Navigate to main page content

Insurance against borrower's unemployment and incapacity for work

  • 79% of cases are incapacity for work *
  • Average payout is 490 EUR*

Insurance for your and family's safety - throughout the duration of your loan

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 2021 according to the data of Swedbank P&C Insurance AS Latvian branch.

  1. How does loan payment insurance help?

    Loan payment insurance helps when customer suddenly become unemployed on the initiative of the employer or are on sick leave due to an accident or illness. The indemnity is calculated from the second month, 30 days after occurrence of the insured event and covers amount of loan payments for up to 12 months.

  2. Is pandemic or epidemic exclusion?

    It is not exclusion.

  3. Do customers have to pay for loan payment protection insurance during the loan holidays?

    Loan payment protection insurance payment is calculated according to the current monthly loan payment. For example, if a client has loan holidays and has to pay only interest on the loan, during that period the loan payment protection insurance payment will be lower. Insurance covers actual loan payments that customer has in current month. Either it is principal plus interest or only interest.

  4. If customer loses job during the loan holidays and has loan payment protection insurance, how should customer act?

    In this situation we recommend to submit the loan payment protection insurance claim application. Loan payment protection insurance is valid and if no exclusion of insurance agreement has occurred, customer can receive indemnity covering loan scheduled monthly payment.

  5. Customer has a sick leave certificate from doctor because he needs to stay at home in quarantine and also take care of children. The customer and their children are not ill. Does this qualify as an insured event?

    No. Staying in quarantine and not being infected with coronavirus or other disease is not considered to be an insured event.

  6. Customer need to go on unpaid vacation for unknown period of time as customer works abroad but the border is closed due to coronavirus. Does this qualify as an insured event?

    If customer can’t go to work because the border is closed and has to stay on unpaid vacation, but still has a valid employment contract, this is not an insured event.

  7. If customer now concludes a new loan payment protection insurance contract and gets fired, will it qualify as an insured event?

    It depends on when it happens as insurance is intended for covering unexpected and unforeseen events. The unemployment cover will take effect 90 days after the insurance contract has come into force.

  8. If customer has tested positive for coronavirus and needs to stay in hospital for an extended period of time. Will this qualify as an insured event?

    Yes, if the sick leave is longer than 30 days.

Swedbank loan payment protection insurance and virus COVID-19: what clients need to know?

We have prepared information related to loan payment protection insurance, where in short term customers can find answers to their questions.

Read more

Loan Payment Protection is an insurance designed specifically for only Swedbank borrowers. It is possible to conclude insurance contract within 30 days after signing the loan agreement. 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.

After signing a new loanagreement your monthly payment will be visible in the internet bank. Conclude an insurance contract by confirming it in the internet bank within 30 days of loan agreement signing. Policy will be available in the internet bank.

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

  • Please be informed, that in case of insurance indemnity payout, insurer will pay out to your bank’s account, therefore you have to continue with your loan monthly payments according to your loan agreement.
  • 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.


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).

Insure your life if you have close ones you care about, and who depend on your income.

Insure yourself against a sudden illness or unemployment in the amount of credit card liabilities.

Agreement fee 0 EUR!

Small loan is well-suited to purchase domestic appliances, home repairs, to cover medical costs, to start with entrepreneurship.


  • phone +371 67444449
  • 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

Swedbank logo

Jūsu Internet Explorer pārlūkprogramma netiek atbalstīta.

Lūdzu izmantot Google Chrome, Mozilla Firefox vai Microsoft Edge pārlūkprogrammu.

Ar 23.03.2021. Swedbank internetbanka vairs nav pieejama, izmantojot Internet Explorer tīmekļa pārlūkprogrammu.

Tāpat nav iespējams apstiprināt Swedbank maksājumus citās vietnēs, kā arī izmantot Swedbank autentifikāciju, piemēram,

Turpmāk iesakām izmantot Google Chrome, Mozilla Firefox vai jaunāko Microsoft Edge versiju. Uzziniet, kā uz sava datora uzstādīt kādu no minētajām pārlūkprogrammām, šeit.

С 23.03.2021 Интернет-банк Swedbank недоступен в браузере Internet Explorer.

С помощью Internet Explorer невозможно авторизоваться или осуществлять платежи через Swedbank на сторонних веб-страницах.

Вместо браузера Internet Explorer мы рекомендуем использовать браузеры Google Chrome, Mozilla Firefox или Microsoft Edge. Инструкции по установке упомянутых браузеров можно найти здесь.

From 23.03.2021 Swedbank Internet Bank and Banklink is no longer available using Internet Explorer browser.

It is not possible to authorize or make payments from Swedbank on other web pages using Internet Explorer.

Instead, we suggest using Google Chrome, Mozilla Firefox or the newest version of Microsoft Edge. To find out how to install the suggested browsers, please click here.

Klientu serviss - Инфо и помощь - Customer service: +371 67 444 444

  • Jūsu ierīces operētājsistēma un pārlūkprogramma ir novecojusi un netiek atbalstīta Swedbank internetbankas lietošanai. Aicinām vērsties pie Jums uzticama IT atbalsta, lai saņemtu konsultāciju un veiktu atbilstošu operētājsistēmas un pārlūkprogrammas atjauninājumu.
  • The operating system of your device & your browser are too outdated to be supported by Swedbank Internet Bank. Please, update the operating system & browser or turn to IT specialist for technical help.
  • Ваш браузер или операционная система недостаточно современны для использования в интернет банке Swedbank. Пожалуйста обновите операционную систему и браузер или обратитесь за технической помощью к ИТ специалисту.

Thank you for the visit!

For security reasons, please close the browser window!


Gold Credit Card

Special offer! Gold Credit Card without any issuance and monthly fee until the end of this year.*

  • Included travel and purchase insurance
  • Zero-interest period for up to 40 days
  • Cash withdrawals of up to 500 EUR at no charge worldwide

* Special offer is valid when applying for the credit card from 11 August to 30 September 2022. From 01.01.2023, the regular monthly fee will apply. If the customer has had the same type of credit card before, then the special offer is valid on the condition that at least 3 months have passed since termination of the credit card agreement.