Saldo Safe loan insurance

Saldo Safe insurance is available to those between the ages of 18 and 60, who are in a position to work and have a valid credit agreement. Insurable loans include either Saldo Limit or a Saldo Loan. Insurance for corporate loans are not yet available.

An applicant must have been permanently employed for at least the past 6 months. Employment may be part-time, however where this is the case, the number of hours must be more than 16 hours per week.

An entrepreneur can also apply for Saldo Safe loan insurance for a Saldo Loan or Saldo Limit, which he or she has taken out as an individual. However, he or she must be a member of the unemployment fund.

In addition, the policyholder must reside permanently in Finland and be covered by Finnish social security.

Loan insurance secures the payments on your loan, i.e. your loan is not in danger of maturing, even if you temporarily find yourself in financial difficulty. Saldo Safe will repay the monthly instalments on your loan up to a maximum of either 8 or 12 months, depending on whether you have a Saldo Loan or Saldo Limit.

If you have a Saldo Loan and you become unemployed or you are declared incapable of working, Saldo Safe will guarantee payment of your monthly instalments for a maximum of 12 months and up to € 1,000. If you have a Saldo Limit, Saldo Safe will guarantee the payment of your monthly instalments in the circumstances mentioned above for 8 months and up to a maximum of € 1,000.

In the event of death, the full principal of the loan will be paid up to a maximum of € 50,000.

We recommend that all our customers take out loan insurance, as Saldo Safe always applies to unemployment, incapacity to work and death. Customers do not get to choose which situation(s) the insurance covers.

Saldo Safe's monthly payment depends on two criteria:

• The type of loan

• The amount of open capital or the amount of the monthly instalment

Additionally, opening fees are not applied to loan insurance.

Saldo Limit: The amount of Saldo Safe is 1.04% per month of the amount of the open loan. Example: Where you have used the Saldo Limit for €1,000, your insurance premium will be set at € 10.40 per month.

Saldo Loan: The Insurance premium is 8.57% of your monthly instalment. Example: You have a € 3,000 loan with a monthly payment of € 129. Based on your monthly instalment, you’ll be charged an insurance premium of € 11.06 per month.

The qualifying period means the minimum period of time that the insurance period has elapsed before you are entitled to claim compensation for incapacity for work or unemployment. Saldo Safe’s minimum security period is determined as follows:

For incapacity for work: 30 days. For unemployment: 120 days.