Life insurance

Flexible financial protection

Select insurance cover meeting your needs and the needs of your close ones. We offer three insurance packages, but if you wish, it is also possible to design an insurance contract with a sum insured corresponding to your needs. Swedbank’s life insurance contract includes cover for the death of the insured person as well as in the event of no work ability. Read more about the risks covered and examine the terms and conditions of the product, the validity of the cover, and exclusions. The minimum sum insured included in the contract is 20,000 euros, and the maximum limit depends on the health and financial data of the person signing the contract and may amount to hundreds of thousands of euros.

Healthy lifestyle discount

If you are healthy and your lifestyle shows that you care about your health, you will get a 10%* discount on life insurance. To receive the discount, you will have to comply with the following criteria:

• you have not smoked for two years;
• your body mass index** is between 18 and 29;
• You have not been diagnosed chronic diseases or other health issues, witch requires regular treatment or supervision of doctor, and your hobby and/or occupation is not rated as higher risk activity.

* The maximum discount together with the discount of the sum insured is 25% of the insurance premium.

** The body mass index is a value expressing the ratio of a person's weight and height. To find the body mass index, the weight in kilograms is divided by the square of the person's height in metres. Example: the body mass index of a man who is 180 cm tall and weighs 84 kg is: 84 / 1,8² = 25,93

Extensive cover means better price

Based on the sum insured, you can get up to a 25% discount on life insurance. The discount depends on the amount of the sum insured but applies to the entire insurance premium:

* The maximum discount together with the healthy lifestyle discount is 25% of the insurance premium.

Indemnity payment to the person you have designated

In the case of insured event, the sum insured will be paid to the person you have specified in the contract. Usually it is your family member or a person important to you. In the case of an insured event, the beneficiaries can be paid indemnity before succession has been formalised.

Upon permanent disability cover the benefit will be paid out to you.

Convenient monitoring of the contract in the Internet bank

You will find detailed information about your contract in the Internet bank, where it is possible to view the sums insured, read the terms and conditions, and make amendments in the contract.

If you have any questions, you will get quick answers from the Investment Helpline on 613 1606 (Mon-Fr 8:30 – 18:00). The Investment Helpline will also help you if you wish to amend the life insurance contract.

What is the amount of the sum insured that should be selected?

In order to find out adequate insurance cover, we recommend to add up at least one year’s salary and loan balance (liabilities) and compare this figure with your savings, cash investments and the sum of life insurance cover (assets). In the event that your liabilities exceed your assets, there is a deficit in security capital, which can be resolved with entry into a life insurance contract. We recommend to assess your risk level to use the security capital index.

For the sake of simplicity, we offer three insurance packages, but if you wish, you can also design your own solution, selecting yourself a suitable sum insured.

Do you take care of your family's monthly utility bills? Do your repay any loan monthly? Who takes care of the expenses related to your children's hobby groups? If these expenditure are your responsibility, it is time you created a sense of security for the time when your help will not be there for them any more.

Primarily, financial protection is essential for a person on whom the financial well-being of his or her close ones depends:

• for young families with children, who have not yet managed to save some spare money;
• for those who financially support their close ones, for example, their parents or sisters/brothers;
• or affluent private persons, because in case of unexpected accident the sale of the assets of their close ones (e.g., real estate or holdings in companies) may take time and is not necessarily reasonable at this difficult moment.

No work ability refers to a long-term serious health disorder caused by an accident or illness, which affects the insured person's physical or mental abilities, and as a result of which the insured person is determined as having no work ability. The indemnity for no work ability is paid if the Estonian Unemployment Insurance Fund determines that the insured person has no work ability. The decision on the payment shall be made by Swedbank Life Insurance SE, whereas in exceptional cases also additional documents or analyses may be required.

The sum of supplementary insurance in the case of no work ability is generally equivalent to the life insurance sum insured, and the additional insurance cover as well as life insurance contract shall expire after the payment of the no work ability indemnity.

Activities in the event of establishment of permanent incapacity for work

An indemnity for the supplementary insurance of permanent incapacity for work can be applied for in the event that the Social Insurance Board establishes the permanent incapacity for work of 90–100% for at least one year or, for two consecutive times, incapacity for work for six months.

Please inform the insurer of the event as soon as possible. The notification shall contain:

1. the name and personal identification code of the insured person;
2. the date of the decision of establishment of permanent incapacity for work;
3. the diagnosis of the disease or injury causing the incapacity for work;
4. the name and contact data (phone, e-mail address) of the person notifying.

In order to apply for the indemnity of the insurance of permanent incapacity for work, an application of payment of the insurance indemnity in an agreed form and the following documents shall be submitted to the insurer:

• identification document;
• decision issued by a competent national body (Social Insurance Board) of the Republic of Estonia, confirming the permanent incapacity for work of the insured person and containing information about the reason for determining permanent incapacity for work, the period of permanent incapacity for work, as well as the rate of loss of capacity for work (%);
• description of the state of health in order to establish a disability (a document which shall be presented to the committee of the Social Insurance Board by a family or attending physician);
• copies of health files;
• upon request of the insurer, an excerpt from the patient's card of out-patient and/or in-patient treatment, indicating the precise diagnosis of the disease and the results of medical survey confirming the diagnosis;
• upon request of the insurer, the documents issued by investigative body/bodies and/or the court regarding the reasons and circumstances of the accident;
• any other documents as requested by the insurer.

Activities in case of death of the insured person

We request that relatives or family members notify the insurer of the death of the insured person as soon as possible.

The notification shall contain:

1. the name and personal identification code of the insured person;
2. the date of death, as well as the diagnosis of the disease or injuries causing the death;
3. the name and contact data (phone, e-mail address) of the person notifying.

In the event of death of the insured person, an application for the payment of insurance indemnity in an agreed form and the following documents shall be presented to the insurer in order to pay the sum insured:

• identification document;
• death certificate;
• medical death notice;
• upon request of the insurer, a copy of the health file of the person insured, if the person insured died because of a disease;
• decision of investigative bodies and/or a formal assessment of a forensic medical expert about the reasons and circumstances of death, if the person died as a consequence of violence, suicide, sudden death, or accident;
• any other documents as requested by the insurer.

In the event of an insured event, the sum insured shall be paid to the beneficiary defined in the contract.
If such persons are the insured person’s successors, the above-specified documents must be supplemented by a contract on the division of estate or a succession certificate. Upon submission of a succession certificate, the successors must submit the application for the payment of the insurance indemnity simultaneously, and agree upon the division of the insurance indemnity, signing all payment applications of each other.

Loss adjustment

In the event that the fulfilment or the extent of fulfilment of the obligations of the insurer depends on any circumstances that are found out during criminal or administrative proceedings or misdemeanour procedure or judicial proceedings, the insurer shall be entitled to make a decision regarding payment of the insurance indemnity or refuse to make the payment until termination of the judicial proceedings or entry into force of court judgment or a resolution of any other competent person.

The insurer shall be at any time entitled to request necessary information and obtain additional evidence in order to determine the circumstances of the insured event. A decision regarding the fact whether the insurer shall be obliged to pay the insurance indemnity on the basis of the contract, shall be made by the insurer within 30 days after receipt of all documents requested by the insurer.
The insurer shall reply in writing to all applications for an insurance indemnity.

You will be contacted in order to get additional information.

Contact details:
Phone 613 1606
E-mail elukindlustus.kahjud@swedbank.ee