Life and Critical Illness Insurance for Young People
Insurance for young people aged 18-39 with small financial obligations in the event of serious illness or death.
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Insurance for young people aged 18-39 with small financial obligations in the event of serious illness or death.
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.
Pregnancy and parental protection is a cover to Vörður’s critical sickness insurance that supports expectant mothers and parents with financial protection and emotional support if serious events occur during pregnancy or childbirth.
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 and critical illness insurance is a combined policy consisting of life insurance and critical illness insurance. It provides financial protection for the insured and their dependants.
The policy combines life insurance and critical illness insurance. Life insurance pays benefits to your dependants, or to those you choose, if you pass away due to illness or an accident. Critical illness insurance pays you a benefit if you are diagnosed with a specified illness. The illnesses covered by the critical illness insurance are listed in the information document and in the terms and conditions.
Life and critical illness insurance is necessary for most people, regardless of family circumstances, as serious illness or accidents can occur without warning.
You decide who receives the compensation from your life insurance. If you do not name a specific recipient, the benefit amount is paid to your spouse, if applicable. If you leave no spouse, the compensation amount 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 receive 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 recipient: 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 recipient: 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.
The illnesses covered by the policy are divided into five benefit categories:
Stroke, paralysis, and aphasia
Cancer
Neurological and degenerative diseases
Cardiovascular diseases
Other serious illnesses
Further details can be found in the information document or the terms and conditions.
Life insurance compensation is paid as a lump sum to the beneficiary and are exempt from income tax. Critical illness insurance compensation is paid as a lump sum, and only one payment is made per benefit category.
Life and critical illness insurance is valid worldwide.
Individuals aged 18–37 may apply for life and critical illness insurance for young people, which remains valid until the age of 39.
Pregnancy and Birth-Related Incidents
If the insured is diagnosed with one of the following during pregnancy or at birth, a lump sum payment of 1,000,000 ISK is paid:
Preeclampsia
Ectopic pregnancy requiring surgery
Pregnancy loss after 14+0 weeks and termination of pregnancy due to confirmed diagnosis of a serious fetal abnormality
Severe morning sickness
Severe postpartum hemorrhage ≥1,500 ml
Severe perineal tear (3rd and 4th degree)
Placenta accreta
Placental abruption
DIC (disseminated intravascular coagulation)
Congenital Health Conditions of the Child
If the child of the insured is diagnosed with one of the following at birth or during the first year of life, a lump sum payment of 1,000,000 ISK is paid:
Cerebral palsy
Hydrocephalus
Spina bifida
Congenital heart defects requiring surgery within the first 6 months of the child's life
Cleft palate and cleft lip requiring surgery or specialized treatment
Severe congenital structural abnormalities of the abdominal wall or diaphragm
Chromosomal abnormalities requiring long-term care
Clubfoot or severe limb abnormality
Rare and life-threatening conditions meeting 2 of 3 criteria
Counseling Sessions for Trauma During the Childbearing Period
The insurance provides up to five counseling sessions for the following:
Claimable incidents under pregnancy and parental protection
Prenatal and postnatal depression
Pregnancy loss before 14+0 weeks
Difficult or traumatic birth experience
Emergency caesarean section
Intimate partner violence
Consequences of cerebrospinal fluid leak following spinal anesthesia (e.g., spinal headache)
Very premature birth, meaning the child is born before the 32nd week of pregnancy and required hospitalization after birth due to premature development
In the event of pregnancy loss, the insured may also request counseling sessions for the insured's children, taking into account their age and circumstances.
Pregnancy and birth-related incidents
Illnesses or conditions that existed before the insurance came into effect, including diagnoses or symptoms attributable to a condition that began prior to pregnancy.
Termination of pregnancy for reasons other than medical.
Other incidents or illnesses not specified in the terms of the insurance.
Illnesses, physical defects, or other conditions that can be attributed in any way to the consumption of alcohol, medication, or narcotics.
Illnesses rooted in cosmetic or elective surgery during pregnancy.
Congenital health conditions of a child
Health conditions of a child that existed before the insurance came into effect, including diagnoses or symptoms.
The insured sum is only paid for one of the diagnoses listed below, even if the child has multiple diagnoses and even if more than one certificate is active with the insured.
A condition for benefit payments is that the child survives 30 days from the time a diagnosis is made, a procedure is performed, or another insured event occurs.
Support counselling for trauma during the childbearing period
Trauma or illnesses that began before the insurance came into effect or coverage commenced.
Other incidents or illnesses than those specifically designated as eligible for benefits in these terms.
Additional costs, such as travel expenses or comparable expenditure items, are not covered by the insurance.
Death benefit to the beneficiary chosen by the customer at the beginning.
Child death benefits if a live-born child of the insured dies during the policy period. A maximum of ISK 750.000 is paid to the insured.
Terminal illness if the illness is diagnosed before the age of 39 and doctors have confirmed a life expectancy of 6 months or less.
Suicide within a year from the effective date of the policy.
Acute coronary occlusion/myocardial infarction, according to a more detailed definition in the terms.
Coronary angioplasty/coronary artery bypass surgery, according to a more detailed definition in the terms.
Heart valve surgery – valve replacement or repair, according to a more detailed definition in the terms.
Aorta graft surgery, according to a more detailed definition in the terms.
Regarding acute coronary occlusion/myocardial infarction, Non-ST-Elevation Myocardial Infarction (NSTEMI), with an increase in Troponin I or T, together with other acute coronary syndromes, is excluded.
Regarding coronary angioplasty/coronary artery bypass surgery, other non-open procedures are excluded, e.g. percutaneous coronary intervention (PCI) and laser procedures.
Regarding aorta graft surgery, operations performed on branches of the aorta outside the thoracic or abdominal cavity are excluded.
Stroke.
Paraplegia.
Aphasia.
Regarding stroke, transient ischemic attack (TIA) and neurological symptoms due to migraine are excluded.
Regarding aphasia, aphasia due to psychological problems is excluded.
Malignant tumor, characterized by uncontrolled growth and proliferation of malignant cells along with invasive tissue growth.
Early signs of cancer.
Tumors that are in situ and non-invasive.
All stages of CIN (cervical intraepithelial neoplasia.)
Stage 1 Hodgkin's lymphoma.
Chronic lymphocytic leukemia.
Prostate tumor stage T1 and Gleason score 6 or lower.
All types of tumors when HIV is present.
Kaposi‘s sarcoma.
All skin cancers, other than malignant, invasive melanoma.
Cancer that is diagnosed in the first three months after the insurance comes into effect.
Multiple Sclerosis (MS), according to a more detailed definition in the terms.
MND before the age of 60 (Alzheimer's Disease), according to a more detailed definition in the terms.
Parkinson's Disease before the age of 60, according to a more detailed definition in the terms.
Regarding Parkinson's Disease, Parkinson's Disease which is the result of alcohol or drug abuse is excluded.
Benign brain tumor
Major organ transplantation
Kidney failure
Third degree burns, that cover at least 20% of the surface of the body.
Loss of limbs of two or more limbs.
Blindness, permanent, and incurable visual impairment.
HIV infection in blood transfusions, physical assaults, or in the performance of certain tasks
Irreversible deafness, according to a more detailed definition in the terms.
Bacterial meningitis, according to a more detailed definition in the terms. Serious head wounds, according to a more detailed definition in the terms.
Regarding benign brain tumors, cysts, granulomas, meningiomas, chordomas, vascular defects in or on arteries or veins, and brain tumors and tumors in the pituitary gland or spinal cord are excluded.
Regarding HIV, HIV infection caused by other causes, including sexual activity or drug use, is excluded.