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Where and how to get loan repayment insurance


All persons interested in drawing any kind of a bank loan, especially legal entities and natural persons, entrepreneurs and non-entrepreneurs, can take out loan repayment insurance. Loan repayment insurance is voluntary, but it may be required ad hoc by the bank when taking out a loan. Loan repayment insurance protects against financial problems that may occur in unexpected situations in life, such as loss of employment and consequent period of unemployment, incapacity for work, disability, or death. The insurance usually covers the full repayment period.
  1. Where to get information
  2. List of insurance companies
  3. Taking out insurance
  4. Complaint about the handling of an insured event

1. Where to get information

When taking out loan repayment insurance, we recommend contacting the selected insurer directly; the insurer will then provide you with all the necessary information concerning the documents required to take out the insurance. This varies depending on the client requirements and on the insurance terms of a particular insurer, such as proof of the client’s creditworthiness.

2. List of insurance companies

A person who wants to take out loan repayment insurance can do so with any insurance company offering this kind of insurance. The current list of insurance companies operating in Slovakia is available at the website of the National Bank of Slovakia.

3. Taking out insurance

Loan repayment insurance is provided by commercial insurance companies and its terms depend on requirements and needs of individual clients. The primary step for taking out loan repayment insurance is to conclude an insurance contract with the selected insurance company by which the insurance company undertakes to provide coverage in the agreed extent for an accidental event specified in the contract by a natural person or legal entity.

An insurance contract should include in particular:

  • the sum insured;
  • the amount of premium, its due date, and whether the premium is one-off or periodic;
  • the insurance period;
  • the rights and obligations of the insurance company, the insured person and the person concluding the insurance contract.

The insurance contract also includes the insurance terms to which the insurance contract refers, and which are attached to it, and were communicated to the client prior to conclusion of the insurance contract. They regulate further details regarding the insurance.

The insurance contract between the insurer and the client regulates mutual rights and obligations arising from the insurance. The insurer undertakes to provide insurance coverage to the extent agreed upon if an accidental event specified in the contract occurs, and the natural or legal person that concluded the insurance contract with the insurer undertakes to pay the premiums.

The insurance contract or insurance terms also stipulate the reasons for which the insurer has the right to refuse or reduce the insurance claim (e.g. the insurer is entitled to reduce the insurance claim based on the insurance contract accordingly, if a lower insurance premium was determined on the basis of a knowingly false or incomplete answer).

4. Complaint about the handling of an insured event

If you are not satisfied with the way your insured event was handled, you are entitled to file a complaint about the insurer’s actions directly with the complaints department or contact the National Bank of Slovakia, which supervises insurers’ operations. If you are not satisfied with the way your complaint was dealt with, you can pursue your claims at the court that has substantive jurisdiction.

Last modified: 7. 1. 2021
Publication date: 30. 9. 2020

The responsible person:

Ministry of Finance of the Slovak Republic
+421 2 5958 1111