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SEB Loan Protection
Increases your sense of security when taking a loan
- Increases your sense of security in performing your loan obligations
- Preserves your property and sense of security for your close ones
- Provides a wide selection of insurance covers
SEB Loan Protection insurance is meant to guarantee the payment of loan obligations in a situation where as a result of an insured event the borrower would face difficulties with repayment of their loan or the loan payments of a certain period.
SEB Loan Protection insurance can be used for SEB’s home loan, mortgage and small loan. It is meant to protect incomes and the performance of loan obligations, if the borrower’s income has decreased or ended as a result of an insured event (severe health impairment, loss of capacity to work or employment, or death). This way, it is possible to make sure that the loan or a part of it is paid back to the bank.
Selection of extra cover
Based on your needs, it is possible to select different types of insurance cover for your home loan or mortgage period:
- life insurance cover provides a sense of security that, in case of the death of the policyholder due to accident or illness, the insurance undertaking will repay the loan or the agreed part of it to the bank;
- severe disability cover can be concluded together with life insurance coverage. In case of this coverage option the insurance undertaking shall repay the loan or a part of it to the bank in the event of severe health impairment (loss of vision, paralysis, coma, etc.);
- temporary disability cover enables you to fulfil your loan obligations in the event of temporary incapacity for work due to accident or illness. In this case the insurance undertaking will continue the loan payments according to the policy conditions;
- unemployment cover provides a sense of financial security for the period of unexpected unemployment. In this case the insurance undertaking will continue the loan payments according to the policy conditions.
Loan protection coverage for small loans includes all four types of insurance cover.
Good to know!
The insurance period of life insurance coverage shall commence upon concluding the insurance contract and shall last until the end of the loan period. The insurance period of impaired risk life insurance coverage, insurance coverage in the event of incapacity for work and loss of employment shall be one year, and it shall be extended automatically, unless the bank is informed of a wish to terminate the insurance contract.
Insurance premiums shall be paid together with loan repayments every month until the end of the loan period.
The sum of the insurance premium depends on the actual loan repayment amount and/or loan balance and the age of the insured.
Loan protection coverage can be concluded by persons aged 18–55 who are permanent residents of Estonia, and until the maximum age of 61 of the policyholder.
AS SEB Elu- ja Pensionikindlustus acts as the insurance agent of the Estonian branch of AB “Lietuvos draudimas”, and is entered in the list of insurance intermediaries published on the website of Financial Supervision Authority. The list is available at www.fi.ee.
Depending on the cover options chosen within SEB Loan protection and the conditions of these covers, an insured event may be the policyholder’s
- death;
- severe disability;
- temporary disability;
- unemployment.
Please inform SEB Elu- ja Pensionikindlus of an insured event at the first opportunity by calling 665 8020 or e-mailing or contacting your nearest SEB branch.
In the event of death of the policyholder we ask close relatives to submit:
- insurance claim application form for death benefit (on SEB form) (which SEB Pank will forward to SEB Elu- ja Pensionikindlustus as the beneficiary);
- copy of death certificate;
- copy of medical death certificate (with cause of death).
In the event of severe disability of the policyholder we ask to submit:
- insurance claim application form for severe disability (on SEB form);
- medical certificate for severe disability (on SEB form);
- copy of medical case history;
- copy of personal identification document.
In the event of temporary disability of the policyholder we ask to submit:
- insurance claim application form for temporary disability (on SEB form);
- medical certificate for temporary disability (on SEB form);
- copy of the medical case history;
- copies of temporary disability certificate (all parts completed and signed—by the doctor, insurer and policyholder);
- copy of personal identification document.
In the event of unemployment of the policyholder we ask to submit:
- insurance claim application form for unemployment (on PZU form);
- original employment contract issued by last employer or a copy of employment contract verified by the employer; including decision terminating the employment contract, which states the reason for terminating the contract;
- copy of personal identification document;
-
original documents from the Estonian Unemployment Insurance Fund or verified copies of the following documents:
− certificate of registration of the person as unemployed;
− resolution of appointing unemployment insurance benefit;
− personal plan for search of work after every 30 days, as long as the person is registered at the Estonian Unemployment Insurance Fund as unemployed.
Please bring the filled application together with necessary documents to your closest SEB branch or send by post to Tornimäe 2, 15010 Tallinn.
If you have any questions, do not hesitate to contact us by calling 665 8020 or e-mailing .
Please read the terms and conditions of SEB loan protection insurance before you sign the insurance contract.