pre-existing conditions (see further detail in the ‘Let’s Get You Sorted’ section below)
• Involvement in criminal activity
• Being under the influence of drugs or alcohol.

In the event of: You or any eligible additional cardholder being unable to work or perform activities of daily living due to injury or illness for at least 30 days.

Payment: We’ll pay a monthly benefit of 25% of your outstanding balance to your NAB credit card, for up to 24 months or until you return to work or $50,000 has been paid (whichever occurs first).

Example of how it works: If a cardholder with an outstanding balance of $3,400 breaks their leg and is unable to work, then $850 ($3,400 x 25%) is paid monthly to your NAB credit card.

What’s not covered:

• 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 sickness contracted within 30 days after the cover commences
• Pre-existing conditions (see explanation in the ‘Let’s Get You Sorted’ section below)
• Involvement in criminal activity
• Being under the influence of drugs or alcohol
• Uncomplicated pregnancy, termination of pregnancy or uncomplicated child birth.

Note: If you’re not working at least 15 hours per week, in one occupation, for six months or more continuously, at the time you become disabled, you’ll be assessed under the activities of daily living definition (see further detail in the ‘Let’s Get Your Sorted’ section below).

In the event of: You or any eligible additional cardholder becoming involuntarily unemployed (e.g. redundancy) for at least 30 days.

Payment: We’ll pay a monthly benefit of 25% of your outstanding balance to your NAB credit card, for up to 6 months, or until you return to work or $50,000 has been paid (whichever occurs first).

Example of how it works: If a cardholder is made involuntarily redundant and the outstanding balance was $5,700, then $1,425 ($5,700 x 25%) is paid monthly to your NAB credit card.

What’s not covered:

Involuntary unemployment, if the cardholder:

• becomes unemployed within 30 days of cover commencing
• 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
• is engaged in criminal activity or was under the influence of drugs or alcohol.