Life insurance is security for the future and particularly important when you have a family or debt.

Life insurance

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Free 50% increase

Improved benefit for OP cooperative bank owner-customers and Pohjola Insurance prime customers

As an OP cooperative bank owner-customer or a Pohjola Insurance prime customer, you get a 50% increase in the amount of insurance free of charge. For example, compensation of EUR 100,000 will be EUR 150,000 after the increase. The additional benefit is confirmed annually.

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1

The best time to take out life insurance is now

You never know what’s waiting around the corner, which is why being prepared will help you be at peace. The amount of compensation paid under life insurance will ease the financial burdens of your loved ones if you die. You can buy life insurance easily at op.fi or in OP-mobile.

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Easily check the cost of life insurance

Click or tap the Check the price and buy button below to see our life insurance prices. Select the payout amount that best suits you. You do not need to log in to check the price. 

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Get the most out of your customer benefits and protect your loved ones' future more comprehensively than before

As an OP cooperative bank owner-customer or a Pohjola Insurance prime customer, you get an even better customer benefit: a 50% increase in the payout amount. This way, a life insurance payout of 100,000 euros is increased to 150,000 euros, for example. The additional payout is confirmed annually.  

What is life insurance and what does it cover?

Life insurance is security for the future and particularly important when you have a family or debt. If you have life insurance and you die in an accident or from an illness, compensation under life insurance will be paid to your beneficiaries of choice. In most cases, the beneficiary is your next of kin, such as a spouse. However, the beneficiary can be anyone whose financial wellbeing is close to your heart. You can change your beneficiary at any time in our digital services.  

Learn more about how to choose beneficiaries >

The life insurance payout helps one get by financially in difficult times. Your loved ones can spend the life insurance payout as they wish, for example, by paying back loans and inheritance tax. You can apply for life insurance even if you have a medical condition as the insurance can still be granted.  

You can take out single cover or joint cover if you are up to 65 years old. Both policy types require filling in a health declaration and end when the insured person turns 70 or dies. Choose the life insurance policy that best suits your circumstances according to your family’s size, income and loans.

How to apply for a life insurance payout >

What are the differences between single cover and joint cover?

As the name implies, joint cover is a life insurance policy for two individuals, whereas single cover means life insurance you take out for yourself. Joint cover is ideal when you and your partner share financial responsibility in your household. It is often cheaper than individual life insurance policies.

Learn more about joint cover >

Compare life insurance policies >

What does life insurance cost?

See below for examples of the cost of life insurance, and how the insurance amount is affected if you are a prime customer of Pohjola Insurance or an owner-customer of an OP cooperative bank.

 

Venla

Venla, 29
Life insurance

"I want to secure the future of my 3-year-old daughter with life insurance if anything should happen to me."  

Because Venla is an OP cooperative bank owner-customer, she automatically receives an increase of 50 per cent in the amount of compensation for a single person’s life insurance of her choice.

Amount of compensation
€100,000

Compensation for owner customer
€150,000

Price example
€16.25 per month
(€195 per year)

Olli and Tuula

Olli, 40 and Tuula, 43 
Joint cover

"We took out joint cover because we have a shared home loan and two small children."

As prime customers of Pohjola Insurance, they automatically receive an increase of 50 per cent in the amount of compensation.

Amount of compensation
€100,000

Compensation for prime customer
€150,000

Price example
€35.75 per month
(€429 per year)

Mia and Ari

Mia, 28 and Ari, 30
Joint cover

"We wanted to secure each other's finances with joint cover life insurance because we share the ownership of our home."

As OP cooperative bank owner-customers, they get an increase of 50 per cent in the amount of compensation.

Amount of compensation
€100,000

Compensation for owner customer
€150,000

Price example
€23.42 per month
(€281 per year)

How is the price of life insurance determined?   

The price of life insurance depends on the insurance payout selected and the age of the insured person. Life insurance costs less the younger you are when you take out the insurance. Your state of health may also affect the price of the insurance policy. Select the life insurance payout that meets your needs to see the price of life insurance for you.   

Insurance premiums are paid annually in one or several instalments. Life insurance is cheapest when you pay the annual premium in a single instalment. In such a case, you will receive a 2.5% discount on the premium.  

Three good reasons to get life insurance

  1. In the event of your death, your beneficiary (such as your spouse) receives an immediate payout that helps take care of daily expenses.  
  2. Life insurance can bring peace of mind thanks to better financial security.  
  3. It's advisable to get life insurance at the latest when your family has a baby, you take out a home loan or are otherwise financially responsible for a loved one.  

Contact us about life insurance

If you would like to talk to our specialist about life insurance, you can contact our customer service on 0303 0303 (between 8.00 and 17.00 from Monday to Friday).

What does life insurance cover? Life insurance pays out a lump-sum compensation in the event of the insured person's death due to an accident or illness. The life insurance benefit will be paid to the beneficiary you have chosen.   

Joint cover is a life insurance policy for two persons, where the insurance payout is paid to the beneficiary of the deceased person. If both insured persons die at the same time, the payout is split between their beneficiaries. Joint cover may be a more affordable option than single cover life insurance.  

Take account of the following when determining how much life insurance you need:

  • family’s loans
  • parents’ annual gross income
  • number of children     
  • existing life insurance cover
  • amount of wealth    
     

If your situation changes, you can adjust the amount of life insurance cover any time during the policy’s validity. Any changes you make will affect the price of the insurance.

The minimum age for taking out life insurance is two years and the maximum age is 65 years. The minimum age for joint cover is 15 years and the maximum age is 65 years. Single-person insurance cover ends once the insured person has died or at the end of the insurance period when they turn 70. Joint cover ends if either of the insured persons dies or turns 70, after which the insurance continues as single-person cover.

Life insurance is issued on the basis of a health declaration. The insurance is issued by OP Life Assurance Company Ltd. When applying for life insurance online, you must fill in a health declaration form asking for basic details about your health. You can easily fill in the health declaration in the digital service when applying for life insurance. Please note that the insurance policy will not enter into force until you have filled in the health declaration. For joint cover, both insured persons need to fill in a health declaration in the digital service.   

Life insurance can be granted even if the insured is not in a perfect state of health; the granting decision is always based on the health declaration.   

It is important that you do not terminate any existing life insurance policies until you have received a decision on the granting of the new policy.    

 

Life insurance payouts are subject to either inheritance tax or capital gains tax, depending on whether or not the beneficiary is a next of kin.

Read more about taxation of life insurance payouts >

When applying for life insurance, you can specify a beneficiary to whom the benefit will be paid if you die. You can change the beneficiary clause of your life insurance policy for free at any time in our digital service.  

The easiest way to add or change a beneficiary clause is through the My policies section of the op.fi service. Alternatively, you can add a beneficiary clause by filling in the Beneficiary clause form.

The life insurance payout is paid to the beneficiary if the insured person dies during the validity of the insurance. Here, you will find instructions and forms for making a life insurance claim. 

Read more about claiming a life insurance payout >

It’s good to check the amount of life insurance compensation if your life situation has changed, for example, with the purchase of a new home and a bigger loan, or when a new child is born into the family.

You can purchase additional cover by buying a new life insurance to supplement the old one with the desired amount of compensation. In this case, the amount of life insurance cover is the sum of the life insurance cover provided by the old and the new life insurance policies.

You must also submit a new health declaration in order to apply for additional cover.

When you are an OP cooperative bank owner-customer or a Pohjola Insurance prime customer, you also receive benefits for your life insurance policy. If you take out insurance now, you will get a 50% increase to any payout sum you select. For example, if you have selected a payout of 100,000 euros, this will be increased to 150,000 euros.  

If you have taken out insurance earlier, your benefit may differ, or your insurance may not have an additional benefit. You can find your valid benefit in the newest policy document. You are an OP cooperative bank owner-customer if you have paid the member cooperative contribution. Your owner-customer and Pohjola Insurance benefits are updated for each insurance period. The additional payout is confirmed annually.

NewLife life insurance
Joint cover
OP Critical Illness and Life Cover
Three kinds of cover in one package: critical illness, accidental permanent disability and life insurance.
The insurance is issued by OP Life Assurance Company Ltd, and Pohjola Insurance Ltd acts as its agent.