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  1. Private customers
  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 25.5%* 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 agreement come into force? 

The agreement comes into force once it is signed and you have made the first payment.
If you do not make your first payment within 15 days of signing, the agreement will not be activated. 

What happens to the insurance agreement after my death?

In this case, the insurance agreement ends. 

What happens if I don’t pay my insurance premium in time? 

If you don’t make your payment on time or to the full amount, we will inform you of your debt amount and deadline. If you do not pay this within the specified time period, the agreement will be cancelled and you will no longer be insured. 

What is the largest amount that can be insured? 

The maximum amount is set individually. 

Can I cancel my agreement? How? 

Yes, you can end your agreement at any time. 
To do this, fill in a free-form application in the online bank, or sign a letter using an electronic signature and email it to life@citadele.lv.
If you’ve already paid your insurance premium for the period after your agreement ends, we will refund you the payment within 15 days. 
 

Can I change the terms of the agreement after signing? 

Yes, you can make changes if they are stipulated in the agreement. You can usually change the beneficiary, add or cancel additional accident insurance, and increase or decrease the insurance amount. 

How much does borrower’s life insurance cost? 

We calculate the premium individually, taking into account your loan amount, age, health condition and additional insurance coverage. 

How often do I have to pay my premium? 

You can select the most convenient repayment schedule for you: monthly, quarterly, every six months, or annually. 

Who is the insurer? 

The insurance company CBL Life is a Citadele Group business which provides life insurance services to private individuals and businesses. 
AAS “CBL Life”, reg. No. 40003786859, legal address: Republikas laukums 2A, Riga, Latvia, LV-1010.
 

Can I also insure another person? 

Yes. If there are two borrowers, the insurance agreement can name both: the borrower as well as the co-borrower or guarantor. 

Where and when does the insurance apply? 

Insurance coverage applies worldwide, every day, 24 hours a day.

What if an insured incident occurs? 

If an accident occurs, first give the necessary help to the victims and only then inform us. 
To apply for compensation, fill in the relevant form here: Apply for indemnity | Citadele Bank. 
Important! We will require medical documents which confirm the incident and details any injuries (for example, broken bones or other diagnoses). 

What documents will I need to receive compensation?

To apply for an indemnity, you will need to submit several documents. 
 
If the insured person has died: 

Important! In the case of death, compensation can be requested by the beneficiary (named in the policy) or legal heirs. 

If an accident has occurred: 

Who can take out borrower’s life insurance? 

Any Citadele customer aged 18-69 who has a mortgage with Citadele or another bank. 
Important! The insurance agreement can remain active until you reach the age of 70. 

What information do I have to give before I can sign an agreement?

It is important that we receive the correct information about you. Normally, you have to fill in a questionnaire, but if necessary, we may ask for additional documentation to evaluate the risks and prepare the most suitable offer for you. The information we need: 

  • Age.
  • Health condition.
  • Profession and hobbies.
  • Other information which may impact your insurance risk.

More questions
When does the insurance agreement come into force? 

The agreement comes into force once it is signed and you have made the first payment.
If you do not make your first payment within 15 days of signing, the agreement will not be activated. 

What happens to the insurance agreement after my death?

In this case, the insurance agreement ends. 

What happens if I don’t pay my insurance premium in time? 

If you don’t make your payment on time or to the full amount, we will inform you of your debt amount and deadline. If you do not pay this within the specified time period, the agreement will be cancelled and you will no longer be insured. 

What is the largest amount that can be insured? 

The maximum amount is set individually. 

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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