Life insurance

An investment in the life of those who matter to you.

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Financial security for your loved ones

Life insurance is particularly important if you are responsible for your family’s livelihood, if you have children or if you have loans.

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Life insurance to suit your circumstances – choose a one-person policy or a joint cover

Choose a life insurance policy that best suits your circumstances according to the size of your household, your income and loans. You can take out life insurance for yourself or together with your spouse as a joint cover. Both single and joint covers can be bought quickly and easily online.

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You will receive a 45% increase in the amount of compensation

If you are an OP cooperative bank owner-customer or Pohjola Insurance prime customer, you will receive a free 45% increase in the amount of insurance compensation. If you have chosen a death benefit of, for example, EUR 100,000, we will pay EUR 145,000. The increase is confirmed annually. You also earn OP bonuses by paying your insurance premiums.

What is life insurance? Risk life insurance in a nutshell

All insurances cover different risks. Life insurance or risk life insurance covers the risk of death, while your car insurance covers accidents and your home insurance covers water damage and other damages.

Your life insurance policy pays out the compensation to your chosen beneficiaries. The insurance covers death resulting from illness or accident. Usually the beneficiary is next of kin, for example your partner or child.

However, the beneficiary can be anyone whose financial wellbeing is close to your heart. Your loved ones can spend the life insurance compensation as they wish, for example to pay back loans and inheritance tax.

How to compare and choose life insurance policies

The best life insurance is one that will enable your loved ones to continue life without financial worries. The right amount of life insurance helps your loved ones to, for example, pay back loans and inheritance tax. Compare life insurance policies to find the cover that best suits your circumstances.

Compare life insurance policies >

After you have compared different life insurance policy options, it is time to take out the best life insurance for your circumstances. How much does life insurance cost then? You can see detailed pricing information for single and joint covers by logging in to our calculator with your online banking credentials and filling out the required information. If you are interested in other insurances in addition to life insurance, you can request an insurance quote.

45% increase in the amount of compensation for OP cooperative bank owner-customers and Pohjola Insurance prime customers.

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 for situations where two people share the responsibility of a household’s finances. Joint cover is often cheaper than individual life insurance policies.

Joint cover is a life insurance policy for two individuals, each of whom can independently name their beneficiary. With joint cover, the benefit is paid to the beneficiary named by the deceased. If both insured persons die at the same time, the benefit is split between their beneficiaries.

Both covers must be taken out before the insured turns 65. Both policy types require filling out a health declaration and will end when the insured turns 70 or dies.

What affects the cost of life insurance?

The premium on your life insurance policy depends on the amount of benefit you have chosen and your age. The insured person’s state of health may also affect the price of the insurance. You can choose the amount of benefit according to your circumstances and change it at any time while your policy is in force. Any changes you make will affect the price of the insurance.

You can calculate the right amount by factoring in your family’s loans, annual income and number of children. As a rule, the benefit should cover at least your share of any loans, your annual gross income and EUR 20,000 per each dependent child. The insurance premium is paid annually in one or several instalments.

Here’s how you can easily estimate your need for life insurance

Amount of life insurance compensation

= family’s loans

+ parent’s annual gross income

+ at least EUR 20,000 per child in your care

- existing life insurance coverage

- family’s existing assets

Examples of life insurance prices

Venla, 29; an OP cooperative bank owner-customer

Venla has a 3-year-old daughter, whose future she wishes to secure with life insurance. Because Venla is an OP cooperative bank owner-customer, she automatically receives an increase of 45 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
€145,000

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

Olli, 40, and Tuula, 43; prime customers of Pohjola Insurance

Olli and Tuula have chosen a joint cover. They have a shared home loan and two children, aged 3 and 6. As prime customers of Pohjola Insurance, they automatically receive an increase of 45 per cent in the amount of compensation.

Amount of compensation
€100,000

Compensation for prime customer
€145,000

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

Heidi, 28, and Teemu, 30; OP cooperative bank owner-customers

Heidi and Teemu wish to secure each others’ financial situation through life insurance with joint cover. They have a shared home. As OP cooperative bank owner-customers, they get an increase of 45 per cent in the amount of compensation.

Amount of compensation
€100,000

Compensation for owner customer
€145,000

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

How are life insurance benefits taxed?

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

Learn more about taxation of life insurance benefits >

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 19.00 from Monday to Friday).

Would you like a quote for more than one type of insurance? Request an insurance quote >

Applying for life insurance, and health declaration

Life insurance is issued on the basis of a health declaration. When applying for life insurance, you must fill out a health declaration form asking for basic details about your health. You can easily fill out the health declaration online while applying for life insurance. Please note that the insurance policy will not enter into force until you have filled out the health declaration. For joint cover, both insured persons need to fill out health declarations.

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 that a new policy has been granted.

Beneficiary clause of the life insurance policy

When applying for life insurance, you can designate a beneficiary to whom the benefit will be paid in the event of your death. You can make changes to the beneficiary clause of your life insurance policy at any time by informing the insurance company in writing.

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.

Beneficiary clause (pdf) (pdf)

Age limit for life insurance

The minimum age for taking out life insurance is two and the maximum age is 65. The minimum age for joint cover is 15 and the maximum age 65. 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.

Your insurance benefits and OP bonuses

As a Pohjola Insurance prime customer you will receive discounts benefits. When you are also an OP cooperative bank owner-customer, you have access to even better benefits and discounts and the bonuses you have received as an owner-customer are used for your insurance premiums.