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Payment Protection Insurance on Corporate Loans

Security for your company's finances and future

THIS PRODUCT IS ONLY AVAILABLE IN FINNISH AND SWEDISH!

The work input of the entrepreneur and key employees is a crucial factor in the success of your company. The loss of this work input can have a major impact on the operations and financial situation of your company, and on your own finances as an entrepreneur if you have lodged your own property as collateral for loans.

With Payment Protection Insurance, you can insure a total of four healthy persons aged 18–59. Each insured person after the first will entitle you to a 10 per cent discount on the premium. The insurance premium is lower for non-smokers and decreases with the repayment of loan capital.

You can insure new or existing loans for a maximum of seven years. In other words, the maximum insured sum is EUR 200,000 and the maximum insurance period seven years.

What does the insurance cover? How does the policy work?
  • Serious illness
  • Permanent handicap caused by an accident
  • Death
  • In the event of, for example, serious illness of the person insured, we will pay the insured loan.
  • Your company's funds will remain available for other arrangements, such as hiring substitutes.

With regard to taxation, Payment Protection Insurance is the most profitable solution for your company since you can nearly always deduct your insurance premiums.

Payment Protection Insurance on corporate loans is granted by AXA, a long-term partner of OP specialising in loan-related insurance products.

The product is particularly well-suited to small and new , which have not accumulated assets and have lodged the company's or entrepreneur's property as collateral for loans. The product is particularly well-suited to small and new , which have not accumulated assets and have lodged the company's or entrepreneur's property as collateral for loans.
Sari Marttila‚ Expert, OP

Use our risk charting form to assess the risks associated with your company's loan management capabilities. You can then prepare for unexpected future events with the appropriate voluntary additional coverage.

Our voluntary additional cover products include:

  • Repayment Security Insurance on Corporate Loans
  • Kultaturva in case of serious illness
  • Interest rate hedge for your company credit.

Any compensation paid from the policy are paid to the insured persons themselves with the exception of death benefit, which goes to the beneficiaries specified by the policyholder.

A beneficiary clause is a specific clause that supersedes last wills and testaments and pre-nuptial agreements, for example. This means that any compensation is paid according to the beneficiary clause regardless of the policyholder's or insured person's existing or subsequent last will and testament or pre-nuptial agreement.

Declaration of beneficiaries

The beneficiaries are specified in the insurance application. There may be one of them or more.

For Repayment Security Insurance on Corporate Loans, the beneficiary can be your company, the close relatives of the insured person, or another designated beneficiary. When specifying beneficiaries, you should take account of the taxation effects this will have with regard to the insurance premiums and indemnities.

Unless otherwise declared in the insurance application or in a later written notification to AXA, the insurance policy's beneficiary will be the insured company.

Beneficiary clause format

Beneficiary clauses and any cancellation or amendment of them must always be submitted in writing to AXA. Cancellations and amendments can be made using the attached form.

Write the new beneficiary clause on the form in full. This beneficiary clause will supersede any previous ones. Post or fax the amended beneficiary clause to AXA. The contact details are at the bottom of the form.

A couple with a gardening company took out a loan of EUR 105,408 for running their company. This was later supplemented with another loan of EUR 100,000. The couple insured both loans with Repayment Security Insurance on Corporate Loans, with the 39-year-old woman and her husband both insured as key personnel.

The woman suffered a cerebral haemorrhage at the age of 44 and was sped to hospital. Her treatment and rehabilitation took time, but she was slowly rehabilitated back to working fitness.

Tax-free lump-sum compensations for serious illness to the amount of EUR 105,906, or the entire remaining loan capital, were paid to the insured person under the Repayment Security Insurance on Corporate Loans. In this way, the Repayment Security Insurance on Corporate Loans saved this entrepreneurial family from financial distress.

Submit your claim using the enclosed claims forms.

  • Following the instructions carefully will expedite the processing of your claim. Also remember to enclose all requested documents with your claim.
  • Remember to sign the form and post it to AXA to the address shown at the bottom of the form.

For more information, contact AXA's telephone service on:
+358 10 802 841, Mon–Wed from 9.00 a.m. to 4.30 p.m., Thu–Fri from 10.00 a.m. to 4.30 p.m.