Employees' Group Life InsuranceGroup Life Insurance is a life insurance policy taken out by employers for their employees on the basis of collective agreements.
Employees' Group Life Insurance is mandatory
If you hire employees for your company, you are generally obligated to take out life insurance for your employees. The policy is included in Workers' Compensation Insurance.
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What is employees' group life insurance?
The purpose of employees' group life insurance is to provide direct financial support to the family after the death of a spouse or the children's legal guardian. Compensation is paid under the employees' group life insurance to the employee’s heirs upon the death of the employee. If a spouse or the children’s guardian dies due to an accident or illness, the employees' group life insurance ensures financial security.
The insurance is valid during work and leisure time. Coverage extends to almost all employees governed by the employee pension laws.
The group life insurance is taken out by the employer
The national labour market organisations have agreed to provide employees with death cover. The insurance is taken out by the employer, who also pays the insurance premium.
The insurance company in charge of the statutory workers' compensation insurance charges the group life insurance premiums from the employer in connection with accident insurance premiums. The premiums are charged for persons covered by the workers' compensation insurance.
Who are the beneficiaries in a group life insurance?
The death benefit is paid to the employee’s beneficiaries after his/her death. The beneficiaries are the deceased person’s spouse and children under 22 years of age. If the deceased person does not have beneficiaries indicated in the insurance terms and conditions, the death benefit will not be paid.
Compensations payable out of the group life insurance
The compensation is paid as a lump sum, and the compensation amounts are determined annually by the Ministry of Social Affairs and Health. The amount payable depends on the age of the employee and the number of dependent children. If the employee has a child or if the death was caused by an accident, the sum is increased.
All compensations from the employees' group life insurance are paid out from the employees' group life insurance pool in the Finnish Workers’ Compensation Center.
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