IMPORTANT INFORMATION: Consumer Insurance Services Ltd (CISL) Insurance policies will be cancelled from 1 July 2022.
In 2019, we made the decision to cease issuing new insurance policies or renewing insurance policies once they expire. Since that time, the number of active policies has significantly reduced and hummgroup has determined that providing insurance is no longer part of its core business. We have now decided to cancel all remaining insurance policies from 1 July 2022. Under the terms and conditions of your policy we are entitled to cancel your insurance cover by giving you 30 days prior written notice.
If you hold an existing CISL Repayment Insurance policy, the last time we will charge you a premium (if you have a closing balance on your card) will be in May 2022. However, to support our customers, we will continue to pay eligible claims for any events covered by the relevant 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 [email protected].
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.)
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.
Q Mastercard Card Repayment Insurance is underwritten by Consumer Insurance Services Limited. Consumer Insurance Services Limited 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
We have summarised the key points of the policy below, but please make sure you read the policy document for the full details of inclusions, exclusions and stand down periods for which there is no entitlement to benefits.
Where you or your partner are unable to work for at least 30 consecutive days
If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before you or your partner become Disabled.
Where you or your partner are unable to work for at least 3 months and into the foreseeable future
If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before you or your partner become Permanent Disabled.
Where you or your partner are out of work for a minimum of 30 consecutive days
If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before your or your partner become Redundant.
Basic eligibility requires that you need to have been;
If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance on the date immediately before you or your partner are declared Bankrupt.
If eligible, Q Mastercard Card Repayment Insurance will pay the Closing Balance at the earlier of the date of death or the date immediately before the diagnosis of a Terminal Illness.
The monthly premiums will vary dependent on the Closing Balance of the Q Mastercard Account.
For more information, view the Q Mastercard Card Repayment Insurance policy and Premium Rate Card or call 0800 855 333.
