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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.

Ability to choose insurance according to your needs

Purchase additional accident insurance.

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

Relevant before signing the contract

  • Assess your needs: what kind of protection do you require and whether it is provided by the selected product.
  • Check the terms and conditions of the insurance contract: what will be the insurance coverage, when will the insurance benefit be paid, what will be the monthly premiums and in what order they will need to be paid.
  • Check the detailed list of non-insurable events: find out in cases of which events or activities the insurance benefit will not be paid.

Check the rules of borrower’s life insurance (in Lithuanian).

Didn’t find the answer to your question?

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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.

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.

What is the cost of borrower’s life insurance?

The insurance premium amount is calculated individually for each customer, taking into account the size of the loan, the age of the insured person, any health conditions, and any additional insurance coverage.

When do I need to pay the insurance premiums?

The insurance premium payment frequency can be chosen by the client: monthly, quarterly, semiannually or annually.

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.

More questions
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.

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.

What is the cost of borrower’s life insurance?

The insurance premium amount is calculated individually for each customer, taking into account the size of the loan, the age of the insured person, any health conditions, and any additional insurance coverage.

When do I need to pay the insurance premiums?

The insurance premium payment frequency can be chosen by the client: monthly, quarterly, semiannually or annually.

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.

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