Once

CUSTOMER FREQUENTLY ASKED QUESTIONS

Once Credit Protection

Am I eligible for Once Credit Protection?

You can apply for Once Credit Protection ("OCP") cover if:
  1. You are applying for a Once Line of Credit facility or you currently hold a Line of Credit facility with Once, and
  2. You are an Australian resident, and
  3. You are 18 years of age and over, and
  4. You are under 61 years of age, and
  5. You are currently working more than 20 hours per week*

What cover does Once Credit Protection provide?

Once Credit Protection provides the following types of cover, as fully described in the Product Disclosure Statement and Policy Wording:
  1. Life cover;
  2. Accident & Sickness cover;
  3. Involuntary Unemployment cover.

What does Accident & Sickness cover?

Once Credit Protection can cover your credit facility repayments if you cannot work due to an accident or sickness of more than 30 days. After the first 30 days, OCP can pay 6% of your outstanding balance until you are fit to return to work for up to 36 months.

How does Involuntary Unemployment operate?

Once Credit Protection can cover your credit facility repayments if you are involuntary unemployed (e.g. made redundant or retrenched) for more than 30 days. After the first 30 days, OCP can pay 6% of your outstanding balance until you find new work for up to 6 months (180 days).

Do maximum benefit limits apply?

Yes, these are described in the Product Disclosure Statement and Policy Wording. A summary is provided below:

Cover Type Maximum Benefit Limit
Life Outstanding balance of your credit facility up to a maximum of $20,000
Accident & Sickness 6% of the outstanding credit facility balance to a maximum of $4,000 per month; and a maximum of 36 benefit payments or $52,000 (whichever is the lesser) in total.
Note: payments as a result of stress, depression or any other mental or nervous disorder are limited to 12 benefit payments in total.
Involuntary Unemployment 6% of the outstanding credit facility balance to a maximum of $4,000 per month. A maximum of 6 benefit payments within a 12 month period applies; and a maximum of 24 payments or $52,000 (whichever is the lesser) in total.


Please note these maximums apply collectively across all OCP policies issued to you.

*Is there a minimum employment requirement to qualify to claim Life, Accident & Sickness and Involuntary Unemployment cover?

Yes. You must be in work or self employed for a minimum of 20 hours per week.

Please note if you are self-employed, Involuntary Unemployment cover is only applicable if your business ceases trading as a direct result of being unable to pay its debts as and when they fall due.

Additionally, unemployment for casual, seasonal, temporary and some contract positions are not covered under the Involuntary Unemployment cover.

Are there any other exclusions and policy limits that apply to Once Credit Protection?

Yes. A full list of conditions and exclusions can be found in Part 3 'When we will not pay' section of the Product Disclosure Statement and Policy Wording.

Some of these exclusions include:
  1. You have reached 65 years of age;
  2. Your reasons for claiming is as a result, in whole or part, of a pre-existing medical condition;
  3. You are currently working less than 20 hours per week;
  4. Your reason for claiming is due to you engaging in criminal activities or illegal acts;
  5. You become disabled (expect where you are disabled by accident) or unemployed within the first 30 days of the policy commencing.
Please note "disabled" and "unemployed" have special meanings under the policy; these are explained in Part 1 of the Product Disclosure Statement and Policy Wording.

How is the premium calculated?

The premium is calculated as $0.45 per $100 of the monthly outstanding credit facility balance. For example: if your closing balance is $1,000 for a particular statement period, the premium charged for that statement period is $4.50.

How will I know how much my premium is in any given month?

The premium charged will appear as a transaction on each statement for that period. The premium is calculated on your outstanding balance at the billing cycle.

What if my outstanding credit facility balance is zero?

You are not charged a premium if the closing balance shown on your statement is zero.

Can a joint policy be taken?

No. If you have a joint account you will need to nominate one person to take out Once Credit Protection.

Can my co-borrower be covered?

No. Cover is only available for the primary customer. However, the balance is covered even if transactions are made by the co-borrower.

If I make a claim, is the insurance payment made directly to me?

No. Any insurance payments made under your policy are paid directly into your Once Line of Credit facility.
Once Credit Protection Cover is issued by St Andrew's Insurance (Australia) Pty Ltd ABN 89075044656, AFSL 239649, and St Andrew's Life Insurance Pty Ltd ABN 98 105 176 243, AFSL 281731. This material contains factual information only. This material has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of the advice before acting on it. You should obtain and consider the Product Disclosure Statement and Policy Wording, including policy conditions and exclusions, to determine if this product is suitable for you before you make any decision about whether to acquire or continue to hold this product. PDS and Product Wording can be obtained from Once Credit Pty Ltd. Once Credit Pty Limited ACN 112 319 632 t/a MyBuy (ACL 386194).