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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
100.00 EUR
At 3rd pension pillar
60.00 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.
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Didn’t find the answer to your question?

Visit our interactive assistant and find the information you need

Interactive assistant
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.

Who is your reinsurer?

Insurance company CBL Life works with reinsurance company General Reinsurance Corporation, which is an American international property/accident and life/health reinsurance company that offers a variety of reinsurance products and services. The company is a direct reinsurer and is represented in all major reinsurance markets around the world through a network of more than 40 offices and more than 3,578 employees.

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.

Is it possible to change the terms of the contract if the contract has already been signed?

The policyholder has the right to make changes to the contract if this is stipulated in the insurance contract. As a rule, the insurance contract specifies that it is possible to change the beneficiary, take out additional insurance against accidents, or refuse to insure against accidents, as well as reduce or increase the insurance amounts.

What is the maximum life insurance sum?

The maximum life insurance sum is determined individually.

More questions
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.

Who is your reinsurer?

Insurance company CBL Life works with reinsurance company General Reinsurance Corporation, which is an American international property/accident and life/health reinsurance company that offers a variety of reinsurance products and services. The company is a direct reinsurer and is represented in all major reinsurance markets around the world through a network of more than 40 offices and more than 3,578 employees.

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.

Is it possible to change the terms of the contract if the contract has already been signed?

The policyholder has the right to make changes to the contract if this is stipulated in the insurance contract. As a rule, the insurance contract specifies that it is possible to change the beneficiary, take out additional insurance against accidents, or refuse to insure against accidents, as well as reduce or increase the insurance amounts.

What is the maximum life insurance sum?

The maximum life insurance sum is determined 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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