Repayment Insurance

IMPORTANT INFORMATION – Notice that your Q Card Repayment Insurance policy will be cancelled on 1 July 2022.

Your Q Card Repayment Insurance policy (“Your Policy”) is underwritten by Consumer Insurance Services Limited (“CISL”), part of hummgroup, a provider of consumer and commercial finance products, including your Q Card.

In December 2021, we advised you that we intended to cancel all remaining insurance policies. As allowed under the terms and conditions of Your Policy, we are now providing you with 30 days’ prior written notice that we will be cancelling your insurance cover on 1 July 2022.

The last time we will charge you a premium will be on your May 2022 Q Card statement date. However, to support our customers, we will continue to pay eligible claims for any events covered by the Q Card Repayment Insurance policy that occur up to and including 31 December 2022. We will cancel CISL’s insurance licence in early 2023.

If you have any questions about the cancellation of your policy, please contact us on insurance@humm-group.com.

If you would like to consider alternative insurance cover options, you could call another insurance provider such as Cigna Insurance Limited on 0800 750 019.

We will contact you again before May 2022 to provide you with final confirmation of the cancellation of your policy.

(Note you will still be able to use your card after your insurance policy has been cancelled.)

 

ABOUT Consumer Insurance Services Ltd (CISL)

CISL provides a range of insurance products to protect against the unexpected, however in 2019, we made the decision to cease issuing new insurance policies or renewing insurance policies once they expire. Please see above IMPORTANT INFORMATION regarding Your Policy cancellation on 1 July 2022.

 

Insurance CISL’s Financial Strength Rating and Solvency Margin

Consumer Insurance Services Ltd has a B+ (good) financial strength rating, which was given by A.M. Best Company Inc. on 3 June 2021 A.M. Best Company Inc. is an approved agency pursuant to the Insurance (Prudential Supervision) Act 2010.

Consumer Insurance Services Limited Solvency as at 30 June 2021 is: Actual Solvency Capital = $3,524,000, Minimum Solvency Capital = $3,000,000, Solvency Margin = $524,000, Solvency Ratio = 117%.

The Ratings Scale is: A++, A+ = Superior, A, A- = Excellent, B++, B+ = Good, B, B- = Fair, C++, C+ = Marginal, C, C- = Weak, D = Poor, E = Under Regulatory Supervision, F = In Liquidation, S = Suspended

 

It costs just 89 cents, or 63 cents

It costs just 89 cents for each $100 of your Closing Balance each month where a payment is due. And only 63 cents for each $100 of your Closing Balance each month that is within a payment holiday period. So if you owe nothing, no premium is charged.

For full terms and conditions please view the policy. For more information call 0800 855 333.

 

Cover your Closing Balance if you’re made redundant*

If you or your partner are a permanent full-time employee and are made involuntarily redundant and are unable to work for at least 30 consecutive days or more; Card Repayment Insurance could pay your Closing Balance on the date immediately before you become redundant.

 

Cover your Closing Balance if you’re declared bankrupt*

If you or your partner are declared bankrupt Card Repayment Insurance could pay your Closing Balance, at the date immediately before you or your partner were declared bankrupt.

 

Cover your Closing Balance for temporary or permanent disablement*

If an accident or illness prevents you or your partner from working for 30 consecutive days or more; then Card Repayment Insurance could pay your Closing Balance at the date immediately before you become temporary or permanently disabled.

 

Cover your Closing Balance for terminal illness or death*

In the event you or your partner are diagnosed with a terminal illness or your or your partners passing, Card Repayment Insurance could ensure your Closing Balance, at the time of the event.

 

How to make a claim

 If you have any questions about the cancellation of Your Policy, please email us at insurance@humm-group.com                                                                                                                                                    To lodge a claim please complete the Card Repayment Insurance Claim Form
 Once you have completed the form either email it to insurance@flexicards.co.nz or
 post it to: Consumer Insurance Services Limited, Private Bag 94013, Auckland 2241
 For further enquiries please phone Consumer Insurance Services Limited on 0800 855 333.

 

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