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Sense of security when applying for a loan

  • Sense of security when repaying a loan
  • Keeping your property and a sense of security for your nearest and dearest

Insurance coverage provides you and your loved ones with a feeling of financial security upon applying for a loan. Home and mortgage loan contracts enable you to conclude loan protection coverage. This protects you in the event of unemployment, incapacity for work and severe health impairment and in case of death due to illness or accident. Collateral insurance protects the apartment or house being security for a loan.

It is possible to conclude Loan Protection coverage with a home loan, which provides insurance coverage for fulfilling the loan repayment obligation. Loan protection offered by SEB Life and Pension Baltic SE Estonian Branch and PZU* Kindlustus* involves insurance solutions that help the policyholder to ensure that in the event of unemployment, severe health impairment, incapacity for work or death the loan or part of will be repaid to the bank.

Choose insurance coverage based on your needs for the entire loan 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 part of it to the bank in the event of severe health impairment (for example loss of vision, paralysis, coma).
  • Temporary disability cover enables you to fulfil your loan obligations in the event of temporary incapacity for work due to an accident or illness.
  • Unemployment cover provides a sense of financial security for the period of unexpected unemployment.
    During unemployment or temporary incapacity for work the insurance undertaking shall compensate your loan repayments according to policy conditions.

The insurance period of life insurance cover shall commence upon concluding the insurance contract and shall last until the end of the loan period. The insurance period of severe disability cover, temporary disability cover and unemployment cover 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 amount of the insurance premium depends on the actual loan repayment amount and/or loan balance.

SEB Loan Protection coverage can be concluded quickly and conveniently together with a new SEB home loan and mortgage loan contract or for an existing loan contract, by signing up for a consultation. In order to conclude loan protection coverage, you must be 18-55 years of age and a permanent resident in Estonia.

In case of an insured event you should inform SEB Life and Pension Baltic SE Estonian Branch of the event at the first opportunity by calling 665 8020 or emailing to . Further information on loss adjustment can be found here


* PZU is the trademark of AB “Lietuvos draudimas” Estonian branch. AB “Lietuvos draudimas” is a Lithuanian non-life insurance company, belonging to the international PZU Group.
SEB Life and Pension Baltic SE Estonian Branch 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

Important information about collateral insurance

As a borrower, we request that you make sure that the house or apartment established as collateral for the loan agreement is insured. Submit a copy to the bank within 7 days from the date the guarantee contract is concluded. Every subsequent policy must be submitted to us 5 days before the expiration of the valid policy by sending an e-mail to or bringing it to the nearest SEB branch.

Upon entering into a home insurance contract, make sure to consider the following points:

  • We recommend concluding a home insurance contract  in an insurance company preferred  by AS SEB Pank (See the list of preferred  insurance companies);
  • insurance cover is valid for at least for the risk of fire and water accident, vandalism and natural disasters, thus it is possible to enter into a package insurance or all-risk insurance contract;
  • AS SEB Pank must be indicated in the insurance contract as the beneficiary to the extent of the bank’s claims secured with the insured property;
  • AS SEB Pank must be indicated in the insurance contract as the mortgagee;
  • the policy must include the correct location of the insured collateral;
  • the maximum amount of excess is 200 euros for residential property and 3200 euros for business objects;
  • the house or apartment established as the collateral must be insured to the extent of no less than the reinstatement value;
  • the validity and cover of the insurance contract must remain in effect until the expiry of the loan agreement.

Please note that the bank accepts the insurance policy only if all the abovementioned requirements have been fulfilled.

The property established as the collateral of the loan can be insured in the following preferred insurance companies:

  • AAS „BTA Baltic Insurance Company“ Eesti filiaal
  • AB „Lietuvos draudimas“ Eesti filiaal (PZU Kindlustus)
  • ADB Gjensidige Eesti filiaal
  • Compensa Vienna Insurance Group, ADB Eesti filiaal
  • ERGO Insurance SE
  • If P&C Insurance AS
  • Inges Kindlustus AS
  • LHV Kindlustus AS
  • Salva Kindlustuse AS
  • Seesam Insurance AS
  • Swedbank P&C Insurance AS

To insure the collateral, you can choose also another insurance firm licensed to operate in Estonia, if the insurance contract taken out provides equivalent insurance cover as that offered by the insurer preferred by the bank.

Ask for a collateral insurance quote here

In addition to the collateral, you can insure also your household property. If you are not the owner of the collateral (e.g. for additional security), the consent of the owner of the insured property might be necessary for the conclusion of the insurance contract.




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