Protect your future with Loan Payment Insurance

Protect your future with Loan Payment Insurance

  • Choose desired combination of insurance premium and insurance indemnity
  • Insurance indemnity is paid in cases of loss of job and incapacity for work
  • Protection applies also to incapacity for work due to child’s illness

Loan Payment Insurance

Protect your future with Loan Payment Insurance. Get insurance indemnity if you become seriously ill or lose your job.

You can apply for Loan Payment Insurance if you have recently signed your housing loan or consumer loan agreement at Luminor Bank, where the remaining term of the loan agreement is at least 12 months.

Insurance compensation will be paid 100 € per month

Insurance compensation will be paid according to the selected amount

Loan payment, €* Insurance compensation, €* Insurance premium, €*
0,01 – 100,00 100 4,00 
100,01 – 200,00  200 7,50 
200,01 – 300,00  300 10,50 
300,01 – 400,00  400 12,00 
400,01 – 500,00 500 13,50 
500,01 – 600,00 600 16,00
600,01 – 700,00 700 19,00
700,01 – 800,00 800 22,00
800,01 – 900,00 900 24,00
900,01 – 1000,00 1000 27,00

*monthly payment

How to apply?

Fill in the application on the website or apply for a consultation +371 67 17 1880
Receive an offer by e-mail

Confirm offer
By making the first insurance premium payment

Set up standing order
Define further payments in your Internet Bank if you have chosen to divide the total amount into several payments, as well as if you plan to prolong insurance contract  automatically

You're insured!
Coverage for all insured risks will take effect when initial waiting period ends and will continue till the end the insurance contract. In case of an insured event, fill in the claim notification online on Gjensidige webpage or call via phone +371 67 11 2222

Required documents:

  • Insurance application if you want to apply remotely
  • Passport or ID card if you want to apply in person


  • Your Luminor Housing or Consumer loan agreement will be valid for at least a year and the monthly loan payment is over €50.
  • One insurance contract is linked with only one loan, either consumer loan or housing loan. If you have several loans, then regarding each of them new insurance contract should be concluded.
  • Only borrower and coborrower can apply for this product.
  • Compensation will be calculated 30 days after insured event occurs and will be paid to your bank account in accordance with the Insurance Terms and Conditions.
  • If the insured event occurs, insurer will pay compensation for limited time that is no longer than 11 months per year.
  • Insurance coverage is not applicable immediately – you will need to pay insurance premium and will have no possibility to submit a claim until the initial waiting period ends. The initial waiting period is 30 days for lasting sickness and recovery after accident, and 60 days for involuntary unemployment.

Frequently asked questions

How to report an insurance event?

If you lost job, get injured or fall ill, you have to register the claim in order to receive the insurance compensation amount.  You can register the claim in three ways:

Is Loan Payment Insurance available for self-employed person?

No, self-employed persons cannot apply for the Loan Payment Insurance. Insurance contract can be concluded with person who works on a labor contract (as well as work as statutory or civil servant etc.) of at least 13 months (fixed-term employment contract) or for indefinite period. Also, customer must work at least sixteen hours per week and receive a salary or similar renumeration. All insurance exclusions  are mentioned in Terms and Conditions.

Is it necessary to pay for Loan Payment Insurance during the credit holidays?

The insurance premium payment is not linked to the monthly loan payment. It means, if you have chosen a credit holiday during which you only have to pay credit interest, the payment of the insurance premium will stay constant. The insurance premium is fixed amount and its level is stated in your insurance contract. 

How do I cancel my insurance contract?

By notifying the Insurer in written of the termination of the insurance contract at least 15 days prior to the desired date of termination:

The request to terminate the insurance contract must be signed by you or your authorized person (except for providing on the self-service website).
If You have used means of remote communications (internet, telephone, e-mail) to conclude an insurance contract, You have the right of withdrawal to terminate the insurance contract in 14 calendar days after its conclusion of insurance contract  notifying Insurer in written format, except for cases, specified in insurance terms and conditions.

What should I do if I resigned my loan with another bank?

Notify the insurer to terminate your insurance contract in self-service of Gjensidige, by e-mail, or by post, find the address here.

Can I suspend the cover, for example, during pregnancy?


Is Loan Payment Insurance effective if insured event occurs due to Coronavirus?

Yes, but only partially. The loss of employment caused by the COVID-19 virus is insured. The risk of long-term incapacity for work caused by the COVID-19 virus is uninsured until the World Health Organization cancels pandemic and responsible institutions withdraws epidemic and pandemic.

Will I get an insurance compensation if due to economic turbulence my salary is reduced, and I have difficulties to pay loan payments?

No. If your salary decreases but the employment relationship is not terminated, the insurance compensation is not paid.

See also other insurance products

Home Insurance

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Credit Life Insurance

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CASCO Insurance

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Offering Loan payment insurance to its clients, Luminor Bank AS, reg. No 11315936, address: Liivalaia 45, 10145, Tallinn, Republic of Estonia, represented within the Republic of Latvia by Luminor Bank AS Latvian Branch, reg. No 40203154352, address: Skanstes iela 12, LV-1013, Riga, Republic of Latvia acts as an insurance agent on behalf of ADB “Gjensidige” Latvian Branch (reg. No. 40103595216, address: Gustava Zemgala Gatve 74A, LV-1039, Riga). Luminor Bank AS is registred in Finantsinspektsioon (Estonian Financial Supervisory Authority) insurance agency register and is entitled to provide insurance intermediation services in Latvia on the basis the principle of freedom of establishment. Luminor Bank AS shall process your personal data to prepare ADB “Gjensidige” Loan Payment insurance offer and forward them to insurer.