Disability insurance policies

Insurance cover against temporary or permanent disability
1

What are disability insurance policies?

Compensation is paid from Disability Insurance if you lose your ability to work. You can obtain cover against temporary or permanent disability.

2

Cover for a working-age person

Your disability insurance covers your everyday expenses if you get sick or have an accident. You can choose the coverage amount that suits your needs and use the payout as you see fit.

3

Always includes life insurance

When you take out temporary or permanent disability insurance, it always includes life insurance. You will get comprehensive cover in one package. You can choose the amount of life insurance coverage according to your needs, starting from 1,000 euros. If you die while the insurance is in force, the life insurance payout is paid to a beneficiary of your choice.

How to request an offer for Disability Insurance:

1. Go to the request for offer.

2. Select the insured item: person.

3. Click continue and choose Life Insurance.

4. Fill in your details and mention in the supplementary information field that you also want an offer for temporary and/or permanent disability Insurance.

5. Submit the offer request and wait for us to contact you. We will contact you and discuss the offer with you.
Request an offer

Temporary disability insurance

A sick leave can cause a significant drop in income if an illness or injury temporarily prevents you from working. Temporary disability insurance protects your own and your loved ones’ finances if you have to take a longer sick leave.

The compensation helps you pay living costs and other necessary expenses. You can receive daily allowance compensation from the insurance for up to 365 days after the qualifying period.

Permanent disability insurance

Often, the income level for the rest of your life drops if an injury or illness prevents you from ever working again. Permanent disability insurance protects your own and your loved ones’ finances if you lose your ability to work entirely.

We will pay you a lump-sum payout. You can use the compensation in any way you see fit, such as to pay off loans or for financing other necessary expenses.

Compare disability insurance policies

You can take out either temporary disability insurance or permanent disability insurance, or both at the same time. The insurance package always includes life insurance.

  Temporary disability insurance Permanent disability insurance
In which situations does the insurance help? If you have to take a temporary sick leave due to an illness or injury If you have to stop working entirely due to an illness or injury
What kind of payout can be chosen? You can select daily allowance compensation starting from 30 euros You can select a payout starting from 10,000 euros
How is the compensation paid? Monthly in arrears As a lump-sum payout
Is the compensation tax-free? No Yes
How do I calculate an appropriate compensation amount? Daily salary minus possible sickness allowance from Kela Loans + annual gross income + at least €20,000 for each dependent child
Can I use the compensation as I see fit? Yes Yes
Does it include life insurance? Yes Yes
When does the insurance end at the latest? At the end of the insurance period when you reach the age of 65. Life insurance is valid until the end of the insurance period during which you turn 80. At the end of the insurance period when you reach the age of 60. Life insurance is valid until the end of the insurance period during which you turn 80.
Karoliina

Karoliina, 32 years old, says: "If I have to take a longer sick leave, the compensation helps with daily expenses."

Kalle

Kalle, 42 years old, says: "I wanted cover against disability to secure my family’s financial situation."

Ella

Ella, 29 years old, says: "I feel that it is important to insure my financial situation, because anything can happen."

Disability insurance and life insurance in one package

When everything is fine, it is the perfect time to prepare. By taking out disability insurance, you will get comprehensive financial cover against hardships. The insurance package always includes life insurance which gives security to your loved ones in the event of your death.

You can get even more comprehensive cover by supplementing your insurance package with Critical Illness Insurance. With Disability Insurance, you can get cover against critical illnesses and the associated medical procedures. You will be paid a lump-sum payout from Critical Illness Insurance. When you apply for Disability Insurance through request for quote, mention in the supplementary information field that you are also interested in Critical Illness Insurance.

Temporary disability insurance compensation helps with daily expenses

If an employee has to take sick leave, the employer usually pays sick pay in accordance with the collective agreement, typically for 1 to 3 months. After this, the employee can apply for sickness allowance from Kela, but this allowance is less than the employee’s regular salary. You can complement the loss of income during the sick leave period with temporary disability insurance.

Temporary disability insurance has a qualifying period, after which you can receive daily allowance compensation from the insurance. The qualifying period can be 21, 30, 60 or 90 days. You should choose the qualifying period based on how long your employer will pay you full salary during your sick leave. Then, your income level will remain stable from day one.

When selecting the amount of compensation, you should consider a possible sickness allowance from Kela. You can estimate the amount of your sickness allowance on Kela’s website.

Temporary disability insurance payout formula: daily salary minus possible sickness allowance from Kela

This is based on Kela’s current practice which may change. The daily allowance compensation is at least 30 euros. The compensation is paid for every weekday. We will pay the compensation once a month in arrears. The compensation is taxable income. Taxation of insurance is subject to change and complies with the tax legislation in force at any given time.

A lump-sum payout from permanent disability insurance

When you purchase permanent disability insurance, you can select a payout starting from 10,000 euros according to your needs. When selecting the amount of compensation, you should consider your loans, income and the number of dependent children. 

Permanent disability insurance payout formula: your share of the loans + your gross income for one year + at least 20,000 euros for each dependent child

The total payout is paid to you as a lump sum. The lump-sum payout is tax-free, and you can use it as you see fit. Taxation of insurance is subject to change and complies with the tax legislation in force at any given time.

What does temporary or permanent disability insurance cost?

The price of disability insurance depends on the payout you have selected, your age, state of health, and health habits. Moreover, the price of temporary disability insurance depends on the qualifying period you have selected. Insurance is issued on the basis of a health declaration.

The agreement always includes life insurance which also affects the total price of the insurance. As an OP cooperative bank owner-customer and a Pohjola Insurance prime customer, you get a 25% discount on the price of life insurance. The benefit is valid for one year. The extra benefit is confirmed annually, and its payout is based on continuity. The amount of the benefit may vary, or the benefit may be waived.

Frequently asked questions about disability insurance policies

 

Additional benefit -25%
Life insurance
Critical Illness Insurance
The insurance is issued by OP Life Assurance Company Ltd, and Pohjola Insurance Ltd acts as its agent.