Repayment cover (Återbetalningsskydd)

If you choose repayment cover, the remaining value of your pension (ITP 1 or ITPK ) will be transferred to your survivors, if you should die before the full amount has been paid.

Who gets the money?

Pension is normally paid for five years in order of priority to

  • spouse, registered partner or "sambo" ( a partner you live together with)
  • children regardless of age.

 
Do you want someone else to be beneficiary, you can write a special beneficiary provision.

The beneficiaries you can choose aside from the people above are

  • previous spouse, "sambo" or registered partner
  • stepchildren or foster children.

By completing a special beneficiary provision you can also divide the money between several people.

What does repayment cover cost?

When you choose repayment cover your own pension may be slightly lower than if you had not chosen it, since you will not receive a share of the so-called inheritance gain. (The inheritance gain means that if a person dies without having a Repayment cover, the money is shared between everybody in ITP, who doesn´t have a Repayment cover.)

If you are single and have no children

If you are single and have no children you have no reason to choose repayment cover. Then all your ITP 1 or ITPK  money will be saved for your own future pension. You can add repayment cover in the future, but then you will need to fill in a health declaration and submit it for approval.