Credit Life Insurance

Credit Life Insurance provides protection to borrowers in the amount of unpaid debt and allows for additional savings. Moreover, making contributions to life insurance qualifies the contributor to apply for personal income tax reliefs.
  • Financial protection for the family by repaying the debt in case of death of the borrower. The insurer will cover the unpaid part of the debt, and the pledged property remains in the family ownership.
  • Simultaneously with the life insurance, the customer may choose to make savings. This provides opportunity to shorten the debt repayment schedule by using the saved funds for sooner repayment of the debt.
  • As the insurance amount reduces more funds can be transferred to savings that will provide the borrower and his/her immediate family with greater confidence about their financial independence.
  • Possibility to insure debt liabilities at Nordea and other banks.
  • It is possible to reimburse the personal income tax (23%) for the contributions that do not exceed 10% of your gross annual income in the respective calendar year.
  • Convenient way to manage your savings by using the customers' website
  • Investment funds can be exchanged without fee at any time during the validity of the contract.

This service is offered by Nordea in cooperation with the insurance company ERGO Life Insurance Latvia Branch.
Credit Life Insurance can be arranged at any Nordea Customer Service Unit.

  • Insured risks: loss of life and permanent disability.
  • Contract currency: EUR.
  • Insurance amount: depending on customer's choice, starting from EUR 15 000, which will reduce in proportion to the contract duration.
  • Contract duration: minimum: 5 years, maximum: until the insured person reaches the age of 65.
  • Insurance will take effect with the first payment into the insurer's account.
  • Amount of payments is defined individually depending on the customer's age, insurance amount and contract duration.
  • Customer may choose the preferable type of payment: make a single payment or regular monthly payments.
  • Additional payments to top up the savings can be done at any time.
  • Minimum monthly payment: EUR 30, minimum single payment: EUR 1000. Maximum amount of payments is not limited.


Selection and Change

Assets are saved in Nordea investment funds, where everyone can choose the funds most suitable to his/her preferred risk level. Combining the fund programmes and various funds offered by Nordea everyone can create his/her own investment profile.
During the validity of the contract, the customer may change the investment strategy and funds several times without fee on the customers' website mansergo.lvOpens new window or by submitting a written application at Nordea Customer Service Units.

We offer to make savings in these investment funds:
Flexible fixed income fund Opens new window
Tactical Allocation BalancedOpens new window
Tactical Allocation ConservativeOpens new window
Nordic Equity FundOpens new window
Nordic Equity Small Cap FundOpens new window
Latin American Equity FundOpens new window
North American All Cap FundOpens new window
Asian Focus Equity FundOpens new window
Global Bond FundOpens new window
European Covered Bond FundOpens new window
Global Short Duration Bond FundOpens new window
US Corporate Bond FundOpens new window
Emerging Markets Bond FundOpens new window
European High Yield Bond FundOpens new window
Stable Return FundOpens new window
Danish Kroner Reserve FundOpens new window


Savings in investment funds are always linked to financial risks. Making savings by using more risky investment funds increases the possibility of loss. In case of negative scenario, the investor may lose all or part of the invested assets. Investments are not made directly, therefore the insurant, instead of ownership rights regarding these investments, obtains demand rights against the insurer. Guarantees provided by the Insured Interests Protection Fund do not apply to this product.