Card Protect

Can I cancel my Warehouse Money Card Protect policy if I change my mind?

You can cancel your Warehouse Money Card Protect policy at any time by contacting us.

When your application for insurance is approved, you’ll have 30 days from the start of the insurance or 5 working days from receiving your policy document (whichever is the later) to review the Warehouse Money Card Protect Policy Document and decide if this insurance is right for you.

If it’s not, just let us know and we can cancel your policy and if you haven’t made any claims, refund any premiums charged. We won’t refund premiums if you’ve made a claim.

How do I apply for Warehouse Money Card Protect?

When you apply for your Warehouse Money credit card, you can also add Warehouse Money Card Protect to your application. You’ll need to read the Warehouse Money Card Protect Key Information Fact Sheet and the Warehouse Money Card Protect Policy Document to make sure this insurance is right for you. Here are some things that you need to consider before you apply for Warehouse Money Card Protect:

  1. Eligibility - To apply for Warehouse Money Card Protect, you must meet our credit card lending criteria, and also not have claimed a Terminal Illness benefit under another Warehouse Money Card Protect policy. To be eligible to apply for a credit card you must be: 18 years or older, a New Zealand citizen or permanent resident living in New Zealand, and earning or receiving a regular income.
  2. Your benefits – Each benefit has terms and conditions, exclusions, and stand-down periods that apply. Refer to the Policy Document for full details.
  3. Work conditions that may affect your ability to claim – For example, if you haven’t been working at least 20 hours a week at the time of the claim event you won’t be eligible for the Redundancy, Bankruptcy or Permanent Disablement benefits and a different definition of Temporary Disablement will apply. Other terms and conditions apply – please see the Policy Document for full details.
  4. Unpaid leave – If you’ve been on unpaid leave for more than 30 consecutive days at the time of the claim event, you won’t be eligible for the Redundancy or Permanent Disablement benefits and a different definition of Temporary Disablement will apply. Other terms and conditions apply – please see the Policy Document for full details.
  5. Debts and liabilities this insurance covers – This insurance will cover your Warehouse Money credit card account only and not any other debt or liabilities that you may already have (e.g. personal loans, or mortgage).  
  6. You may already have enough cover – Depending on what insurance you may already have, you may have sufficient insurance to cover your Warehouse Money credit card repayments or balance. You may want to check with your current insurance provider or adviser to see if the insurance you have is sufficient.
  7. Free-look period – If your application for insurance is approved, you’ll have 30 days from the start of the insurance or 5 working days from receiving your Policy Document (whichever is later) to review the Policy Document and decide if this insurance is right for you. If it’s not right for you, you can cancel it and if you haven’t made any claims, we’ll refund any premium charged.
  8. Need more information or advice? Call Sovereign on 0800 802 801.

Existing cardholder?

If you want to add Warehouse Money Card Protect to your card, just call us on 0800 801 808 and we’ll arrange this for you.

How do I apply for Warehouse Money Card Protect if I am already a cardholder?

If you already have a Warehouse Money credit card and want to apply for Warehouse Money Card Protect, just call us on 0800 801 808 and we’ll add Warehouse Money Card Protect to your card. 

How do I make a claim for Warehouse Money Card Protect?

How to make a claim

If you’re unsure whether or not you should be making a claim, just call Sovereign on 0800 802 801.

Documents that you’ll need

Warehouse Money Card Protect Claim Form

A claim can only be considered once Sovereign have all the necessary information, including where applicable:

  • a completed Medical Certificate section of the claim form (this applies to Critical illness or Terminal illness claims), or
  • a completed Employer Details section (this applies to Redundancy claims).
  1. Download the Claim Form, or call us on 0800 801 808 to request a copy.
  2. Fill out all sections of the form that apply to your claim.
  3. Sign the back page of the form.
  4. Attach any additional information requested in each section of the form that applies.

Where to send your completed documents

email claims@sovereign.co.nz 

Write to us Freepost Sovereign,  Private Bag Sovereign, Victoria Street West, Auckland 1142

If you need help, just call us on

Phone us 0800 802 801

How do you make payments to my card if I make a Warehouse Money Card Protect claim?

If you make a valid claim, we’ll make payments directly to your credit card account. However, when you (or the person administering your finances if you die) make a claim for permanent disablement, death or terminal illness we’ll also pay you an additional 15% cash assistance. This money will be deposited into your bank account, not your credit card. We’ll ask you (or the person administering your finances) to provide us with the account number we can deposit this payment into.

If I die, how does my family make a claim for Warehouse Money Card Protect?

The person administering your finances will need to contact us. They’ll have to complete a Claim Form and provide any requested supporting documents.

A completed claim form and supporting documents can be sent to us using any one of the methods below:

  • Send us an email to claims@sovereign.co.nz attaching the claim form and any supporting documents 
  • Post the claim form and any supporting documents to: 

Freepost Sovereign

Private Bag Sovereign

Victoria Street West

Auckland 1142

New Zealand

If I have an accident and can’t work and then I am made redundant from my job, can I claim for both?

No. Under the terms and conditions of the Warehouse Money Card Protect Policy Document you’re only covered for one event at any one time.

What does Warehouse Money Card Protect cover?

Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

Temporary Disablement - Up to $50,000

If you have an accident or you’re unwell and unable to work in your job for at least 30 consecutive days, Warehouse Money Card Protect will calculate 15% of your credit card’s outstanding balance as at the time you became disabled and pay this amount into your credit card account each month you remain disabled, for up to 24 months or $50,000 (whichever happens first). If you don't work for at least 20 hours per week in permanent employment, then to receive the benefit you must be confined to a hospital or bed at home for at least 30 consecutive days, on medical advice acceptable to Sovereign.

Permanent Disablement - Up to $50,000

If you’ve been disabled for at least 6 consecutive months and you’re unlikely to ever be able to go back to your job, Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time you became disabled (less any amount already paid into your credit card account under Temporary Disablement). The most we’ll pay on your credit card balance is $50,000. We’ll also give you an additional 15% of this payment as cash to help you through this difficult time.

If this benefit is paid, your cover will end.

Critical Illness - Up to $25,000

If you’re diagnosed with a specified critical illness (as defined in the Warehouse Money Card Protect Policy Document), Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time of diagnosis. The most we’ll pay is $25,000.  If this benefit is paid, your cover will end.

Death or Terminal Illness - Up to $50,000

If you are diagnosed with a terminal illness or you die, Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time of diagnosis or death. The most we’ll pay on your credit card balance is $50,000. We’ll also give you or your estate an additional 15% of this payment as cash to help through this difficult time. 

If this benefit is paid, your cover will end.

Redundancy - Up to $25,000

If you’re made redundant from your permanent job and are out of work for at least 30 consecutive days, Warehouse Money Card Protect will calculate 15% of your credit card’s outstanding balance as at the time you became redundant and pay this amount into your credit card account each month you remain unemployed, for up to 6 months or $25,000 (whichever happens first).

Bankruptcy - Up to $25,000

If you’re self-employed and you become bankrupt, Warehouse Money Card Protect will make a lump sum payment into your credit card account to repay the total amount you owed on your credit card as at the time of your bankruptcy. The most we will pay is $25,000. 

If this benefit is paid, your cover will end.

Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

What questions do you ask when I apply for Warehouse Money Card Protect?

When you apply for Warehouse Money Card Protect, you’ll need to read the Warehouse Money Card Protect Key Information Fact Sheet and the Warehouse Money Card Protect Policy Document to make sure this insurance is right for you. We’ll ask you to confirm that you have read these documents. We won’t ask you any medical questions and no medical examination is required as part of your application.

Here are some things that you need to consider before you apply for Warehouse Money Card Protect:

1. Eligibility - To apply for Warehouse Money Card Protect, you must meet our credit card lending criteria, and also not have claimed a Terminal Illness benefit under another Warehouse Money Card Protect policy. To be eligible to apply for a credit card you must be: 18 years or older, a New Zealand citizen or permanent resident living in New Zealand, and earning or receiving a regular income.

2. Your benefits – Each benefit has terms and conditions, exclusions, and stand-down periods that apply. Refer to the Policy Document for full details.

3. Work conditions that may affect your ability to claim – For example, if you haven’t been working at least 20 hours a week at the time of the claim event you won’t be eligible for the Redundancy, Bankruptcy or Permanent Disablement benefits and a different definition of Temporary Disablement will apply. Other terms and conditions apply – please see the Policy Document for full details.

4. Unpaid leave – If you’ve been on unpaid leave for more than 30 consecutive days at the time of the claim event, you won’t be eligible for the Redundancy or Permanent Disablement benefits and a different definition of Temporary Disablement will apply. Other terms and conditions apply – please see the Policy Document for full details.

5. Debts and liabilities this insurance covers – This insurance will cover your Warehouse Money credit card account only and not any other debt or liabilities that you may already have (e.g. personal loans, or mortgage).  

6. You may already have enough cover – Depending on what insurance you may already have, you may have sufficient insurance to cover your Warehouse Money credit card repayments or balance. You may want to check with your current insurance provider or adviser to see if the insurance you have is sufficient. 

7. Free-look period – If your application for insurance is approved, you’ll have 30 days from the start of the insurance or 5 working days from receiving your Policy Document (whichever is later) to review the Policy Document and decide if this insurance is right for you. If it’s not right for you, you can cancel it and if you haven’t made any claims, we’ll refund any premium charged.

8. Need more information or advice? Call Sovereign on 0800 802 801.

When can Warehouse Money cancel my Warehouse Money Card Protect policy?

We reserve the right to cancel your Warehouse Money Card Protect policy under the terms and conditions of your cover. If this happens, you’ll get at least 30 days’ notice and alternative cover options can be discussed with you.

We may cancel your policy if:

  • you provide false information or make false declarations when you make a claim, or
  • your Warehouse Money credit card account is in arrears, or
  • we no longer offer Warehouse Money Card Protect insurance to our cardholders.
When I apply for Warehouse Money Card Protect, do you ask me questions about my health?

We won’t ask you any medical questions and no medical examination is required when you apply.

Who can apply for Warehouse Money Card Protect?

To apply for Warehouse Money Card Protect, you must be eligible to apply for a credit card, and also not have claimed a Terminal Illness benefit under another Warehouse Money Card Protect policy. 

To be eligible to apply for a credit card you must be:

• 18 years or older, and

• a New Zealand citizen or permanent resident living in New Zealand, and

• earning or receiving a regular income.

When does cover for Warehouse Money Card Protect start?

If you apply for Warehouse Money Card Protect at the same time as you apply for your credit card, cover starts when your application for the credit card is approved.

If you already have a credit card and then apply for Warehouse Money Card Protect, cover starts when we approve your application for insurance.

When does cover for Warehouse Money Card Protect end?

Cover for Warehouse Money Card Protect ends when any one of the following happens:

• you ask us to cancel your Warehouse Money Card Protect policy, or

• we exercise our right to cancel your policy, or

• you cancel your Warehouse Money credit card and close your credit card account, or

• you stop paying your premium, or

• you reach 100 years of age, or

• we pay a claim for death or terminal illness, permanent disability, critical illness, or bankruptcy.

Who is covered by Warehouse Money Card Protect?

You, as the named cardholder and as referred to in the schedule as the policy owner, are covered under all sections of the policy. The relevant terms and conditions of the cover apply.

Where there is an additional cardholder linked to your credit card account, any transactions incurred by the additional cardholder will be covered in the event that the main cardholder suffers a claimable event. A claim can’t be made for any condition or event relating to or suffered by the additional cardholder.

Does Warehouse Money Card Protect cover all the credit cards I have with you?

No. Your Warehouse Money Card Protect policy only covers the specific Warehouse Money credit card account you choose to insure.

Does Warehouse Money Card Protect cover the credit cards I have with other banks or institutions?

No. Your Warehouse Money Card Protect policy only covers the specific Warehouse Money credit card account you choose to insure. No other credit cards you have are covered under this policy.

Can I still use my credit card if I am receiving a payment for a Warehouse Money Card Protect claim?

Yes, subject to the terms and conditions of your credit card, you can still use your credit card while receiving a claim payment. However, any transactions, charges and interest incurred after the date of the event you claimed for will not be included when we calculate your ongoing claim payments. You will still be responsible for making any other repayments to your credit card as set out on your statement, subject to your credit card terms and conditions.

Is my credit card covered if I work less than 20 hours per week?

Warehouse Money Card Protect provides limited benefit coverage if you work less than 20 hours per week. You can’t claim for the Redundancy, Bankruptcy or Permanent Disablement benefits and a different definition of Temporary Disablement will apply.

Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand down periods that apply to each benefit.

What exclusions apply to Warehouse Money Card Protect?

Each benefit has terms and conditions, exclusions, and stand-down periods that apply. 

Here are some of the exclusions that apply to your insurance. Your claim won’t be paid out if it is caused or contributed to by any of the following:

Deliberately injuring yourself

  • you deliberately injure yourself or make yourself ill, attempt to injure yourself, commit suicide, or attempt to commit suicide.

Medication and drugs

  • you deliberately take non-prescribed drugs other than for medical reasons and in accordance with the manufacturer’s directions, or
  • you misuse prescribed drugs, or
  • you don’t comply with treatment prescribed by your attending treatment providers, or
  • you drive a vehicle with a blood alcohol level in excess of the legal limit.

Redundancy

 

  • you take voluntary redundancy, retire or are dismissed, or
  • you knew or ought to have known when your insurance started that you could be made redundant, or
  • you are self-employed, or
  • you are employed in seasonal, part-time, contract or relief work; or
  • you work for an employer owned or controlled by you or any of your relatives, or
  • you have been on any type of unpaid leave for longer than 30 days, or
  • your redundancy results from a strike or labour dispute.

 

Bankruptcy

  • you knew or ought to have known when your insurance started that you could be made bankrupt.

Also, you will be ineligible for some benefits if your claim is related to criminal conduct, pregnancy or childbirth.

Stand-down periods

Different stand-down periods apply to each type of claim. This means that we won’t pay out a benefit if what you are claiming for happens within a specified period of time from the start of your insurance:

  • Accident-related claims – no stand-down period applies
  • Critical illness claims – a 3 month stand-down period applies and for all other illness-related claims (including death by illness) a 14 day stand-down period applies
  • Redundancy and bankruptcy claims – a 30 day stand-down period applies.
  • Claims related to pre-existing conditions – a 6 month stand-down period applies.

This is a summary only. Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand-down periods that apply to each benefit.

What is a pre-existing condition?

A pre-existing condition:

Occurs within six months after your insurance cover starts and is caused or contributed to by any injury or illness or degenerative condition existing or diagnosed, or for which advice or treatment should have reasonably been received at or prior to, the start of your insurance or the insurance which this replaces.

What do I pay for Warehouse Money Card Protect every month? What do I pay for Warehouse Money Card Protect every month?

It costs $0.74 for every $100 (or part thereof) you owe on your credit card. 

We’ll calculate your insurance premium for the month based on your credit card monthly closing balance, and charge this amount to your credit card account each month. You’ll only be charged a premium if you owe money on your Warehouse Money credit card.

Here are a few examples of how much you could be charged:

Your credit card monthly closing balance  Here's how we'll calculate premium to be charged  Warehouse Money Card Protect  premium charged for that month 
$0 ($0/$100) x $0.74 $0
$500 ($500/$100) x $0.74 $3.70
$1,850 ($1,850/$100) x $0.74 $13.69
$2,100 ($2,100/$100) x $0.74 $15.54
How do I pay for Warehouse Money Card Protect?

Paying your premiums

It costs $0.74 for every $100 (or part thereof) you owe on your credit card.  We’ll calculate your insurance premium for the month based on your credit card monthly closing balance, and charge this amount to your credit card account each month. You’ll only be charged a premium if you owe money on your Warehouse Money credit card.

Who underwrites Warehouse Money Card Protect?

Warehouse Money Card Protect is underwritten by Sovereign Assurance Company Limited (Sovereign). Sovereign has an A+ (Superior) financial strength rating from A.M. Best Company Inc of New Jersey, United States of America. A.M. Best is an approved insurance rating agency in terms of the Insurance (Prudential Supervision) Act 2010. The rating scale is available here.

What is Warehouse Money Card Protect?

Warehouse Money Card Protect is an optional credit card repayment insurance that can cover your monthly credit card repayments if you are temporarily unable to work due to accident, illness or redundancy. It can also repay your entire balance if you die, are diagnosed with a terminal illness or specified critical illness, become permanently disabled or bankrupt.

The most we’ll pay under this policy is $50,000 (this amount doesn’t include the Cash Assistance Benefit)

Please refer to the Warehouse Money Card Protect Policy Document for the full terms and conditions, exclusions, and stand down periods that apply to each benefit.

Under Warehouse Money Card protect, what does "30 day free-look period" mean?

If your application for insurance is approved, you’ll have 30 days from the start of the insurance or 5 working days from receiving your policy document (whichever is later) to review the Warehouse Money Card Protect Policy Document that we send you and decide if this insurance is right for you. If it’s not, just let us know and we can cancel your policy and if you haven’t made any claims, refund any premium charged.

How much does Warehouse Money Card Protect cost?

It costs $0.74 for every $100 (or part thereof) you owe on your credit card. 

We’ll calculate your insurance premium for the month based on your credit card monthly closing balance, and charge this amount to your credit card account each month. You’ll only be charged a premium if you owe money on your Warehouse Money credit card.

Here are a few examples of how much you could be charged:

Your credit card monthly closing balance  Here's how we'll calculate premium to be charged  Warehouse Money Card Protect  premium charged for that month 
$0 ($0/$100) x $0.74 $0
$500 ($500/$100) x $0.74 $3.70
$1,850 ($1,850/$100) x $0.74 $13.69
$2,100 ($2,100/$100) x $0.74 $15.54
How do I cancel my Warehouse Money Card Protect policy?

You can cancel your Warehouse Money Card Protect policy anytime using any one of these methods:

Warehouse Money

PO Box 9245

Newmarket

Auckland 1149

If you cancel your policy during the 30 day free- look period, provided you haven’t made any claims, we’ll refund any premium charged.

How do I cancel my Warehouse Money Card Protect policy?

For general information about Warehouse Money Card Protect, you can contact us on 0800 801 808.

If you want to talk to us about claims or to ask for advice, you can contact Sovereign on 0800 802 801.

Do I earn Purple Dollars on Warehouse Money Card Protect premiums?

No, you don’t earn Purple Dollars on Warehouse Money Card Protect premiums that you pay.

Do I get a discount on my Warehouse Money Card Protect premiums?

No, you don’t get a discount on Warehouse Money Card Protect premiums that you pay.