When taking a loan, you can choose to add payment protection insurance through If P&C Insurance. This helps cover your loan payments if something unexpected should happen.
Payment protection insurance helps if:

• You can’t work due to an accident or illness, whether it’s temporary or permanent.
• You lose your job due to redundancy, or your employer’s bankruptcy.
• You’re temporarily unable to work due to an illness or accident involving you or your child.

In case of the borrower’s death, the insurance covers the remaining loan balance, so it’s not passed on to the family or heirs.

There are certain situations where payment protection insurance won’t cover your loan. For example:

• The illness, injury, or unemployment started or was known before your insurance coverage began.
• You lose your job during your probation period due to personal or disciplinary reasons.
• Temporary incapacity caused by pregnancy or childbirth (except in the case of complications).
• Situations related to alcohol or drug use, involvement in criminal acts, or events caused by war or terrorism.

Yes, unemployment coverage has a 90-day waiting period after the insurance starts, and there is a 30-day waiting period for other coverages (such as illness or accident). Events occurring during these waiting periods are not covered.

The cost of payment protection insurance is 6% of your monthly loan payment, including interest. This amount is recalculated every month and can change based on fluctuations in the EURIBOR rate and interest rates.
If the EURIBOR rate or interest rate change, your insurance payment is adjusted as well.

If an insured event occurs, fill out an insurance claim as soon as possible. In the policy number field, simply enter “Inbank”. After submitting the claim, you’ll be contacted with instructions on what to do next.