Why is payment insurance becoming increasingly relevant?
"Payment insurance is becoming more and more popular in Latvia as well, because people increasingly want to secure their financial obligations,” says Maksims Melameds, Head of Baltic Partnerships at If Insurance. “People are looking for ways to maintain stability when their income suddenly drops – whether it’s due to health issues, job loss, or other unforeseen life changes.”
“We offer a solution that helps clients feel safer when life becomes unpredictable,” adds Dainis Skrinda, Head of Inbank Latvia. “We see that clients are increasingly thinking about security and long-term financial stability. Payment insurance is a way to protect yourself and your family during times when income is unavailable.”
When does payment insurance help?
Payment insurance can help cover monthly payments in the following cases:
Job loss – if employment is terminated, unemployment status is granted, and the insurance has been active for at least 90 days.
Long-term incapacity for work – for example, after an accident or illness lasting more than 30 days.
Death – the remaining loan obligations are covered, protecting the family from additional financial burden.
What does it cover and what should be considered?
According to If experts, payment insurance takes effect after a 30-day waiting period and then covers monthly loan payments. Compensation is provided for a set period – typically between 6 and 12 months. For instance, if your monthly payment is €500 and the insurance is active for one year, the total coverage could reach up to €6,000. In the case of long-term incapacity or death, it is possible to cover part or even the full remaining loan amount. It’s important to remember – insurance does not cover losses if job loss or illness occurs during the waiting period. Therefore, it’s crucial to sign up in a timely manner and review all terms carefully.
A responsible choice for financial stability
“Every loan product comes with the client’s responsibility,” emphasizes Dainis Skrinda. “It’s important to assess your capabilities and make thoughtful decisions that help maintain financial balance even under unforeseen conditions. Payment insurance is one of the simplest ways to gain extra peace of mind and be prepared for various life scenarios.”
Inbank payment insurance – security for your commitments
Payment insurance helps maintain financial security in unpredictable situations. It ensures that loan payments are made even during life events such as health problems, job loss, or other challenges that threaten your ability to meet obligations. It is a responsible and smart long-term choice for anyone who wants financial peace of mind during uncertain times.
