Even though debit cards are essentially just another way for us to access our own money, there can be many benefits when you choose the right option.

Some of the more premium debit cards, like the NAB Gold Visa card or ANZ’s Extras Package, come with complimentary insurance that will help save money in your everyday life.

But just like features, terms and conditions may be different between debit cards and banks, so will the requirements of the insurance options.

This is mainly because the banks will be partnered with an insurance company to provide these policies, with specific requirements and coverage plans selected for the complimentary service.

NAB’s Gold Card, for example, comes with complimentary travel insurance from Chubb Insurance Company. The plan applies to all eligible cardholders, but to activate it the following conditions must be met:

• The cardholder must be the person taking out the insurance in their name
• At least $500 of the travel expenses must be paid on the NAB Gold Visa debit card before the journey has commenced; and
• You must be fit for travel

Apart from the spending requirement, these conditions are standard for most travel insurance options and should be relatively easy to fulfil.

This debit card also offers complimentary purchase protection insurance and extended warranty insurance, providing the card is used for purchases and items meet the standard eligibility conditions.

In contrast to this deal, ANZ’s Extras Package, which comes with a Visa debit card, features insurance options from different companies, with the main three as follows:

1. Mobile phone insurance from NUA, covering theft, loss, accidental damage and mechanical or electrical breakdown
2. Accidental death insurance from OnePath Life of up to $25,000; and
3. Domestic travel insurance from QBE for all trips in Australia of up to 60 days

The accessibility requirements are standard for all of these options, but it is a good idea to compare them to others and call ANZ directly to discuss these complimentary extras so that you know exactly what you need to do to be covered.

Complimentary Insurance Checklist

Before choosing to go with a complimentary credit card travel insurance option it is a good idea to read up on any insurance policy to make sure you are covered for what you need.

The following points are helpful to keep in mind when looking at the complimentary insurance policy:

• Who the insurance will cover
• Any age, health and other personal eligibility factors
• The amount of coverage and the excess costs
• Any location exclusions; and
• Debit card or account requirements to access the offer

Complimentary insurance provides another opportunity for cardholders to save money with their debit cards but looking at the specifics and comparing other options will make sure you get the best coverage every time.