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Life Insurance for Entrepreneurs and Personnel

Voluntary life insurance for companies ensures the continuity of your business and reduces financial risks related to personnel.

Life insurance in company crisis situations

Ensures business continuity and reduces financial risks related to personnel if the worst should come to pass.


Offers cover for your family

With life insurance for companies, you ensure that the living standards of your next of kin do not suffer due to the death of the insured person.


Tax deductible

As a rule, life insurance premiums are deductible in corporate taxation and not considered part of the salary of the insured person.

Why take out life insurance for companies?

Life insurance provides cover to the entrepreneur’s next of kin. Insurance helps overcome financial hardships and, together with other insurance policies, protects your family’s financial security if you lose your life due to an accident or illness. Your next of kin can use the life insurance benefit to cover loan repayments and inheritance taxes or carry out other means of ensuring financial security.

Life insurance for companies also secures business continuity in the event of the unexpected death of one of the owners. The insurance can be used to cover production losses, for example. The insurance also functions as collateral security for your corporate loans.

In the event that death occurs, the life insurance benefit is paid to a beneficiary of your choosing, but as the policyholder, you can also assign the right to choose the beneficiary to the insured person, such as an employee. Typically, the beneficiaries are either the insured person’s next of kin or close associates, but it may also be the company.

An entrepreneur’s assets are often tied to the company, and the family home is used as collateral security for the company’s loans. By taking out life insurance for companies, you secure your family’s financial standing in the event of unforeseeable situations.
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Life insurance that matches your company’s needs

Individual Life Insurance is suitable for covering the life and health risks of an entrepreneur or individual key employee. Individual Life Insurance is also available as joint cover, such as with a spouse who also works in the company as an entrepreneur. Joint cover pays out a single death benefit after the death of one of the insured persons, after which the insurance expires. It is also a more affordable alternative to two individual policies.

You can choose either permanent or decreasing term insurance cover for your Individual Life Insurance for Companies.

  • With a permanent term, the insurance compensation remains the same, while the premium increases as you get older.
  • Decreasing term life insurance is suitable when you want to reduce the amount of insurance cover as you pay off your loans. With a decreasing term, the amount of compensation decreases gradually by 20% every five years, starting from the insurance period during which the insured person turns 46.

Group Life Insurance covers a specific group of personnel or all your company’s employees. The minimum number of insured persons is five. Group Life Insurance for Companies has a fixed insurance cover, and the insurance premium increases every five years, in accordance with the age of the insured person.

Read about the employees' group life insurance here. An employee insurance policy taken by the employer that is based on a mutual agreement between the labour market organisations, it covers nearly all employees in an employment relationship, subject to the employees’ pensions laws.

As standards of living have improved, life insurance has become overlooked in favour of other needs. We insure our property in case of fire, but may forget to insure our own lives. A major reason for this is that life insurance is associated only with accidental deaths, even as illnesses are a much more common cause of death among the working age population.

Sirkku Hiekkamäki Insurance Manager, OP Life Assurance Company Ltd

What type of life insurance is best for my company?

OP Life Insurance is always tailored to your company’s needs, whether to ensure business continuity in the event of a crisis, assist in committing your key employees, or protect the financial security of the insured persons’ families should the worst come to pass. The agreed sum insured is paid as a lump-sum compensation directly to your next of kin or company.

The best life insurance for entrepreneurs is one that will allow their loved ones to continue their lives free of worry over financial security. Calculate your ideal amount of compensation by adding up your family’s loans, annual income and number of children. At minimum, life insurance compensation should cover your loans, your annual gross income and 20,000 euros per dependent child.

Where can I buy life insurance for companies?

To learn more and purchase life insurance for entrepreneurs and personnel, simply leave us your contact details and we will be in touch. See below for the link to the offer request form!


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Health Insurance
With medical expenses insurance, you secure high-quality treatment and an efficient clinical pathway for your personnel, and also shorten absence due to illness.
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Self-employed persons’ accident insurance
Comprehensive cover for medical treatment expenses and income protection in the event of an injury.

Factors that affect the price of Life Insurance for companies are as follows:

  • Age of the insured person
  • The insured person’s year of birth
  • The insured person's gender
  • The selected amount of compensation
  • Type of insurance, whether individual or group
  • Type of cover, whether individual or joint cover
  • Type of term, whether permanent or decreasing

The taxation information of the insurance policy is based on current legislation. Please note that taxation information may change during the policy's period of validity.

If the beneficiaries of the death benefit are the insured person’s next of kin, the benefits are subject to inheritance tax. If the beneficiary is a person other than the insured person’s next of kin, the death benefit is taxable capital income in its entirety.

A death benefit paid to the company is considered taxable business income.

We will notify the tax authorities of benefits subject to inheritance tax.

Instructions and forms for applying for life insurance compensation.
The insurance is issued by OP Life Assurance Company Ltd.