When entering into a small loan agreement, the borrower can sign an agreement for payment of insurance costs and benefit from the insurance cover provided by If Kindlustus.
Small loan insurance helps if:
• you lose the capacity for work as a result of an accident or illness;
• you lose your job;
• you have been temporarily away from work due to your own or your child’s illness.
In the event of the borrower’s death, insurance will pay the loan balance to the lender so that the obligation will not transfer to the heirs.
Read the information sheet and insurance terms and conditions.
• What should I do in the case of an insured event?
In the case of an insured event, fill in a loss report as soon as possible and write the following in the policy number field: COOP. You will be contacted and instructed on what to do next.
• Example of expenses related to small loan insurance
Small loan insurance means an additional monthly expense. For example: loan amount €1,000, agreement period 24 months, number of repayments 24, fixed interest rate 19.9% per year calculated on the loan balance, monthly loan payment €52.35, monthly service fee for covering insurance expense €4.19.