Credit Protection Cover
What is Once Credit Protection Cover?
Once Credit Protection Cover is consumer credit insurance cover that helps you to meet your repayment obligations under your Once account should you:
- become unable to work due to illness or injury
- become involuntarily unemployed or
- pass away or become diagnosed with a terminal illness (collectively, the insured events).
You will also need to meet our Once Credit Protection Cover eligibility criteria.
You must be:
- applying for, or already hold a Once account
- an Australian resident
- 18 years of age and over
- under 61 years of age, and
- currently working more than 20 hours per week
If you do not meet these criteria at the time you take out Once Credit Protection Cover it will not protect you (and you should not incorporate Once Credit Protection Cover with your Once account).
Please note that you may not meet our criteria if you have a pre-existing medical condition, are a contract worker or in casual employment or you have not met required waiting periods.
Features and benefits
- Helps you to meet your repayment obligations under your Once account if you are eligible and an insured event occurs.
- Available for people in work or who are self-employed (and engaged in that occupation for at least 20 hours per week).
- No paperwork - one call to us and you can be covered in less than 5 minutes if you meet our Once Credit Protection Cover eligibility criteria.
- No increased premiums for hazardous sporting activities or occupations, subject to any eligibility criteria that applies from time to time.
What does it cost?
- The monthly premium is $0.45 per $100 of the outstanding account balance each month and is calculated using the following formula: (monthly closing Once account balance/100) x $0.45.
Policy Commencement and Cooling Off period
- The policy commences on the date your Once account is opened or the date that you apply for cover and it is accepted by us, whichever is later.
- If you are not completely satisfied with your policy, you can cancel this policy within the first 21 days from the date your policy is accepted by us. If you cancel within the 21 day cooling-off period, we will refund any premiums paid in full unless a claim has been made.
Please refer to the Once Credit Protection Cover Product Disclosure Statement (PDS) for full policy information, e.g. you must read the PDS carefully and ensure that you meet our eligibility criteria etc.
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Once Credit Protection Cover is issued by St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656, AFSL 239649, and St Andrew's Life Insurance Pty Ltd ABN 98 105 176 243, AFSL 281731 who collectively are referred to as St Andrew's. Please consider the PDS to determine if this product is appropriate for you. Once Credit Protection Cover is promoted and distributed by Once Credit Pty Limited ABN 99 112 319 632, Australian Credit Licence number 386194 and individuals who are employed by either Once Credit or a third party and are duly authorised by Once Credit on behalf of St Andrew's. Once Credit and relevant representatives each distribute this product on behalf of St Andrew's.