Life insurance
Life insurance is intended to support families in the event of death, and thus increase the quality of life and financial security of those left behind.
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Life insurance is intended to support families in the event of death, and thus increase the quality of life and financial security of those left behind.
Insurance can be complicated. To make things easier to understand, we have compiled all the key information about the insurance in an information document that can be viewed with the terms and conditions.
You can get a quote for life and health insurance tailored to your needs in just a few minutes.
Since you are looking into life and health insurance, you may also be interested in the following types of insurance.
Home protection is a bundled insurance that covers your family and household belongings. Choose from four different plans tailored to your needs.
Occupational disability coverage provides benefits if the policyholder is unable to perform the duties of their specific occupation due to an injury or illness.
Critical illness insurance provides financial security for individuals and their families in the case of an illness.
Life insurance is financial protection for the dependants of those who hold such insurance.
The price of life insurance is calculated according to the premium rate schedule and depends on the insured amount and the age of the policyholder. The price is independent of gender and increases in line with the consumer price index and as the policyholder ages.
If you have life insurance and pass away due to illness or an accident, your dependants, or those you choose, will receive compensation.
When applying for life insurance, you choose the compensation amount. It should reflect your income, level of debt, and family circumstances. You should regularly review the insured amount when your circumstances or family situation change.
Those who have others depending on them or who have taken on financial obligations for which others would be responsible should consider life insurance. Financial obligations include, for example, a mortgage, car loan, bond loans, overdrafts, or other debts.
Life insurance is valid worldwide.
You decide who receives the benefits from your life insurance. If you do not name a specific beneficiary, the benefit amount is paid to your spouse, if applicable. If you leave no spouse, the benefit is paid to your legal heirs in accordance with the law or a will. You may also designate individuals you wish to be entitled to the benefits, such as a cohabiting partner.
The options are as follows:
Legal heirs:Your married spouse receives 1/3 of the amount and your children receive 2/3 of the amount.
No designated beneficiary:Your married spouse receives the full amount. If you are not married, the full amount is paid to your children. If there is no spouse or children, the amount is paid to your parents.
Named beneficiary:You choose who receives the benefits. If you have a partner but are not married, this option must be used if your partner is to receive the payout.
Individuals aged 18–62 may apply for life insurance, which remains valid until the age of 75.
Life insurance compensation is paid as a lump sum to the beneficiary and are exempt from income tax.
Death benefit to the beneficiary chosen by the customer at the beginning.
Suicide within a year from the effective date of the policy.
Child death benefits if a live-born child of the insured dies during the policy period. A maximum of ISK 2,000,000 is paid to the insured.
Terminal illness if the illness is diagnosed before the age of 65 and doctors have confirmed a life expectancy of less than 6 months.