Coles Account Cover Plus was an optional insurance package offered to eligible cardholders who applied before 25 February 2018. It is no longer available for new customers.
This credit card insurance package has a premium that was calculated as 1% of your credit card statement's monthly closing balance. It offered the following types of coverage for your account:
Repayment cover. Covered the cost of your monthly credit card payments if you lose your job unexpectedly or can't work due to illness or injury.
Life cover. Paid out your card balance (up to $20,000) in the event of your death, diagnosis of critical illness, or total and permanent disablement.
Stolen card insurance. Provided you with a $200 benefit if your Coles Mastercard is stolen.
Price protection. Covered the price difference to your account if an eligible item purchased with your Coles Mastercard reduces in price at the same store within 24 months of purchase. This is much longer coverage than most cards offering complimentary price protection insurance.
Merchandise protection. Covered the cost of repair or replacement if an eligible item purchased with your Coles Mastercard is lost, stolen or damaged within 6 months of purchase.