Life Insurance
Why should I get life insurance?
Life insurance provides financial protection for those you care about if the unexpected happens. We want to be someone our customers can rely on through life's uncertainties by offering outstanding life insurance.
Life insurance provides financial protection for those you care about if the unexpected happens. We want to be someone our customers can rely on through life's uncertainties by offering outstanding life insurance. The insurance amount will be paid out if you die during the insurance period. It does not matter if the cause is an accident or an illness.
- If you have others to support and have financial obligations, it is wise to consider life insurance. You decide the insurance amount and who will be the beneficiary in the event of your death.
- Life insurance benefits are paid out in a lump sum and are tax-free and tied to inflation. It is important that the life insurance amount reflects your current obligations and family circumstances; if there are any changes in your circumstances, it may be prudent to review the terms of the insurance.
- You can apply for life insurance if you are between the ages of 18 and 62 and it is valid until the age of 75. From the age of 55, the life insurance amount decreases by a certain percentage annually, but the premium remains the same.
- Your children are automatically insured through your life insurance from the time they are born until the age of 18. The amount of benefits is ISK 2 million for each child.
- If you have a child during the insurance period, you can increase the amount of your life insurance by up to 25% or a maximum of ISK 5 million without having to undergo a special health assessment.
The insurance amount will be paid out:
- If the policyholder dies as a result of accident or illness.
- If a child of the policyholder, from birth to the age of 18, dies as a result of accident or illness
The insurance amount will not be paid out:
- If the policyholder dies due to a suicide that occurs within one year of the insurance being taken out.
- If the death of a child can be traced directly to a condition of the child that existed prior to the insurance taking effect.
Please note that the above list is not exhaustive. Further information can be found in the insurance terms.
In case of discrepancy between this list and the insurance terms, the insurance terms applies.
Insurance Terms and other Information
The insurance terms is your contract with VÍS. It is important to thoroughly read the terms and understand what is covered and what is not, before purchasing the insurance.