Life insurance

Family drinking lemonade with paper straws in the garden.

Support when you need it most

Life insurance provides financial support for you and your loved ones.

Replacement of lost income
Help with covering loans
In case of trauma
Sum Insured Booster to maintain its value

Calculate the sum insured right for you

Sign the contract remotely

24/7 worldwide coverage

Calculate how much life insurance could cost you

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What is your monthly income after tax (i.e. net income)?

We will use your income to calculate the recommended sum insured and to conclude a contract.

Calculate your average net income for the last 6 months (salary, pension and social security benefits, income from business, including dividends).
Do not include here income from investments, renting out your car, renting out or selling property, and transfers from relatives.

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Calculate how much life insurance could cost you

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Please select why do you want to insure.

Why do you want to insure your life?

Under the question mark, you can find more detailed information about each need.

To protect close ones in case of loss of income We will help to ensure financial stability for you and your close ones by paying insurance benefit in the event of death or severe disability. In this way, we will reduce your risk of getting into a difficult financial situation. The life insurance benefit will be paid:

to your chosen beneficiary in the event of your death;
to you if you have lost your ability to work for at least 12 months as a result of serious and long-term health Disability is certified by the competent authority of the Republic of Latvia.

So the insurance would help paying back the Swedbank mortgage loan So the insurance would help paying back the Swedbank mortgage loan? – We will help to repay your Swedbank mortgage loan in the event of severe disability or death. If the balance of your Swedbank mortgage loan is less than 20,000 EUR, please add this amount to the sum insured in the next step.

To get support in case of a trauma If you add the trauma supplementary insurance cover to your contract, which costs 6.25 EUR per month, we will pay a benefit after a trauma.

So that the insurance would help meeting other loan obligations We will add the balances of your other obligations to the sum insured under your life insurance, so that in case of severe disability or death neither you nor your close ones would have any difficulties repaying these obligations. For example, a mortgage loan in another bank, hire purchase, leasing or consumer credit.

Total balance of other obligations

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Total balance of other obligations should be entered.

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Recommended sums

Check whether the sums insured also meet your needs. We recommend insuring your life for a sum insured that is equal to at least 3 years of net income and all loan obligations.

When choosing the sum insured, we recommend keeping in mind that it should cover at least 3 years of net income and other loan obligations. A larger sum insured will give you or your close ones more time to adapt to the new financial situation. This sum applies to both severe disability and death. The minimum sum insured is 20,000 EUR.

This feature is available with sum insured up to €200 000.

This can help to protect the value of your sum insured against the inflation by automatically increasing it annually by 3%. You can switch the automatic increase off if you wish, in which case sum insured will not increase on your next birthday.

With the trauma supplementary insurance cover, we will pay you a benefit corresponding to the severity of injury (e.g. in case of a bone fracture). You can find the list of insured injuries in the Trauma Table. Note that illnesses are not considered traumas. The trauma sum insured is 20,000 EUR.

20 000 €

Initial monthly payment

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Your Life insurance overview

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Life insurance

Total sum insured
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Life sum insured
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Disability sum insured
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Sum insured booster
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Trauma sum insured
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Life insurance to cover loan

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Disability sum insured for mortgage loan null
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Disability sum insured for mortgage loan null
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Life sum insured for mortgage loan null
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Initial monthly payment

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The sums insured and insurance premium are calculated considering your age, income, wish to protect your close ones and cover your loan obligations. These calculations are approximate and may differ from the offer made to you.

To conclude the contract, please proceed to filling out the health questionnaire.

Swedbank Life Insurance SE processes your personal data by automated means, including profiling, to assess insurance risk, calculate premium and sum insured, and conclude the insurance contract. We process health and other data we receive from you and data we have at our disposal in existing and previous insurance contracts and applications. We also process data shared by Swedbank AS, such as your identification data, contact details, relationship status data (e.g. customer segment data), your age, and financial data, if applicable. The insurance contract may be concluded in a fully automated manner. For further information, see our Principles of Processing Personal Data .

Swedbank’s life insurance provides

The claim payout is made to the beneficiary you have chosen in the event of death, or to Swedbank (if you have life insurance to cover loan).

Cover is valid for ages 18–70.

If you lose your ability to work for at least 12 months due to illness or accident, the disability insurance payout will be made to you or to Swedbank (if you have life insurance for covering loan obligations).

Cover is valid for ages 18–60.

If you add the accidental trauma cover for 6.25 EUR per month, you will receive a benefit in case you suffer an injury, such as a broken bone.

The amount of payout will depend on the type of trauma.

Your Swedbank mortgage loan will be repaid in your chosen amount in the event of death or severe disability, easing the financial burden on your loved ones.

The balance of the loan will be paid out directly to Swedbank to ensure repayment of the loan.

The claim payout takes about one week on average after all the necessary documents are received. Financial support precisely when you need it most.

Easy management of your contract via Internet Banking – make changes to your insurance cover with just a few clicks.

Helps provide support to your family and children (aged 6 to 17) in cases of bullying – online, at school, or anywhere else.

Provided in partnership with the PLECS Foundation.

To better protect your sum insured against inflation, choose the automatic increase:

Each year, the amount increases by 3% of the previous year's amount.
The amount is increased automatically.

Select the Sum Insured Booster option in the insurance calculator or add it to your current contract.

Swedbank’s life insurance provides

The claim payout is made to the beneficiary you have chosen in the event of death, or to Swedbank (if you have life insurance to cover loan).

Cover is valid for ages 18–70.

Cover is valid for ages 18–60.

If you add the accidental trauma cover for 6.25 EUR per month, you will receive a benefit in case you suffer an injury, such as a broken bone.

The amount of payout will depend on the type of trauma.

Your Swedbank mortgage loan will be repaid in your chosen amount in the event of death or severe disability, easing the financial burden on your loved ones.

The balance of the loan will be paid out directly to Swedbank to ensure repayment of the loan.

The claim payout takes about one week on average after all the necessary documents are received. Financial support precisely when you need it most.

Easy management of your contract via Internet Banking – make changes to your insurance cover with just a few clicks.

Helps provide support to your family and children (aged 6 to 17) in cases of bullying – online, at school, or anywhere else.

Provided in partnership with the PLECS Foundation.

To better protect your sum insured against inflation, choose the automatic increase:

Each year, the amount increases by 3% of the previous year's amount.
The amount is increased automatically.

Select the Sum Insured Booster option in the insurance calculator or add it to your current contract.

Swedbank life insurance specialist providing a phone consultation

Let’s have a talk about what’s important for you

Book a consultation with our specialist.

You can enter into the life insurance contract remotely via Internet Banking.

Use the life insurance calculator to select insurance coverage and see the approximate monthly payment.

Press Continue to fill in details about yourself.

If a preliminary health check is required for entering into the contract, it will be carried out free of charge by our medical partner.

Let your loved ones know about your life insurance so that they know what to do if something happens.

Conditions

Calculator

Life insurance to cover loan

In case of an insured event, fill in the application via Internet Banking or contact us by phone on 67 444 449 for information and further guidance.

Please be aware that:

In case of death of the insured person, the insurance benefit will be paid to the person designated in the contract or the inheritor(s).
In the event of a trauma, the insurance benefit will be paid to you directly.
In case of disability, the insurance benefit will be paid to you directly or to the beneficiary designated in the contract.
Disability means loss of working capacity by 80% or more (disability group I), caused by a long-term serious illness or injury, as determined by the State Medical Commission for the Assessment of Health Condition and Working Ability and issued for at least 12 months.
In case of trauma cover, you will be compensated for injuries (e.g. broken bones-) that have been caused by accidents (e.g. a fall, being hit, collision, attack). Trauma is not an illness (e.g. influenza, spondylosis), muscle pain caused by exercise or chronic pain (e.g. back pain, knee pain or shoulder pain).
Insurer makes the decision no later than within 30 calendar days from the date when all the information and documents concerning the event are received.

Over 1,490,000 EUR

Total amount of life insurance claims paid out by Swedbank in Latvia

69%

Share of illnesses in cases of death and severe disability

73%

Number of accidental trauma claims in the first three years of insurance

According to data from Swedbank Life Insurance SE Latvian branch for 2024.

More about life insurance

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.

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Savings for Child’s Future with Guaranteed Amount

Build up savings for your child’s future now! You'll get life insurance while your child will have savings for starting an independent life.

Loan payment insurance

Insurance that helps you with loan repayments in case of losing your job or capacity for work.

Contacts

phone 67 444 449
info@swedbank.lv

Insurance claims handling

phone 67 444 449 (24h)
Claim filing

In the case of an insured event, please notify us at the earliest opportunity. Life insurance services are provided by Swedbank Life Insurance SE, which is represented in the Republic of Latvia by Swedbank Life Insurance SE Latvian branch and the insurance intermediary service is provided by the insurance agent Swedbank AS.

Life insurance

Support when you need it most

Calculate how much life insurance could cost you

What is your monthly income after tax (i.e. net income)?