Hyvinvoiva työyhteisö

The Employees' Group Life Assurance

Employees' group life insurance is life insurance based on collective agreements taken out by employers for their employees. The insurance is for the protection of close family members.

Compensation is paid under the employees' group life insurance to the employee’s heirs upon the employee’s death. If a spouse or the children’s guardian dies due to an accident or illness, the employees' group life insurance ensures the family’s direct income 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.

The employer must take out group life insurance for its employees if so stipulated

  • in the collective agreement binding the employer
  • in a general national collective agreement in force in the employer’s line of business.

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.

Do you want to receive an offer for insurance available to your company’s personnel? Submit your company’s contact information to us; our experts will contact you soon! Requesting an offer will not obligate you.

Työtapaturmavakuutuksen kuva
Workers’ compensation insurance
Covers your employees in the event of accidents that happen at work or on the way to or from work as well as occupational diseases.
Group pension insurance
Supplement your and your employees’ statutory pension cover and enable flexible retirement.