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Payment protection insurance

Cover for you and your family in case of unexpected setbacks in loan repayments.


  • Ensure your loan repayment ability if you become unemployed or develop a disability

    Select the types of situation for which you want to secure your loan. You can receive cover for unemployment, incapacity for work, permanent handicap or death caused by an accident..

  • Concrete help in loan repayments

    Loan repayment may feel insurmountable during a long sick leave or if you suddenly lose your job. Insurance will then help you pay monthly loan repayments.

  • Pay insurance conveniently in monthly instalments

    Get the estimated monthly price for the policy by using our home loan calculator or from your OP cooperative bank.

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Insurance to secure your loan repayment

The loan protection insurance helps you take care of your loan repayment if you become unemployed or incapacity for work. It also provides cover for injuries or sudden death. You can take out loan protection insurance for your housing loan or other bank loan. Insurance often provides invaluable help if something unexpected happens: you can use it to repay an existing loan, either completely or partly.

Loan protection insurance is suitable for your personal loan, or one you have taken out with another person

Loan protection insurance is a loan-specific insurance that you can take out for one or several loans. It is usually taken out at least for a home loan and can also be used to secure other loans. The insurance can be taken out as either single or joint cover for a loan you have taken out with another person. In that case, each borrower chooses the covers they want, regardless of the other borrower’s choices. Loan protection insurance is also suitable for a loan taken out by an entrepreneur for themselves.

The insurance consists of two cover policies, of which you can choose one or both:

  • Employees: cover in case of incapacity for work and unemployment, and cover for accidental permanent handicap or death.
  • Entrepreneurs: cover in case of incapacity for work and serious illness, and cover for accidental permanent handicap or death.

How to buy loan protection insurance

  1. Ask for a quote in the online service, or book an appointment for a phone/online meeting or at a branch
  2. Submit an insurance application and sign it in OP’s Electronic Signature System
  3. The insurance is valid.

You can take out loan protection insurance if you are aged between 18 and 59, healthy and have resided in Finland for the last 12 months. To qualify for cover in the event of incapacity for work, unemployment or serious illness, you must have been employed or engaged in business for at least six months before taking out the insurance policy.

Cover against incapacity for work and unemployment or critical illness is issued by Pohjola Insurance Ltd. Cover for permanent disability or death caused by an accident is issued by OP Life Assurance Company Ltd. AXA handles all customer service related to insurance and claims settlement for loan protection insurance on behalf of and by authorisation of Pohjola Insurance Ltd and OP Life Assurance Company Ltd. OP cooperative banks act as the insurance companies’ representatives.

Have you ever thought of how you could make things run smoothly even if you were faced with a major change in your life?

Fill in the form to assess your financial risks so that you can prepare for expected and unexpected changes as suits you best. You can prepare for financial risks through our loan protection insurance, insurance in the event of a serious illness, interest rate hedges and savings.

The loan protection insurance is available for both new and existing loans. The maximum insurable amount is
300,000 euros, the maximum monthly compensation is 2,500 euros, and the maximum insurance period is 30 years.

You should take out the cover at the same time as the loan. If you want to cover your existing loan, book an appointment at an OP cooperative bank. In the event of changes to the insurance, you can contact your own member cooperative bank.

Claims under the insurance will be paid out to the insured person, with the exception of death benefit that is to be paid to the beneficiaries chosen by the policyholder.

A beneficiary clause is a special clause in the insurance policy that prevails over a last will and testament and marital agreement, for example. This means that the benefit will be paid after the insurance event according to the valid beneficiary clause, irrespective of the policyholder’s/insured person's existing or subsequent last will and testament or marital agreement.

The insurance application shows the beneficiaries. They may be one or more persons.

Form of the beneficiary clause

A beneficiary clause and its cancellation or change must always be filed in writing with AXA. You can cancel or change it by filling in the form.

Indicate a new beneficiary clause in the form in its entirety. This new beneficiary clause invalidates the previous one. Send the changed beneficiary clause by post or fax to AXA. Contact information can be found at the bottom of the form.

The monthly benefits under the insurance help you manage your monthly loan repayments when you are incapable of work (sick leave) or out of work.

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A family with three children raised a home loan worth 82,000 euros, with its monthly repayment amounting to 564 euros. Four years later, the 36-year old father died in a road accident.

The home loan could then be paid off using the compensation equalling the insured person’s remaining loan amount, which was 69,100 euros.