Life insurance provides financial support in the event of death or disability caused by illness or accident. You can also add the trauma insurance, which provides a payout if you suffer an injury.
Accident insurance does not cover events of death and disability caused by illness.
Most deaths and disabilities are caused by illness, so it is important for insurance to cover not only accidents but also illness.
The insurance will not bring back life or health, but it can provide significant financial support, especially if you do not have sufficient savings.
Financial support for you and your family
Think about whether your family would be able to maintain their usual standard of living if you were unable to work due to severe disability or if you were suddenly no longer there. Would your loved ones be able to cover the mortgage payments and daily expenses?
Consider your family's income and obligations – what would happen if you suddenly lost your income and your family's budget took a hit? That’s why it’s worth taking out life insurance.
Financial support for yourself
The same is true if you live alone too. If you don't want your obligations to fall on your heirs in the future, consider life insurance, which provides protection in unexpected situations.
Although life insurance covers a lot, there are several important exceptions to keep in mind. The full list of exceptions is available in the Insurance Terms and Conditions .
Examples of what's not covered by life insurance:
Accidents related to alcohol or drug use
In the event of death – driving under the influence of alcohol or other intoxicating substances, if the concentration of the substance in the body exceeds the legal limits in the country where the accident occurred.
In case of injury – excessive consumption of alcohol, drugs, and other intoxicating substances.
Military operations
Accidents that have occurred during military operations (except for participation in military training) are not covered.
Suicide
The insurance is not valid if suicide has occurred within the first two years after entering into the contract.
Self-harm
Coverage is not valid if severe disability and injuries have been caused by self-harm.
It should also be noted that no cash value accrues under life insurance – if the contract ends, no payout will be made.
The sum insured depends on your personal situation, but there are some recommendations that can help you choose.
Use our life insurance calculator to find out the amount right for you – the calculator is easy to use and takes into account your income and loan obligations.
The minimum sum insured under life insurance is 20,000 EUR.
We recommend choosing an amount that covers:
Net (take-home) income of at least 3 years
The balance of all your loan obligations (such as mortgage, lease, or consumer credit)
If you insure your life only because of a mortgage loan, we recommend taking out insurance for the entire outstanding balance of the loan.
Think about:
Loan payments
Family's monthly expenses (utilities, food)
Children's needs and future education
Your financial wellbeing in the event of long-term severe disability
To minimise the possibility that the sum insured may lose value over time, add the Sum Insured Booster to your contract. This way the amount will automatically increase by 3% per year.
An amount that is right for your needs will give your loved ones time to adjust financially if something happens to you.
To enter into a life insurance contract, you must:
Be a customer of Swedbank
Be a resident of Latvia
Be between 18 and 68 years of age
Have a monthly net (take-home) income of at least 500 EUR
Compete the insurance questionnaire
Depending on your answers, we may ask you to provide additional medical information. If a preliminary medical check prescribed by us is required, it will be carried out free of charge by our partners.
Life and severe disability insurance takes effect on the date the contract is entered into.
If the insurance is tied to a loan, all the insurance covers come into force on the next business day after entering into the contract but not before the loan is paid out.
Trauma insurance takes effect on the next day after the contract has entered into force.
Yes, your life insurance is valid worldwide on a 24/7 basis.
You are fully covered regardless of whether you are traveling, living abroad temporarily, or staying outside Latvia for an extended time period.
You just need to take care of:
Monthly payments
Keeping your personal details (e.g., address) up to date
Your insurance remains in force regardless of where you are or what changes in your life.
This is a free service for families whose children are affected by bullying, except in cases within the family. The support is available for children aged 6 to 17 who live in the same household.
Find out more in the terms and conditions of the anti-bullying service .
You will get:
An expert assessment of whether what happened is bullying or a conflict
Practical guidance on what to do – step by step
Personalised support from specialists
Fast assistance in serious cases
This service is free of charge
Who is it for:
Families whose child is being bullying
Families whose child is bullying others and who want to help their child change
How to use it:
Make sure your life insurance contract is in force.
The most recent bullying incident has occurred within the last 3 months.
This service is provided by the PLECS Foundation. Go to mobstop.lv website to register and report your case.
You will receive the necessary support, and this will not affect your insurance premium or contract in any way.
No, life insurance does not involve savings or investments, so your payments are not refunded when the contract ends.
Why not?
Life insurance provides insurance coverage during the time it is valid. Your payments go towards providing coverage during the validity period of the contract, not towards savings.
The only exceptions:
You have the right to withdraw from the contract within 30 days of entering into it via Internet Banking and receive a full refund.
If you terminate the contract early and you have made advance payments for future periods, the unused amount will be refunded.
If the contract is terminated because you have repaid your loan early, no refund will be made for the period during which the insurance was in force.
Life insurance does not cover events caused by war, military actions, or nuclear disasters.
Each case is considered individually to determine whether the occurrence was directly linked to any of the exceptional circumstances.
If death or severe disability has occurred due to illness, including during a pandemic, the cover will still be valid unless any of the exceptions specified in the terms and conditions apply.
If the Sum Insured Booster has been selected in the contract, the life sum insured will increase by 3% of the previous year's sum on your birthday annually.
This option can be selected if the sum insured is up to 200,000 EUR for all life insurance contracts (except for insurance contracts linked to mortgage loans).
The Sum Insured Booster is valid for one year and is automatically prolonged on the same terms and conditions for the next year, unless you or us terminate it. You can cancel the Sum Insured Booster by making changes in the contract.
An example of how the Sum Insured Booster works: Age 30, sum insured 50,000 EUR
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No, the trauma cover only applies to injuries from accidents, not illnesses like the flu, tendonitis, or chronic pain.
