BORROWER’S LIFE INSURANCE

Protects loved ones from credit obligations in case of sudden loss of life.


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Service provided by Citadele subsidiary AAS "CBL Life".

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Paying off your loans

Share your financial responsibilities with us in the case of death.

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Option to insure additional persons

Add accident insurance additionally.

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Tax rebate

Claim back 20 %* on your income tax if choose life insurance with savings.

why insure borrower

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.

Add aditional accident insurance

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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
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Income tax rebate 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.

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 can take out a borrower’s life insurance agreement?

Persons aged 18 to 69 (inclusive), who are clients of Citadele Bank and have taken out a mortgage loan from Citadele Bank or any other bank. It should be noted that the maximum duration of the insurance contract is until the insured person reaches the age of 70.

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.

Can a co-borrower also take out an insurance policy?

If there are two borrowers, the insurance contract can cover two insured persons — the borrower and the co-borrower or guarantor.

Who needs life insurance?

Life insurance can ensure the financial security of the insured person and their family in the case of accident, illness or disability, or of the family in the case of death. We recommend life insurance to insure the life and health of the main breadwinner of the family, especially if there are young children in the family and you have long-term financial obligations. In the event of an accident, the insurance payout would cover your financial obligations.

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 can take out a borrower’s life insurance agreement?

Persons aged 18 to 69 (inclusive), who are clients of Citadele Bank and have taken out a mortgage loan from Citadele Bank or any other bank. It should be noted that the maximum duration of the insurance contract is until the insured person reaches the age of 70.

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.

Can a co-borrower also take out an insurance policy?

If there are two borrowers, the insurance contract can cover two insured persons — the borrower and the co-borrower or guarantor.

Who needs life insurance?

Life insurance can ensure the financial security of the insured person and their family in the case of accident, illness or disability, or of the family in the case of death. We recommend life insurance to insure the life and health of the main breadwinner of the family, especially if there are young children in the family and you have long-term financial obligations. In the event of an accident, the insurance payout would cover your financial obligations.

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".
Learn more
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Accumulative life insurance

Financial support in case of accidents, at the same time helping you to save for various goals. apply and receive an annual income tax rebate of up to 20 %. Service provided by Citadele subsidiary AAS CBL LIfe.
Learn 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.
Learn 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.