Life insurance

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

Even if you’re partially responsible for your family’s expenses, you should consider insuring your life. Insurance will not bring back your life or health, but it will be of great financial help, especially if you don’t have enough savings.

The life insurance indemnity will be paid out:

• to your family in the event of your death;
• to yourself, if you will be declared with no work ability and it’s difficult or impossible for you to earn a living.

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.

• Only in Swedbank you can conveniently sign the contract on the Internet Bank and won’t have to come to the branch.
• Now you can also select trauma cover with a cost of € 4,90 per month. It serves as a financial benefit for you, if you get seriously injured in an accident (e.g. bone fractures). The trauma cover’s insurance amount is € 20,000.
• Swedbank’s life insurance also pays you an insurance benefit for no work ability, helping you financially in case of long-lasting (at least a year) and serious health problems.
• We also pay the insurance benefit, if you lose the ability for work or die due to an illness. According to our statistics, 80%* of deaths have been related to serious diseases.
• You can choose the life insurance amount yourself (please see how to choose the life insurance amount).
• For concluding the contract, we might ask you to go through an additional health examination. This is free of charge for you and will also give you a better overview on your health.

* Based on the statistics of 2019.

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

• Pay attention to the fact that illnesses are not considered traumas, so you will not be indemnified in case of e.g. flu, pneumonia or chronic pain (back or knee pain).

In case of no work ability the benefit is paid directly to you.

• No work ability is a health disorder caused by an illness or an accident, resulting in limited ability to work and earn a living.
• No work ability is determined by the Estonian Unemployment Insurance Fund for the period of at least one year. This is also the basis for paying out the life insurance benefit.
• Being on sick leave is not considered no work ability.

In case of death the insurance amount will be paid to the person determined by you.

• While an inheritance process may take several months, the insurance indemnity will be paid out immediately (within 30 days). Thus, it will be easier for your family to pay the daily expenses.

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

1. Use a calculator to find out the sum insured that suits you, and the corresponding monthly insurance premium.
2. Click „Continue“ to apply.
3. Life insurance death and no work ability covers will take effect immediately when the policy is issued. Trauma cover starts from the next day.
4. If the life insurance agreement is tied to a Swedbank loan, all covers will take effect from the next working day after the policy is issued, but not before the loan or part of it has been paid out by the bank.
5. We may ask you to go through an additional risk assessment and health examination. The health examination is free of charge for you, and it will also give you a better overview of your health.
6. Once you’ve concluded the life insurance agreement, be sure tell your family about it, so they’ll know who to contact for help.
7. You can change or terminate the agreement any time free of charge.

In Swedbank you can choose the life insurance amount based on your personal needs.

The minimum life insurance amount is €15,000.

We recommend you to insure your life for an amount that covers:

• your income for at least two years
  This gives your family enough time to adjust to the new economic situation. If your income covers daily common bills, such as utilities, children´s hobby fees, food, etc., and it suddenly disappears, there will be a considerable deficit in the family budget;
• your home loan balance
  This will ensure that your family can keep their home, and they won’t have to worry about the monthly payments;
• other loan liabilities, if any (small-loan, leasing, etc.).

• 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 service does not affect your insurance contract in any way (insurance premiums, risk assessment, fees, etc.).
• Find out more about what is the Anti-Bullying service here.

• Parents get an assessment of whether the incident is bullying or a conflict.
• Specific steps for parents to take immediately.
• Individualised specialist support.
• Practical tips if not bullying.
• 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.