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NEWS - 28. June 2017 12:50

Two out of three borrowers consider the economic security of those close to them to be important

Two out of three (67%) borrowers believe that it is important to ensure the feeling of economic security for their family. This is why they have chosen to insure themselves against risks related to death and illnesses as well as against loss of capacity for work. Based on insurance contracts entered into to disperse risks inherent in borrowing, roughly 900 customers of SEB Home Loans have received compensation in the past five years, as revealed by the statistics of SEB Elu- ja Pensionikindlustus.

Ninety-two per cent of customers who have taken out home loans from SEB and concurrently procured loan protection insurance have also insured themselves against risks related to death; 75% and 73% have insured themselves against illnesses and loss of capacity for work, respectively, and 54% have opted to protect themselves against loss of employment.

The average sum insured is EUR 45,500 – in the past three years it has increased by approximately EUR 9000.

“Our customer surveys show that family and loved ones are the most important things in life for people. Not infrequently, faith is placed in luck preventing something from happening to the borrower that would compromise the financial situation of the family. We still fail to take for granted the fact that insurance should be procured against risks related to loss of health and employment. However, an increasing number of customers have committed themselves to a long-term and challenging financial responsibility in the form of a loan and believe that the next logical step, besides non-life insurance, is to enter into a life insurance contract,” said Indrek Holst, Chairman of the Management Board of SEB Elu- ja Pensionikindlustus.

SEB has paid indemnities to 900 people

Approximately 900 customers who have complemented their loan taken from SEB with life insurance have received insurance payments. The most frequent reason for compensation is loss of employment: such pay-outs have been made to our customers on 400 occasions.

We have paid indemnities to about 350 customers due to incapacity for work lasting more than 30 days.

  • Thirty-six per cent of absences from work are the result of illnesses and 33% of cases are related to common everyday injuries.
  • Accidents at work and sports injuries both account for 11% of cases.
  • The share of traffic accidents and injuries caused by violence is smaller, totalling less than 10% of incapacity cases.

Compensation covering a customer’s loan obligations in full has been paid out on 120 occasions during the period. In 115 cases, the reason was death and the remaining five cases concerned serious health damage.

Since 2012, more than 20,000 of SEB’s Home Loan customers of have entered into a life insurance contract to manage risks inherent to loan obligations.


Additional information:

Julia Piilmann
Communications Manager
Marketing and Communications Division
SEB Pank

Phone +372 665 5340
Address Tornimäe 2, 15010 Tallinn

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