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  2. Borrower’s life insurance

BORROWER’S LIFE INSURANCE

Protects loved ones from credit obligations in case of sudden loss of life.

Apply for a consultation Claim online

Paying off your loans

Share your financial responsibilities with us in the case of death.

Option to insure additional persons

Add accident insurance additionally.

Tax rebate

Claim back 20 %* on your income tax if choose life insurance with savings.

Service provided by Citadele subsidiary AAS "CBL Life".

Why insure?

  • If you have loans - for example, a mortgage, leased car or any other long-term obligations - then borrower's life insurance may be useful. You can insure your life for the amount of your loans so that, if something occurs, your family is not left with outstanding debts.
  • In addition, you can insure the life of the guarantor and co-borrower.
  • Borrower's life insurance can be purchased even if your loan is with another bank.
Apply for a consultation

Add aditional accident insurance

Choose additional accident insurance for yourself and your family, and avoid sudden financial expenses resulting from broken bones, injuries, permanent disability or death.

Apply for a consultation

Repay your loan faster

In order to cover your loan commitments faster or to save for some other purpose, you can choose borrower's life insurance with savings, in which case you will be able to receive a personal income tax refund for the savings made and insurance premium payments of 20 % of the amount every year*.

Apply for a consultation

Income tax refund calculator

1000 EUR
120 000 EUR
At 3rd pension pillar:
In accumulative life insurance:
0 EUR
1000 EUR
Contributions to 3rd pension pillar and accumulative life insurance: as a % of annual income 8.00 %
Other possible contributions up to the maximum limit for receiving tax benefits: 200.00 EUR
Estimated tax refund for annual contributions
127.50 EUR
At 3rd pension pillar
76.50 EUR
In accumulative life insurance
In accordance with the Republic of Latvia’s Law On Personal Income Tax, you can receive an income tax rebate on payments not exceeding 10% of your annual taxable income, and on no more than 4000 EUR, as long as the insurance agreement term is for no less than 10 years.
Apply

Didn’t find the answer to your question?

Visit our interactive assistant and find the information you need

Interactive assistant
When does the insurance contract come into force?

By paying the first premium, the policyholder agrees to the terms of the contract, respectively, the insurance contract takes effect on the day after the payment of the premium.

Do I have the right to terminate my contract, and if so, what should I do?

Yes, any customer has the right to terminate their contract early.
If you decide to terminate the contract within 30 days of signing the contract, you have the right to do so and the insurer is obliged to refund you the full insurance premium paid.
If you decide to terminate the contract after the first 30 days, the amount we disburse in insurance may be less than the amount you had paid in premiums, as we have incurred costs opening and administering your account.

Can I also insure another person?

Yes, it is possible to insure another person.

What could happen if I don't pay my insurance premiums or if I pay them late?

If you do not pay your insurance premium on time, your insurance coverage may be suspended. If an insured event occurs during the suspended period, the insurer will not be obligated to pay compensation.
If premiums remain unpaid and insurance coverage is suspended for more than six months, then the insurer may unilaterally terminate the insurance contract. The insurer must inform the policyholder in writing that if the premium or part thereof is not paid within 30 days from the receipt of the notification, insurance coverage will be suspended and will be renewed only after the policyholder has paid the premium or part thereof.

Can a co-borrower also take out an insurance policy?

If there are two borrowers, the insurance contract can cover two insured persons — the borrower and the co-borrower or guarantor.

More questions
When does the insurance contract come into force?

By paying the first premium, the policyholder agrees to the terms of the contract, respectively, the insurance contract takes effect on the day after the payment of the premium.

Do I have the right to terminate my contract, and if so, what should I do?

Yes, any customer has the right to terminate their contract early.
If you decide to terminate the contract within 30 days of signing the contract, you have the right to do so and the insurer is obliged to refund you the full insurance premium paid.
If you decide to terminate the contract after the first 30 days, the amount we disburse in insurance may be less than the amount you had paid in premiums, as we have incurred costs opening and administering your account.

Can I also insure another person?

Yes, it is possible to insure another person.

What could happen if I don't pay my insurance premiums or if I pay them late?

If you do not pay your insurance premium on time, your insurance coverage may be suspended. If an insured event occurs during the suspended period, the insurer will not be obligated to pay compensation.
If premiums remain unpaid and insurance coverage is suspended for more than six months, then the insurer may unilaterally terminate the insurance contract. The insurer must inform the policyholder in writing that if the premium or part thereof is not paid within 30 days from the receipt of the notification, insurance coverage will be suspended and will be renewed only after the policyholder has paid the premium or part thereof.

Can a co-borrower also take out an insurance policy?

If there are two borrowers, the insurance contract can cover two insured persons — the borrower and the co-borrower or guarantor.

More opportunities

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Accident insurance

Choose accident insurance for yourself and your family and avoid sudden expenses after accidental injuries, disability or even death. Service provided by Citadele subsidiary AAS "CBL Life".
Find out more
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Accumulative life insurance

Use the opportunity to invest part of the paid insurance premiums and create savings, for example, for children's education. Apply and receive an annual income tax rebate of up to 20 %. Service provided by Citadele subsidiary AAS CBL LIfe.
Find out more
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Investment funds

One of the most popular financial instruments, which offers the chance to maintain and even grow the value of your savings. Apply for a consultation and achieve your goals. Service provided by Citadele subsidiary CBL Asset Management.
Find out more

* In accordance with the Republic of Latvia’s Law On Personal Income Tax, you can receive an income tax rebate on payments not exceeding 10 % of your annual taxable income, and on no more than 4000 EUR, as long as the insurance agreement term is for no less than 10 years.

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