What cover should I choose for myself and my family?

Here you can find three, generally described, examples of what you can consider in assessing the appropriate cover for you and your family.

If you have ITP 2, family pension (familjepension) is included by default. But if you do not have a family, you don´t need family pension. By refraining from it, you can increase your own pension.

You are single without family

Repayment cover (återbetalningsskydd)

Family cover (familjeskydd)

It is not necessary to choose repayment cover, since it is only a husband/wife/"sambo" or child/children who can receive these payments if you die. You can add repayment cover  without any health declaration if your family circumstances change.      It is not necessary to pay for family cover as it is only your wife/husband/"sambo" or child/children who can receive money.  You can add family cover without any health declaration if your family circumstances change.

 

You have children under 18

Repayment cover (återbetalningsskydd)

Family cover (Familjeskydd)

Repayment cover can be a good choice when you have children.  Remember that when you are young you have not had sufficient time to get a large a pension amount. Repayment cover is, therefore, limited. The longer you work the more money will be paid to your family if you pass away. Remember that your own pension increases if you do not choose repayment cover.     

If your closest family members are dependent on your income, it could be advisable to choose family cover. You determine, yourself, how much is to be paid out and during what period of time. In this manner, you can adapt the cover according to the economic compensation your family needs should something happen to you.

Remember that the cost is deducted from your pension premiums. In other words, you receive a lower pension, so cancel the family cover when it is no longer required; for example, when the children have moved from home.


You are approaching retirement age and the children have their own income

Repayment cover (Återbetalningsskydd)

Family cover (familjeskydd)

Does your family need economic support if you would die at this point in time? Or should you cancel this cover and, thereby, receive a larger pension? By not having repayment cover when your pension is paid out, the amount of your pension benefits can increase.      Does your family need economic cover if you would die at this point in time? Or should you cancel this cover and, thereby, receive a larger pension? The cost for family cover increases the older you become and, consequently, decreases your own pension benefits.