Illness and unemployment protection

Illness and Unemployment Protection Insurance

Illness and Unemployment Protection Insurance

Illness and Unemployment Protection Insurance is an insurance service offered to persons that have received Swedbank‘s housing loan or consumer loan. The cover will protect you against a burden of financial liabilities in the event of:

  • losing your job unexpectedly;
  • sickness resulting in a temporary incapacity for work;
  • temporary incapacity for work due to e. g. a trauma or another accident.

What is the cost of insurance?

Loan payment, EUR

The calculation is only indicative. Please log in to your internet bank to see the exact Loan Payment Protection Insurance premium.

Monthly insurance premium
3.00 EUR

When Illness and Unemployment Protection Insurance can be useful to you?

In case of temporary incapacity for work due to accident*
In case of temporary incapacity for work due to sickness*
In case of unemployment*
* A detailed list of insured and non-insured events can be found in the insurance rules.

About the Service

Illness and Unemployment Protection Insurance is an insurance service designed specifically for borrowers. The insurance will alleviate your financial burden in the event of a sudden loss of regular income due to sickness or an accident or, upon losing your job, you will be unable to make your loan repayments for some time. 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.

Which loans are eligible for the Illness and Unemployment Protection Insurance?

The insurance cover is available to persons who have received a Swedbank loan of the following types:

  • Housing loan;
  • Mortgage loan;
  • Consumer loan;
  • Consumer loan for purposes related to home or vehicle.

When does Illness and Unemployment Protection Insurance apply?

  • In the event of loss of capacity for work due to sickness:

    Incapacity for work includes traumas resulting from an accident (e. g. a tarsus joint trauma while walking, fracture of the femur while skiing, hip trauma suffered in a traffic accident etc.) and various diseases (such as flu complications, pneumonia, myocardial infarction etc.). All such cases must be certified by an incapacity-for-work document issued by a doctor.

  • In the event of loss of work as the source of regular income:

    Cases where the job is lost on the initiative of the employer (e. g. as a result of bankruptcy of the enterprise, revocation of the enterprise‘s licence etc.) or by mutual agreement proposed by the employer (e. g. redundancy).

    If you have lost your job please do not forget to:

    • Retain the document evidencing termination of your employment contract (e. g. a copy of the employment contract, agreement on the dismissal from work etc.);
    • Register in the Labour Exchange as a job seeker.

Procedure of payment of indemnities under the Illness and Unemployment Protection Insurance

  • Indemnities are paid to the bank account from which monthly insurance premiums were paid (by direct debit or by you);
  • Indemnities are paid monthly for the past month but for not longer than 12 months;
  • The maximum sum insured over the insurance term (normally 12 months) is EUR 25,000 irrespective of the number of the Illness and Unemployment Protection Insurance Contracts concluded with Swedbank P&C Insurance AS Lithuania Branch;
  • A deductible applies, i. e. an uninterrupted 30-day period counted from the date of the insured event for which no indemnification will be paid.
Insurance Rules Pre-contract Conclusion Information
  1. You may conclude the insurance contract online: log in to your online banking system, click on Illness and Unemployment Protection Insurance in the left menu, and select the type of the loan agreement on the insurance page that opens.
  2. Read the terms and conditions of the insurance service.
  3. Conclude the contract online right away, in just few minutes.

See as doctor as soon as you fall ill. In the case of loss of job, register with the Labour Exchange as an unemployed job seeker. Then report the event to Swedbank‘s Client Service as soon as possible:

On receipt of your report we will contact you and advice you on what to do next.

The insurance services are provided by Swedbank P&C Insurance AS Lithuania Branch through its representative Swedbank, AB.

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