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Life insurance

Take care of what’s important for you - insure your life

Life insurance will be financial support:

  • For your family in case of your death
  • For you if you become disabled and can’t work anymore
  • In the event of trauma caused by accident

New! Anti-bullying Service* - designed to provide support for parents and their children in the case of a bullying event.

* Service provided by foundation “Fonds PLECS”.

Your average monthly net income (work remuneration, pension, social security benefits, dividends and income from individual merchant activities) from past 6 months. This sum will be paid out to your loved ones. Our recommendation is to insure at least 24 month income and balance of loan obligations so your family has time to cope with new financial situation, when you are gone. Minimum cover is 15000€. Log in for detailed calculation.
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The sums insured and insurance premium are calculated based on your age, income, desire to protect your close ones and cover your loan obligations. The calculations are approximate and may differ from the offer received by you.

Swedbank Life Insurance SE processes your personal data by automated means, including profiling, to assess insurance risk, calculate premium and sum insured and conclude insurance contract. We process health and other data we receive from you and data we have in existing and previous insurance contracts and applications. We also process data shared by “Swedbank” AS, such as your identification data, contact data, relationship status data (for example customer segment data), your age and financial data, if applicable. Contract conclusion may be fully automated. Please read more from our Principles of Processing Personal Data here.

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Book a consultation with our specialist.

Are you responsible for your family’s monthly utility bills or loan payments? Are you responsible for the expenses concerning your children’s education and hobbies?

Even if you are partially responsible for the family’s expenses, you should consider insuring your life. Insurance will be of great financial help in cases where you will no longer be able to help your family, especially if you don’t have savings.

The life insurance benefit will be paid out:

  • To your family in the event of your death
  • To you or other beneficiary indicated in the contract in case of disability

If you add trauma cover to your contract, you’ll receive an insurance benefit in case of a trauma, too, so you won’t have to hurry back to work after the accident, and you can focus on curing yourself.

In Swedbank you can conveniently sign the contract on the Internet Bank and do not have to come to the branch.

  • You can also select the trauma cover costing 4,90 EUR per month, which serves as a financial support for you if you become seriously injured as a result of an accident (e.g. bone fractures).
  • We also pay out the insurance benefit for disability or loss of life due to illness. According to our statistics for people at the working age: 85% of deaths resulted from serious diseases*. Other cases were mostly caused by various accidents.
  • You can choose the sum insured for life insurance yourself taking into account the amount of income and liabilities.

* Based on statistics of SPKC 2021 for residents aged 20-59.

With the trauma cover, you will receive a benefit payout according to the severity of the injury (e.g. in case of bone fracture).

  • It’s worth pointing out that illness is not considered to be a trauma, which means you will not be indemnified in case of e.g. flu, pneumonia or chronic pain (back or knee pain).

In case of the disability cover the benefit is paid out directly to you or other beneficiary indicated in the contract.

  • Disability is a health disorder caused by illness or accident, resulting in limited capacity for work and earning a living.

In case of losing life the sum insured will be paid out to the person designated by you.

  • The inheritance process may be long, so we recommend selecting beneficiaries to whom life insurance benefit would be paid. This will help your family to cope with daily expenses when you are unable to support them.

Insuring your life is simple and you can easily sign an agreement on the Internet Bank.

  1. Start with the calculator and calculate the sum insured that suits you.
  2. Click „Continue“ to apply.
  3. We may ask you for an additional risk assessment and a health examination.
  4. If prophylactic medical examination arranged by us is required, it will be free of charge for you and you can also get an overview of your health condition.
  5. The life insurance covers for the event of death and disability will take effect when the policy is issued. The trauma cover enters into force on the next day.
  6. If the life insurance is tied to a Swedbank loan, all covers and services will take effect on the next working day after the policy is issued, but not earlier than on the day when the loan, or any part of it, is disbursed.
  7. Tell your family about your life insurance contract.

In Swedbank you can choose the amount of life insurance as you need. Upon choosing the amount, it is important to make sure that it meets the needs of you and your family.

The minimum sum insured for life insurance is 15 000 EUR.

The trauma cover insured amount is 20 000 EUR.

The trauma cover will cost you 4,90 EUR per month.

Our recommendation is to insure your life at a sum that would cover:

  • The mortgage loan to ensure that your family could keep your home
  • Income of at least two years in a manner that it would also cover daily expenses (utilities, bills for children’s after-school activities, etc.)
  • Other loan commitments, if any (e.g. consumer credit, leasing)

Payments

Insurance cover Monthly payment
Life and disability insurance Depends on your age, state of health, sum insured and other risk factors.
Trauma insurance (selectable) 4.90 EUR
Service
Contract conclusion Free of charge
Contract amendment Free of charge
Early termination of the contract Free of charge

Effective from 10.09.2020

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.
New! Anti-bullying Service - designed to provide support for parents and their children in case of a bullying event that has happened in or outside school or on digital platforms.
The Anti-bullying Service is provided by the foundation "Fonds Plecs" and is available to customers who have concluded the life insurance contract types specified here for children living in the same household. Conflicts between children or adolescents can happen. However, certain types of abusive relationships between children are called bullying and can result in greater stress, mental health problems and worse future prospects. Sometimes bullying can even endanger child’s health or life. The service provides personalised support aimed at strengthening children’s conflict resolution skills and mental self-regulation in case of a bullying event. Swedbank is committed to support United Nations Sustainable Development Goals. Anti-bullying service may contribute to the following of these goals - Good health and well-being, Quality education, and Peace, justice and strong institutions.
  • The service is available for both families and children who are experiencing bullying and families whose child is the offender in cases where parents are willing to solve their children´s offensive behaviour.
  • Available for children aged 6-17.
  • The customer is not charged anything extra for the service.
  • Find out more about what is the Anti-bullying Service here.
  • Parents get an assessment of whether the incident is bullying or a conflict.
  • Practical recommendations if not bullying.
  • Specific steps for parents to take immediately.
  • Individualised specialist support.
  • Quick response in critical cases.
  • Service expenses are covered.

Before applying for the service make sure that:

  • your insurance contract and insurance covers are valid when bullying has happened;
  • last incident has happened no more than 3 months ago.

Report here. There you have to:

  • register yourself and children;
  • provide case* details about bullying.

*Assessment of the case will be handled by "Fonds Plecs".

Home is where the heart is and where you meet your loved ones. Make sure your home is covered with proper home insurance.

The current demographic situation suggests that we have to reckon with the fact that our future pension could be even only half of what we earn today in salary. Take care of living after retirement already now!

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

Contacts

Insurance claims handling

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.

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  • Retirement will come.
    Choose how you’ll greet it.
  • Choose the most pension plan suitable to you

Retirement will come. Choose how you’ll greet it.

Start the year with a prudent choice!

Invest your 2nd pillar pension accrual with Swedbank - the largest management company in Latvia, chosen by more than 550,000 people.*

  1. Wide range of pension plans – choose the one that suits you best
  2. Low fees from 0.30% to 0.47% per year depending on the plan
  3. Pension plans contributing to sustainability

* The largest pension manager by the number of participants and by assets (data source: manapensija.lv, 30.12.2022).