Saving through insurance

You know what is important in your life – saving through insurance may help you achieve your goal, whether you wish to save for retirement, a round-the-world trip or your loved ones. Saving through insurance is a form of saving and insurance just like investing in equities and mutual funds.

Saving through insurance means that you can select different investment products under one insurance contract, such as funds and investment baskets. Thanks to the insurance contract, you can change the investment products included in the insurance policy without any tax consequences.

You will only pay capital income tax for the income when you withdraw your savings. The term insurance wrapper is often used when talking about saving through insurance. Saving through insurance thus differs from the more traditional forms of insurance, in which an insurance company covers accidents, for example.

Who should save through insurance?

Saving through insurance is suitable for both experienced investors and those just starting to save. If one of the statements below sounds like you, saving through insurance might be a good option.

  • You plan to save for at least three years: saving through insurance is intended for long-term saving, but you can withdraw your savings at any time
  • You want to save flexibly: you can change investment products using digital services as many times as you want, with no additional costs. You only pay taxes when you withdraw savings.
  • Inheritance planning is a current concern for you: OP Unit-linked insurance (OP Sijoitusvakuutus) is an endowment policy with which you can transfer funds to your chosen beneficiaries without a will.

Two ways to save through insurance

When you want to start saving through insurance, you have two options:  OP Unit-linked insurance (OP Sijoitusvakuutus) or OP Savings Agreement (OP Säästösopimus). You can start saving with a small sum if you want, and save monthly or by depositing a sum of your choice on an occasional basis. If you are an OP cooperative bank owner-customer, your savings will also earn you OP bonuses.*

The biggest difference between the products is this: in OP Unit-linked insurance, you choose a beneficiary who will receive the funds you saved in the insurance policy once the saving period is over or in the event of your death, whilst OP Savings Agreement is a capital redemption contract that does not cover death. When the policyholder dies, OP Savings Agreement is transferred to the death estate as it is.

*The following investment products linked to the insurance assets do not bring OP bonuses from 1 April 2022: JPM Russia A, JPM Emerging Europe Equity Fund and BlackRock GF Emerging Europe Fund A.

OP Unit-linked Insurance (OP Sijoitusvakuutus)
OP Savings Agreement (OP Säästösopimus)

As our owner-customer, saving and investing is especially worthwhile thanks to the excellent benefits you receive.

Your benefits when investing in funds or through insurance:

  • Buy and sell almost all OP mutual funds with no fees.*
  • You earn 0.35% OP bonuses from mutual fund and insurance assets.** 
  • Begin saving through insurance free of charge. 
  • Switch between investments, invest additional funds and change your payment and investment plan for OP Unit-linked Insurance and OP Savings Agreement free of charge in our digital services.  

Your benefits in equity and ETF investing:

  • Open an equity savings account or book-entry account free of charge.
  • You get a discount on equity trading and a 1% fee ceiling when trading in Finnish listed companies through a book-entry account The discounts apply in digital services.
  • Get access to free stock picks and analysis.
  • Get a discount on the service packages for savers and investors:
    Equity savings account: 
    Saver: €0/month (normally €2.99/month)
    Investor: €9.99/month (normally €14.99/month)
    Book-entry account: 
    Saver: €0/month (normally €2.99/month)
    Investor: €0/month (normally €5.39/month)

Other benefits:

  • Only owner-customers can invest in Profit Shares.

Remember to make use of all benefits:

*Standard fees are charged for the following special common funds: OP-Public Services Real Estate, OP-Forest Owner, OP-Rental Yield, OP-Alternative Portfolio and OP-Private Equity.

**OP bonuses are automatically used to pay the bank’s service charges and insurance premiums. No OP bonuses are accrued from the R2 Crystal special common fund or institutional classes of funds. The following investment products linked to insurance assets do not accrue OP bonuses: JPM Russia A, JPM Emerging Europe Equity Fund, and BlackRock GF Emerging Europe Fund A. OP bonuses are accrued from unit-linked insurance policies, excluding Individual Unit-linked Insurance and Individual Capital Redemption Contracts.  

You can log into the digital services for saving through insurance using your own bank’s digital user identifiers. To log in, select Log in and choose Other authentication methods. After you log in, you will find your pension and endowment policies in the section > Savings and investments > Saving through insurance.

Key Information Documents are available from Investment prices page.


OP Unit-linked Insurance (OP Sijoitusvakuutus) and OP Savings Contract are intended for OP cooperative banks’ owner-customers. If you want to save through insurance but you are not yet an owner-customer, you can become the one here.

If you already have OP Unit-linked Insurance (OP Sijoitusvakuutus), you can easily and quickly make an additional investment online. Make an additional investment in your OP Unit-linked Insurance.

The insurance policy is issued by OP Life Assurance Company Ltd. Cooperative banks act as agents for OP Life Assurance Company Ltd.