Insurance against borrower's unemployment and incapacity for work

  • 56% of cases are sickleave*
  • Average payout is 977 EUR*

Insure yourself against unemployment and incapacity for work

Loan Payment Protection Insurance helps you to pay the monthly loan payments in case you:

  • unexpectedly lose your job;
  • stay on sick leave for more than 30 days also due to your child‘s illness;

In case of unemployment or sick leave we will cover amount of your loan payments for up to 12 months.

* A summary of losses in 2018 according to the data of Swedbank P&C Insurance AS Latvian branch.

What is the cost of insurance?

Insurance payment
0EUR
The calculation is only indicative. Please log in to your internet bank to see the exact Loan Payment Protection Insurance premium.

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.

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Contacts

  • +371 67444449
  • info@swedbank.lv
  • The insurer is Swedbank P&C Insurance AS, which is represented in Latvia by Swedbank P&C Insurance AS Latvian branch and the insurance agent is Swedbank AS.

Insurance claims handling