Ask at any Westpac branch

Visit westpac.com.au/creditcards

Call 1300 651 089

Ask at any Westpac branch

Visit westpac.com.au/ccrp

1. Introduction
1.2 Why is this booklet important?
This PDS explains Credit Card Repayment Protection. It’s
important that you read the whole PDS so you understand:
• who is eligible to apply
• what Credit Card Repayment Protection covers
• what Credit Card Repayment Protection doesn’t cover
• how much it costs
• how to apply
• how to make a claim
• the cooling off period
• your privacy.
This PDS, together with the policy schedule we send you if
we accept your application, will be the terms and conditions
of your policy. They describe the insurance we’ll provide for
you in return for you paying your premiums as required. Make
sure you keep a copy of these documents in a safe place so
you can refer to them if you have questions or need to make
a claim.
The information in this PDS is subject to change. If we become
aware of a change that is materially adverse to policyholders,
we will issue a supplementary or replacement PDS. Updates
of information that is not materially adverse to policyholders
will be available through westpac.com.au or by calling
1300 369 989 for a free paper copy.
1.3 Who are the insurers?
Westpac General Insurance Limited ABN 99 003 719 319
issues the unfit for work cover and the job loss cover.
Westpac Life Insurance Services Limited ABN 31 003 149 157
AFSL 233728 issues the death cover.
All claims and enquiries are handled by Westpac General
Insurance Limited.
Westpac Banking Corporation ABN 33 007 457 141
AFSL 233714 (the ‘Bank’) distributes Credit Card Repayment
Protection but is not the insurer. The Bank will be entitled
to receive up to 20% of your premium payments (after
government charges have been deducted) as commission.
The insurers have prepared, and each take full responsibility
for this PDS. Neither of the insurers are a bank or other
approved deposit taking institution. The insurers’ obligations
do not represent deposits with or other liabilities of the Bank.
Neither the Bank or any other member of the Westpac Group
(other than the insurers) is responsible for the insurance or
the payment of any claims.
1.4 How can you contact us?
If you have any questions, we’re here to help.
Contact us by:
Phone 1300 369 989, Monday to Friday 8.45am – 5.00pm AEST
Fax 1300 786 606 for claims or 1300 786 525 for any other
enquiries
Email ccrpclaims@westpac.com.au for claims or
ccrp@westpac.com.au for any other enquiries
Mail GPO Box 4451, Sydney NSW 2001.
1.5 Your duty of disclosure.
Before you enter into an insurance contract with us, you have
a duty of disclosure, as outlined below.
What you must tell us
When answering our questions, you must be truthful and
honest. You have a duty under law to tell us everything you
know, or could reasonably be expected to know, that is
relevant to our decision to insure you, and on what terms.
If you do not tell us
If you do not answer our questions in this way, we may reduce
or refuse to pay a claim, or cancel the policy. If you answer
our questions fraudulently, we may refuse to pay a claim and
treat the policy as never having existed.
1.6 Cooling off period.
If within 14 days of receiving your policy schedule, you wish to
change your mind about this insurance and have not made a
claim, you may cancel your policy by writing to us or phoning
us (subject to the verification of your identity). See page 21 for
details on cancelling your policy.
A refund of any premium paid will be sent to you unless you
ask us to credit your credit card instead.
It’s a form of consumer credit
insurance to help cover your credit
card repayment obligations if you lose
your job, or become unfit for work.
It also helps pay the balance owing
on your credit card if you die. Full
details of your cover and its limits are
explained later in this PDS.
2.1 Do I need it?
If you lose your job, or become unfit for work due to sickness,
injury or disease, you may find it difficult to meet your
credit card repayment obligations. Credit Card Repayment
Protection can help by making your credit card repayments
for you – one less thing to worry about.
If you die, the amount owing on your credit card still has to
be repaid. Credit Card Repayment Protection will help pay
this debt – easing any financial burden on your family and
your estate.
Of course, the decision to buy Credit Card Repayment
Protection is entirely up to you. You’re not obliged to apply
for or take out this type of insurance. You may also be able to
arrange this insurance through a different insurer, however
you should be aware that such insurance is normally only
available as part of a credit card package.
2. What is Credit Card Repayment Protection?
2.2 How does it work?
Here’s a summary of how and when Credit Card Repayment Protection comes to your rescue.
• If you become unfit for work due to sickness, injury or
disease, after the 30 day waiting period we will pay double
your minimum repayment until you are fit for work or the
balance owing at that time is paid, whichever happens first.
• If you lose your job because your employer terminates your
employment, after the 30 day waiting period we will pay
double your minimum repayment for 90 days or until you
find another job, whichever happens first.
We make repayments for you based on the balance owing on your
credit card at the time you become unfit for work or lose your job.
We will also pay up to $50,000 off your credit card balance if
you die.
2.3 Am I eligible for it?
To be eligible to apply, you must:
• have a Westpac MasterCard or Visa consumer credit card
account in your name (it’s not available to additional Cardholders)
• be at least 18 and no more than 65 years of age
• be employed (this is defined on page 30). This includes
being self employed, a partner in a business partnership,
a full time, part time, contract or seasonal worker, or if
you are contracted for a specified period or to perform a
specified task. Please note the exclusions set out in ‘What’s
not covered?’ starting on page 16.
• be working in that employment for at least 15 hours per
week. If your hours vary, we take an average of your hours
over the past 30 days. If you have more than one job, you
can add the hours for each of your jobs together. However,
you will not be able to claim for job loss or being unfit for
work unless you lose or are unable to perform all of your
jobs. Please note the exclusions set out in ‘What’s not
covered?’ starting on page 16.
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2.4 How do I apply?
Simple. If you meet the eligibility criteria, you can apply right
now – there’s no medical examination required.
To apply for cover when you apply for a new credit card:
Ask at any Westpac branch
Visit westpac.com.au/creditcards
Call 1300 651 089
To add cover to an existing credit card:
Ask at any Westpac branch
Visit westpac.com.au/ccrp
If we accept your application, you’ll then be covered
straight away.
Not eligible?
If you don’t meet the eligibility criteria to apply for this cover,
you can contact the Financial Ombudsman Service on
1300 780 808. They may be able to give you the name of
an insurer or insurers who can provide you with alternative
insurance options.
12
It’s important to understand how and
when we’ll pay benefits under your
Credit Card Repayment Protection
policy if you do need to make a claim.
We’ll pay your credit card if:
• you are unfit for work (this is defined on page 31)
• you lose your job (this is defined on page 30)
• you die,
subject to the limits in the ‘Benefits table’ on page 14 and
the exclusions in ‘What’s not covered?’ starting on page 16.
To see how we calculate the amount we’ll pay to your credit
card and the limits that apply, refer to the ‘Benefits table’
starting on page 14.
3.1 Things to note.
• You must comply with the terms and conditions of your
credit card.
• For a benefit to be paid, the event giving rise to a claim
must happen on or after the commencement date of your
policy, not before.
• The number of hours you are employed is relevant at the
time of becoming unfit for work. For a benefit to be paid,
you must be employed at least 15 hours per week at the
time you became unfit for work. If you’re employed for less
than 15 hours per week, you should consider whether this
insurance continues to meet your needs.
• All benefits are paid to your credit card. We do not make
payments to you.
• This policy does not accrue any bonuses or earn interest
for you. Therefore there is no surrender value and you have
no profit distribution entitlements.
3. What’s covered?
13
3.2 For unfit for work or job loss claims:
• The amount we pay is calculated on the balance you owe
on your credit card at the time you become unfit for work
or lose your job.
• No benefits are paid for the first 30 consecutive days of
any period of job loss or being unfit for work. This is called
the 30 day waiting period. Please see the ‘Benefits table’
on page 15 for calculation examples.
• We find out the balance you owe on your credit card,
calculate the minimum repayment, double it, and then
break it down to a daily amount. Please see the ‘Benefits
table’ on page 15 for calculation examples.
• We pay the daily amount for each day after the 30 day
waiting period has elapsed, subject to the limits in the
Benefits Table.
3.3 For death claims:
• The amount we pay is the balance you owe on your credit
card at the time of your death, up to $50,000. Please see
the ‘Benefits table’ on page 15 for an example.
• Any such payment for death cover is issued from the
No. 1 Statutory Fund of Westpac Life Insurance Services
Limited.
14
3.4 Benefits table.
Claim
type
How we work out the amounts we’ll pay and
the limits that apply
Unfit
for
work
• We find out the balance you owe on your credit
card at the time you become unfit for work.
• We calculate your minimum repayment on
this balance, double it, and break it down to
a daily amount.
• We then pay this daily amount for each day
(after the 30 day waiting period has elapsed)
you’re unfit for work.
• The maximum amount we’ll pay for any one
continuous period that you are unfit for work
is the balance owing at the time you became unfit
for work plus any interest that accrues on this
balance, up to $50,000.
Job loss
• We find out the balance you owe on your credit
card at the time you lose your job.
• We work out the minimum repayment on
this balance, double it and break it down
to a daily amount.
• We then pay this daily amount for each day
(after the 30 day waiting period has elapsed)
until you recommence employment where you
are or will be working at least 15 hours per week,
up to a maximum of 90 days for any one
continuous period of unemployment.
• To make another job loss claim you must start
another job where you are or will be working
at least 15 hours per week and lose your
job again.
Death • We find out the balance you owe on your credit
card at the time of death. The maximum we pay
is $50,000.
For the purposes of calculating a benefit, minimum repayment
means 2% of the balance owing on your credit card.
15
Benefit calculation examples
• If you owed $6,000 on your credit card at the time
you became unfit for work, we work out the minimum
repayment: 2% of $6,000 = $120.
• Then we double it: $120 x 2 = $240.
• We then divide $240 by thirty (30) to get a daily amount
= $8 per day.
• So if you were unfit for work for 165 days, we deduct
30 days for the waiting period: 165 days less
30 days = 135 days.
The total we pay to your credit card is $1,080
(135 days x $8 per day).
• If you owed $6,000 on your credit card at the time you
lost your job and you started a new job 70 days later, we
work out the minimum repayment: 2% of $6,000 = $120.
• Then we double it: $120 x 2 = $240.
• We then divide $240 by thirty (30) to get a daily amount
= $8 per day.
• We deduct 30 days for the waiting period: 70 days less
30 days = 40 days.
The total we pay to your credit card is $320
(40 days x $8 per day).
Using the above example, if you didn’t start a new job
for 270 days, we deduct 30 days for the waiting period,
leaving 240 days. As this exceeds the maximum of
90 days, the total paid to your credit card is $720
(90 days x $8 per day).
• If you die and the balance owing on your credit card is
$1,900, we would pay $1,900 to your credit card.
The examples above are illustrative only. As the balance owing on
your credit card may differ to the balances in the examples, the
actual amounts paid in your circumstances may differ.
16
Here are the exclusions that apply
to your Credit Card Repayment
Protection policy.
They’re listed in the following table and their relevance to
each type of cover is indicated with an ( ) in the applicable
column. So for example, if you voluntarily resign you aren’t
covered and no payment will be made for job loss.
4. What’s not covered?
Exclusions Unfit
for
work
Job
loss
Death
If you were not employed
at least 15 hours per week
at the time you became
unfit for work (if you are
employed by more than
one employer, or if your
hours vary, we add your
working hours together
and take an average over
the 30 days prior to the
time you became unfit
for work).
If you have more than one
usual job and you continue
to be able to perform the
duties of one or more of
your usual jobs.
If you were employed by
more than one employer
and you continue to be
employed by at least one
of those employers.
17
Exclusions Unfit
for
work
Job
loss
Death
Sickness, injury or disease
occurring within 180 days
of the commencement
date for which medical
advice or treatment
had been sought or
obtained by you during
the 180 days prior to the
commencement date.
Voluntary redundancy.
When you voluntarily
resign or abandon
your employment.
If you have been
engaged in seasonal
or contract work and
your employment ceases
at the end of that season
or contract.
If you were hired to
complete a specified
task or to work for a
specified period and
your employment ceases
at the end of that task
or period.
If you are self-employed
or in a business
partnership and your
business temporarily
ceases to trade.
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Exclusions Unfit
for
work
Job
loss
Death
If you were in a business
partnership and your
status as a partner was
automatically discontinued
under law or the relevant
partnership agreement.
Pregnancy or childbirth.
Industrial stoppage or you
being on strike.
Suicide within
14 days of the
commencement date.
War or warlike activities,
civil war, rebellion,
revolution, insurrection
or the use of military or
usurped power, unless you
die on war service.
The use, existence or
escape of nuclear, material
or waste or ionising
radiation.
1.2 XXX is this booklet important?
XXX Product Disclosure Statement and policy wording (PDS)
explains in full Credit Card Repayment Protection cover. It’s
important that you read the whole PDS so you understand:
• the eligibility criteria
• what Credit Card Repayment Protection covers
• what Credit Card Repayment Protection doesn’t cover
• how much it costs
• how to apply
• how to make a claim
• the cooling off period
• your privacy.
This PDS, together with the policy schedule we send you after
accepting your application, are the terms and conditions of
your policy. They describe the insurance we’ll provide for you
in return for you paying your premiums as required. Make sure
you keep a copy of this PDS in a safe place so you can
refer to it if you have questions or need to make a claim.
All claims and enquiries are handled by Westpac General
Insurance Limited. If you have any questions, we’re there
to help.
Westpac General Insurance Limited
Phone 1300 369 989, Monday to Friday
8.45am – 5.00pm EST
Fax 1300 786 606 for claims or 1300 786 525
for any other enquiries
Email loanprotectionclaims@westpac.com.au for claims or
loanprotection@westpac.com.au for any other enquiries
Mail GPO Box 4451, Sydney NSW 2001
19
These examples are illustrative only. The monthly premiums
payable by you will depend on the amount of your balance
owing each month. The statement cycle is determined by the
‘Statement From’ and ‘Statement To’ dates on your credit card
statement. The end of the statement cycle is the ‘Statement
To’ date.
5.2 How are premiums charged?
When there’s a balance owing at the end of a statement
cycle, a monthly premium will be automatically charged to
your credit card. This charge will appear as an item on your
credit card statement. And remember, if you’re close to your
credit limit, your premium payment could put you over the
credit limit.
Your premium includes Goods and Services Tax (GST) and
government charges.
Credit Card Repayment Protection costs 52 cents for every $100 owing on your credit card.  ASSUMABLY 52 CENTS PER MONTH
Your monthly premium is calculated on the balance owing on
your credit card at the end of each statement cycle.
5.1 Premium examples.
5. How much does the
cover cost?
Balance owing at end of
statement cycle is:
Monthly premium:
Nil Nil
$1,000 $5.20
$3,000 $15.60
$5,000 $26.00
20
You’re covered continuously.
The premium is charged at the end of a statement cycle and
applies even if you pay your credit card balance in full by the
due date. This is because Credit Card Repayment Protection
provides you with continuous cover throughout the month.
Cover applies as soon as a new charge is incurred, even if that
charge has not yet been billed.
We won’t vary the cost of 52 cents per month for every $100
owing on your credit card without giving you at least 30 days
written notice.
21
If things change in your life, no problem.
You have the flexibility to cancel your policy whenever you
wish. We may also need to cancel your policy in certain
circumstances, as set out here.
Please note, the unfit for work, job loss and death cover
components of your policy cannot be taken separately so they
cannot be cancelled separately.
6.1 When can you cancel your policy?
You can cancel your policy at any time by either:
• advising us in writing, providing your name, address, the
account number for your credit card and your signature
• advising us by phone (subject to the verification of
your identity).
6.2 When can we cancel your policy?
We can cancel your policy by advising you in writing:
• if you have not complied with the terms and conditions of
your credit card
• if you don’t pay your premium as required
• for any other reason allowed under the law (for example, if
you make a fraudulent claim).
The cancellation will take effect from the time specified in our
notice to you.
If you ask us in writing, we will write back and give you the
reasons for cancelling your policy.
6.3 When will your cover cease automatically?
Your policy will be cancelled automatically when any of the
following occur:
• you reach 66 years of age
• your credit card is terminated or cancelled
• you die.
6. Cancelling your policy.
When you can’t make your credit card
repayments because you’ve lost your
job, are unfit for work, or even if you
die, we know you or your family would
appreciate help fast.
To obtain a claim form:
Ask at any Westpac branch
Call 1300 369 989, Monday to Friday 8.45am – 5.00pm AEST
Visit westpac.com.au/ccrp
It is important to lodge your claims as soon as possible
to help avoid defaulting under your credit card. Until your
claim is accepted it is still your responsibility to meet
your repayment obligations.
7.1 For unfit for work claims:
• You and your registered medical practitioner must
complete and sign our claim form and send it to us with
copies of documentation confirming the number of hours
you worked in the 30 days before you stopped working. For
example, payslips, invoices, or a letter from your employer
or the company you were working for at the time.
• If you are unfit for work for longer than the period in your
claim form, just send us further medical certificates that
specify the conditions that continue to leave you unfit for
work. If the conditions differ to those provided in your
claim form we’ll require you and your registered medical
practitioner to complete and sign another claim form and
send it to us.
• Any fees charged by your registered medical practitioner
are your responsibility.
7. How to make
a claim.
23
7.2 For job loss claims:
• You must complete and sign our claim form and send it to
us with a copy of your Employment Separation Certificate
from your relevant previous employer. If you can’t
provide the certificate, you may provide a letter from that
employer on company letterhead confirming your period of
employment, the reason for your employment ceasing and
the employer’s name and contact details.
• If you were self-employed or in a business partnership,
you must complete and sign our claim form and send
it to us with documentation which satisfies us of your
loss of employment. For example, a letter from your
accountant confirming the business has ceased trading,
and/or a letter from the person you were contracting with
confirming that your employment has ceased, the reason
for your employment ceasing and the person’s name and
contact details
• To confirm you continue to be unemployed beyond the 30
day waiting period, we’ll provide a declaration for you to
sign and send to us.
• If you’re entitled to claim beyond 30 days after lodging a
declaration, we’ll provide further declarations for you to
sign and send to us until the maximum of 90 days for any
one continuous period of unemployment has been reached.
7.3 For death claims:
• A claim form isn’t required.
• We need a certified copy of the original death certificate.
7.4 How we assess your claim.
We’re allowed to make any reasonable enquiries about your
claim. When it comes to unfit for work claims, we may also
need you to be examined by registered medical practitioners
we nominate. We’ll pay for these examinations and any
reasonable expenses you incur attending them. You must also
give us any other information and documentation we may ask
for to support your claim.
24
7.5 Timing and payment.
We usually take up to 10 working days to process a claim, but
in some cases we may take longer. In these cases we’ll agree
reasonable alternative timeframes with you.
We’ll notify you if your claim is accepted or denied, or if we
need further information. You can check on the status of your
claim by calling 1300 369 989.
For unfit for work and job loss claims, we’ll pay your benefits
progressively or in one payment (after the 30 day waiting
period has elapsed).
For death claims, we’ll pay the benefit in one payment.
7.6 GST and your premiums.
Where we ask on your claim form, you must provide us
with information about the extent (if any) to which you
were entitled to claim input tax credits on your premium for
GST purposes.
25
We’re constantly striving to provide
our customers with the best possible
service, and we’ll do our best to
resolve any complaint you have quickly
and fairly.
So if you do have a complaint about your policy, our service,
the way the policy was sold to you, or the way your claim is
being handled, here’s what you should do.
8.1 Step One.
We ask that you first contact one of our Customer Service
Officers to discuss your complaint.
For claims issues:
Phone 1300 369 989
Fax 1300 786 606
For any other issues:
Phone 1300 369 989
Fax 1300 786 525
If the Customer Service Officer is unable to resolve the
matter, they’ll refer it to a Senior Officer, their Team Leader
or Manager. The Senior Officer, Team Leader or Manager will
acknowledge your complaint within 2 business days and try to
resolve your complaint within 15 business days.
However, if we consider that further information, assessment
or investigation of the complaint is required, we will agree
reasonable alternative timeframes with you.
8.2 Step Two.
If you’re still not satisfied after the Senior Officer, Team
Leader or Manager has investigated the issue, you may ask
for us to refer the dispute to our Internal Dispute Resolution
Officer who will review the matter.
8. What to do if you
have a complaint.
26
The Internal Dispute Resolution Officer’s contact details are:
Internal Dispute Resolution Officer
Westpac General Insurance Limited
Mail GPO Box 4451, Sydney NSW 2001
Phone 1300 369 989
Fax 1300 786 606 for claims issues or 1300 786 525
for any other issues
The Internal Dispute Resolution Officer will provide you with a
response within 15 business days of contacting us.
With both of Steps One and Two, we’ll do our best to resolve
your complaint quickly and fairly. However, in cases where
further information, assessment or investigation is required,
we’ll agree reasonable alternative timeframes with you. We’ll
also keep you informed of the progress at least every 10
business days.
8.3 Step Three.
If 45 days have passed since you first told us about your
complaint and you haven’t heard back from us, or if you are
not satisfied with the decision made, or we cannot otherwise
reach an agreement, you can refer your dispute to the
Financial Ombudsman Service. This is a free independent
dispute resolution service for customers who have a general
insurance dispute. The Financial Ombudsman Service’s
contact details are:
Financial Ombudsman Service
Mail GPO Box 3 Melbourne VIC 3001
Phone 1300 780 808
Fax (03) 9613 6399
Email info@fos.org.au
First things first.
Please note that if you haven’t first tried to resolve your
complaint with us, the Financial Ombudsman Service will
direct your complaint to us and we’ll provide you with a
response under our Internal Dispute Resolution process.
27
9. Some extra care.
9.1 Protecting your privacy.
We take your privacy seriously, and we believe in being
upfront about the ways we use the information you entrust
to us. So here are the details of how we handle your
personal details.
We and the Bank will collect, use and disclose your personal
information in order to assess your application for the policy,
calculate your premium and administer your policy.
You can access most personal information we and the Bank
hold about you. Sometimes there’ll be a reason why that’s not
possible, in which case you’ll be told why. If you’d like to find
out what sort of personal information we and the Bank have
about you, or make a request for access, please call 132 032.
If you fail to provide any information requested when applying,
or don’t agree to any of the possible exchanges or uses
detailed below, your application or any subsequent claim may
not be accepted by us.
If you don’t wish to receive any marketing communication
from us or the Bank about products and services, please call
132 032, write to Westpac Banking Corporation at PO Box
3433, Sydney NSW 2001, or call in at any Westpac branch.
By applying for Credit Card Repayment Protection, you agree
to the following:
(a) We and the Bank may exchange with each other any
information about you, including:
• any information provided by you in the application
• any other personal information you provide to us or the
Bank or which we or the Bank otherwise lawfully obtain
about you
• details regarding your credit card, including the amount you
owe on your credit card, the benefit we pay you and the
status of your account
(b) If you make a claim under your policy:
• we will collect further personal information, for the purpose
of assessing the claim
28
• we may disclose your personal information to third parties
such as medical practitioners and claim investigators for
the purpose of assessing your claim.
(c) If we engage anyone (a ‘Service Provider’) to do something
on our behalf (for example, a mailing house or a data
processor), we and the Service Provider may exchange with
each other any information referred to above.
(d) We and the Bank may use your information to assess your
eligibility for the policy, calculate your premium, administer
your policy and any claims you may make and for planning,
product development and research purposes.
We and the Bank might give any information referred to above
to other parties where it’s required by law or where you have
otherwise consented.
9.2 The General Insurance Code of Practice.
Westpac General Insurance Limited has adopted and is
committed to abiding by the General Insurance Code
of Practice.
The General Insurance Code of Practice sets out the minimum
standards of customer service that we will uphold in the
services we provide to you.
These standards apply to:
• the initial enquiry and buying of insurance
• the selling of our products
• the training of our people
• claims handling
• complaints handling.
29
For detailed information about the General Insurance Code of
Practice and its operation please visit codeofpractice.com.au
or contact the Financial Ombudsman Service.
The Financial Ombudsman Service’s contact details are:
Financial Ombudsman Service
Mail GPO Box 3 Melbourne VIC 3001
Phone 1300 780 808
Fax (03) 9613 6399
Email info@fos.org.au
9.3 The Financial Claims Scheme.
You may be entitled to payment under the Financial Claims
Scheme in respect of a job loss or unfit for work claim if
Westpac General Insurance Limited becomes insolvent.
Access to the scheme is subject to eligibility criteria.
For more information about the scheme, contact:
Australian Prudential Regulatory Authority (APRA)
Phone 1300 13 10 60
Website www.apra.gov.au
30
10. Definitions.
To help you with reading this PDS and
your policy schedule, here are some
definitions for terms that we’ve used.
Commencement date – means the commencement date
stated in your policy schedule, being the date that we
accepted your application for the insurance.
Credit card – means your Westpac consumer credit card
account stated in your policy schedule.
Employment or employed – means performing work or
services for payment and includes being self-employed,
a partner in a business partnership, a full time, part time,
contract or seasonal worker, or if you are contracted for a
specified period or to perform a specified task.
Job loss or lose your job – means the termination of your
employment by your employer as a result of:
• redundancy
• shortage of work
• unsatisfactory work performance
• if you are self-employed or in a business partnership,
the business ceasing to trade due to actual or imminent
insolvency or business factors beyond your reasonable
control and being wound up or placed in the control of an
insolvency administrator, or
• if you are in a business partnership, your status as a
partner is discontinued without your actual or implied
consent, agreement or approval (for example, if you are
voted out of the partnership without your consent) and you
cease to work in connection with that business.
Minimum repayment – means 2% of the balance owing on
your credit card.
PDS – means this Product Disclosure Statement and
policy wording.
Policy schedule – means the document that we issue to you
entitled ‘Policy Schedule’, which includes your details and
details of your credit card.
Unfit for work – means certified by a registered medical
practitioner as having contracted a sickness or disease, or
sustained an injury, that prevents you from carrying out the
duties of your usual job, and you are not working.
We, us or our – means:
• in relation to unfit for work or job loss cover, Westpac
General Insurance Limited
• in relation to death cover, Westpac Life Insurance Services
Limited
• for all other purposes either or both of Westpac General
Insurance Limited and Westpac Life Insurance Services
Limited, as the context requires.
Westpac Group – means the Bank and its related bodies
corporate, which include Westpac General Insurance Limited
and Westpac Life Insurance Services Limited.
You or your – means the person named as the insured person
in the policy schedule.
30 day waiting period – means the first 30 consecutive days
of any period of job loss or being unfit for work.
31
© 2011 Westpac Banking Corporation
ABN 33 007 457 141.
Made with Love by
Westpac General Insurance Limited and
Westpac Life Insurance Services Limited.
Prepared 1 December 2011. INS112 (12/11) 250678