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Secure your future with loan payment insurance

Secure your future with loan payment insurance
  • Loan payment insurance is designed for customers who have signed a new housing or consumer loan agreement with Luminor.
  • Insure your monthly loan payments for additional peace of mind.
  • You will receive the insurance compensation if you lose your job and become temporarily incapable of work.
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Loan payment insurance

This insurance will protect you financially if you suddenly find yourself unable to cover loan payments due to involuntary unemployment, injury, or prolonged illness. In such case, the insurance compensation will be paid out directly to your bank account, even if the state pays you sickness or unemployment benefits.

Important to know

  • You can take out the insurance within 90 days after signing a housing loan agreement or getting your housing loan paid out and within 90 days after signing a consumer loan agreement.
  • The loan payment insurance agreement is initially concluded for one month and then automatically renewed.
  • You can only insure one loan agreement—either consumer or housing—with one loan payment insurance policy. If you have multiple loan agreements, you will need to insure each one separately.
  • The insurance compensation will be paid out if the insured event lasts more than 30 days. The compensation will be calculated from the first day of the insured event, for each day it continues.
  • If the insured event occurs, you will receive monthly payouts for up to 6 months.
  • The insurance does not take effect immediately. If you become temporarily incapable of work, the insurance will begin 30 days after the agreement is signed. If you lose your job, the insurance will begin 60 days after the agreement is signed.

How to apply?

Book a consultation online. We will discuss your needs and expectations and will make you the insurance offer.

We will send you the insurance offer by e-mail and will ask you to confirm it by paying the first premium.

Your insurance cove will become effective after the initial waiting period (if there is one) and last until the agreement ends. In the event of a covered incident, please register it on Compensa Vienna Insurance Group ADB Latvian branch email or register it on the portal or by calling 8888.

Book a consultation

Useful links:

Important!

  • Before signing the loan payment insurance agreement, please read the terms and conditions and other important information on Luminor website. If you need help, please consult a bank specialist.
  • Some insured risks and indemnifiable losses may have restrictions. You can find all details about exceptions and coverage restrictions in the insurance agreement and terms and conditions.

In case of an insured event

If you lost your job, got injured, or became ill, you need to register your claim to receive the insurance payout.

You can register your claim:
- by email info@compensa.lv 
- by applying here
- by calling 8888

If you have a loan payment insurance with Gjensidige, please register the insured event on Gjensidige webpage or call at +371 67 11 2222.

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When offering Loan payment insurance to its clients, Luminor Bank AS (reg. No 11315936, address: Liivalaia 45, 10145, Tallinn, the 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 “Compensa Vienna Insurance Group” ADB Latvian Branch (reg. No. 40103942087, address: Vienības gatve 87h, LV-1004, Riga) (hereinafter – the insurer). Luminor Bank AS is registered in Finantsinspektsioon (Estonian Financial Supervisory Authority) insurance agency register and is entitled to provide insurance intermediation services in Latvia on the basis of the principle of freedom of establishment. To prepare Loan Payment insurance offer and policy Luminor Bank AS will process your personal data and transfer data to the insurer. The insurer, as the data controller, will process your personal data (including personal data of special categories and personal identification codes) to secure performance of the insurance agreement and compliance with legitimate interests of the insurer or a third party. More information on personal data processing is available on the website compensa.lv , at the insurer’s customer service centres or by e‑mailing your enquiries to the address info@compensa.lv.