Credit Card Liability Insurance

  • Average payout for unemployment was 589* EUR
  • Highest indemnity due to sickleave was 1275 EUR*

Insure yourself against an unemployment and incapacity for work

Credit Cover will help you make your credit card repayments.

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

If unemployment or incapacity for work lasts longer then 12 months, we‘ll reimburse the whole outstanding balance.

You‘ll pay for the insurance only if you use the credit.

Conclude

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

Please be informed that the unemployment cover shall enter into force upon lapse of 90 days after insurance contract takes effect.

How much would it cost?

Used credit card limit at the end of month
Insurance payment
EUR
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The calculation is indicative. Your Credit Cover premium varies month to month depending on the credit limit used as of the last day of each month.
What’s the credit card liabilities insurance?
  • Credit card liabilities insurance will help you repaying your credit card obligations if you’ve lost your job or become incapable for work due to illness or trauma for more than 30 days.
  • You’ll be charged for the insurance only if you use the credit. The rate of insurance premium is always the same: 0.6% of the used credit amount. For example, if you only used €100 by the end of month, the insurance will cost you as little as 0.60 EUR.
  • We will pay out a monthly insurance indemnity equivalent to 5% of the outstanding credit. If the insured event continues for more than 12 months after the deductible period, then the last portion of the insurance indemnity will be equivalent to the entire outstanding balance of the credit.
  • This insurance is available to credit card holders aged between 18 and 62.
  • The contract can be set up via Internet Banking.
What is covered?

Cases of incapacity for work

If you or your child unexpectedly falls ill or suffers a trauma, we will pay out an indemnity that covers part of your credit card repayment.

The indemnity will be calculated starting from the 30th day after occurrence of the insured event (deductible period).

Cases of unemployment

We will pay out an indemnity if you are offered to sign an agreement to terminate employment, if you are given notice of termination due to downsizing or your position is closed due to reorganization of the company.

The insurance cover will take effect 90 days after entry into force of the insurance contract.

The indemnity will be calculated starting from the 30th day after occurrence of the insured event (deductible period).

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Contacts

Insurance claims handling

Fill in the application form

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.