Insurance against borrower's unemployment and incapacity for work

Loan Payment Protection is an insurance designed specifically for only Swedbank borrowers. The insurance will alleviate your financial burden in case you will be unemployed or be on incapacity for work.

• The insurance premium is 3.5% of your monthly mortgage or small loan payment. For example, if the monthly loan payment is €100, then insurance premium is €3.50 for the month.
• You can conclude the insurance contract, if you still have at least 1 year of your loan agreement repayments, and if the loan balance is more than €500. Loan Payment Protection Insurance is available for borrowers of up to 62 years of age.
• we recommend that also the co-borrower conclude the insurance contract.

In case of incapacity for work

If you or your child gets ill unexpectedly, suffers a trauma, etc., and a more than 30-day treatment is required, we will provide an indemnity that covers your monthly loan payments for the sick leave period.

In case of unemployment

We will pay you the indemnity, if for example, you are offered an agreement to terminate employment, you are given a notice of termination of the contract due to downsizing or eliminating your position in a reorganised company.

The unemployment cover will take effect 90 days after the insurance contract has come into force.

The indemnity will be calculated starting from 30 days after the ensured event.

For illness the insurance cover will take effect immediately.

For unemployment the insurance cover will take effect 90 days after the insurance contract has come into force.

Submit the insurance application form, if you:

• Have lost your job (you also need to present the medical certificate confirming your unemployment);
• fall ill or get injured in an accident, and you won’t be able to work for more than 30 days (you also need to present the medical certificate confirming your incapacity for work).

Fill in the claim form

• The indemnity will be calculated starting from 30 days after the insured event takes place.
• The maximum period for being indemnified is 12 consecutive months.
• The indemnity will be paid to your bank account.

Example:

If your monthly loan payment is €210 and you fall ill for 50 days, then you‘ll get the indemnity for 20 days. Daily indemnity is €7 (210 € : 30 days). The amount of benefit for these 20 days will be € 140 (20 days x € 7).