Credit card insurance keeps your card debt covered in the event of unemployment, accident or death, protecting you and your family from financial strain.
Credit card insurance is a payment protection policy under which the insurer covers your credit card debt, within set limits, if you become unemployed, have an accident, or pass away.
Anyone carrying an ongoing credit card balance who doesn't want that debt to become a burden for their family after a sudden loss of income should consider credit card insurance.
Credit card insurance generally covers involuntary unemployment; voluntarily leaving a job is excluded from the policy.
The coverage amount depends on your card limit and the policy package you choose, usually calculated as either the full debt or the minimum payment.
Yes, a separate policy is required for each credit card; if you hold more than one card, you can get a quote for each.
Ordinary balances arising from the cardholder's own spending, deliberate transactions, handing the card to a third party knowingly, and debts that existed before the policy began are excluded.
If the card is lost or stolen, unauthorised spending in the limited window before you report it is covered within the policy limits. You must call your bank the moment you notice the loss.
The premium is based on the card limit being covered and the scope of cover selected; it is typically a small monthly amount. Aveon Insurance can quote a price specific to your card.
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