Life Insurance

Life Insurance is an integral part of any proper financial planning! 

All other financial instruments offer us the possibility of planning, based on the situation in which we are currently.

Life Insurance is the only alternative that allows planning for all: the unforeseen and the inevitable. Life insurance offers the possibility of planning our future, and that of our relatives, by:

• securing that in case of the unexpected and unavoidable, our relatives benefit from the financial support based on the life insurance policy;     
• securing the closing and payment of the loan regardless of the stage in which the loan is located

Products offered by Illyria Life through NLB Banka:

• Borrower's Life Insurance
• Classic Life Insurance – Term Life

BORROWER'S LIFE INSURANCE 

Borrower's life insurance is a life insurance product, which is offered to customers who take loans at NLB Banka.

In the case of starting life insurance of the borrower, the life insurance company bears the risk of repayment of the loan, in case of the impossibility of repayment of the loan as a result of the loss of life of the borrower, in exchange for the payment of the premium which is set in based on the amount of the loan, the age of the borrower as well as the maturity period of the loan.

• The amount of the insured sum is contracted by the Intermediary and the Insured when concluding the insurance contract.
• During the insurance period, the insured amount decreases, following the amortization of the loan, until both reach the zero value.

So the Insurer guarantees the payment of the outstanding loan amount at the time of the borrower's death.

Borrower's Life Insurance can be offered to customers regardless of the type of loan, personal loans, mortgage loans, business loans, consumer loans, overdrafts, agricultural loans, education loans, credit cards and any credit product provided by procedures loans.

PAYMENT OF THE PREMIUM 

The premium can be paid on a three-month, six-month, annual basis or at once for the entire period of the loan's maturity.

For all loans up to EUR 5,000, the Premium will be paid on an annual basis, according to the example below, in which case the maturity is 36 months.

*The example is calculated for a female aged 40 years. 

The monthly premium can only be contracted in the case of policies with insurance sums over €50,000.00.

The table below reflects two scenarios in amounts: EUR 10,000 and EUR 50,000 at different maturities.

*The example is calculated for a female aged 40 years.