Insurance Terms & Conditions
- The insurance contract can be concluded for 1 year term with posibility to prolong it automatically afterwords.
- Monthly payment for insurance stays constant if you have selected option to divide insurance premium in 12 equal payments.
- Insurer will pay compensation for limited time period if the insured event occurs. You will receive compensation from insurer every month during insurance coverage period but not longer than 11 (eleven) months during insurance contract.
- Your obligations stay the same. You are obligated to pay insurance premium and monthly loan payments during the period when you will receive compensation from insurer.
- 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.
- Short-term mishaps are not compensated. Insurance compensation is paid monthly after an insurance claim submitted is satisfied and period of own risk (deductible period) is applicable. Compensation is not paid for the first 30 days, no matter what kind of insured risk occurs.
- The initial waiting period does not apply to a renewed insurance contract (from 2nd and following years), but deductible period is applicable for all insurance contracts.
- Automatic renewal – if you have indicated this option in your insurance contract, then before the expiry of the insurance contract you will receive in your email the proposal for next Loan Payment Insurance contract with all related documents.