Illness and unemployment protection

Loan Payment Protection is an insurance designed specifically for only Swedbank borrowers. The insurance will alleviate your financial burden in case you will be unemployed or be on incapacity for work.

• With the Illness and Unemployment Protection Insurance, you will receive an amount equal to your monthly loan repayment amount every month until you return to work (in the case of losing a job – until you find your new employment), however, for not more than 12 months.
• The insurance fee is 3% of your monthly mortgage and 4% of your monthly small loan payment. For example, if the monthly mortgage loan payment is €100, the insurance premium is €3.
• 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 then €500.
• 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.

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.

If you lose job:

• keep documents certifying termination of your employment contract (a copy of the employment contract, documents of dismissal agreement, etc.);
• get registered with the Employment service (former Labour Exchange).

Fill in the form of event notice

If you lose capacity to work because of illness or accident:

• Event (accident, trauma or illness) must be certified by a certificate of incapacity to work issued by a doctor.

Fill in the form of event notice

If insured event occurs, our damage experts will provide professional assistance to you.

• Indemnities are paid on a monthly basis for last period, but for maximum 12 months.
• Maximum indemnity will not exceed your used credit amount of a credit card on the day of the insured event.
• Important! Indemnity does not include interest charged for used credit card limit. You will have to pay the interest for the outstanding used credit to the bank.