Life insurance

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Try again soon or buy insurance by contacting customer service by calling +358 303 0303 (Mon‒Fri 9–16).

When you buy life insurance for yourself or someone else, we make the insurance decision with the aid of automated decision-making and check your credit history with Suomen Asiakastieto Oy. Read more about automated decision-making

20% off

Get 20% off for the first year

You will receive a 20% discount on new life insurance policies for the first 12 months. This offer is intended for personal customers and is valid until 31 December 2022. As an OP cooperative bank owner-customer or a Pohjola Insurance prime customer, you also get a 45% increase in the amount of insurance free of charge.

Financial security for your loved ones

Life insurance is particularly important if you are responsible for your family’s livelihood, have children or have taken out loans. A life insurance payout will provide financial assistance for your loved ones if you die.

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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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Make use of your benefits

You will get a 20% discount on your new life insurance for the first 12 months. The offer is valid until 31 December 2022. If you are an OP cooperative bank owner-customer or Pohjola Insurance prime customer, you will also get a free 45% increase in the amount of insurance cover. If you have chosen a death benefit of, for example, EUR 100,000, we will pay EUR 145,000. The increase is confirmed annually. If you are an OP cooperative bank owner-customer, you also earn OP bonuses by paying your insurance premiums.

What is life insurance? Term life insurance in brief

All insurance products provide cover against risks. Life insurance, also known as term life insurance, makes life easier for your loved ones if you die. Motor vehicle insurance covers accidents and home insurance covers water damage and other types of damage.

If you have life insurance and you die, a life insurance benefit will be paid to your beneficiaries. The insurance covers death resulting from illness or an accident.

In most cases, the beneficiary is next of kin, for example your spouse or child. However, the beneficiary can be anyone whose financial wellbeing is close to your heart. An insurance payout will help them manage 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.

What is the best life insurance for me?

The best life insurance is one that enables your loved ones to live their everyday lives without financial worries. The right amount of life insurance will provide financial security and help them to pay back loans and inheritance tax, for example. Compare life insurance policies to find the cover that best suits your situation.

Compare life insurance policies >

After comparing options, it is time to take out the best life insurance for you. How much does life insurance cost per month or per year? Use our calculator to check the price of single person cover or joint cover per month or per year. If you are also interested in other types of insurance we offer, request a quote for all of them together.

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

What factors affect the cost of life insurance?

Factors affecting the cost of life insurance include your age and health, and the amount of insurance you choose based on your life situation. See the table below for examples of the cost of life insurance for one person or as joint cover for two persons, 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. Right now, you can get a 20% discount on new life insurance policy premiums for the first 12 months. The offer is intended for personal customers and is valid until 31 December 2022.

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)

Now €13/month
(€156/first 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)

Now €28.60/month
(€343.20/first 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)

Now €18.74/month
(€224.80/first year)

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.

In the case of joint cover, both insured persons can name their beneficiary. The benefit is paid to a beneficiary named by the deceased. If both insured persons die at the same time, the payout is split between their beneficiaries.

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 turns 70 or dies.

How is the price of life insurance determined?

Your life insurance premium depends on the amount of benefit you have chosen and your age. Your state of health may also affect the price of the insurance policy.

You can use our life insurance calculator to determine the sum insured that corresponds to your needs and how much the insurance product costs. Fill in your date of birth and information on your life situation to view the price of life insurance.

What is an affordable way of taking out life insurance?

If you take out a new life insurance policy now, you will get a 20% discount for the first 12 months. This offer is intended for personal customers and is valid until 31 December 2022. You can get the most inexpensive life insurance if you are a Pohjola Insurance prime customer or an OP cooperative bank owner-customer. In such a case, you will also get a 45% increase in the sum insured on your life insurance free of charge.

If you are seeking affordable life insurance, you should also check out joint cover, as its insurance premiums may be cheaper than those of a life insurance policy for one person. By being an owner-customer and taking out insurance policies from a single source, you can receive discounts on various insurance policies.

Insurance premiums are paid annually in one or several instalments. To get the cheapest price, pay your annual premium in a single instalment. In such a case, you will receive a 2.5% discount on the premium.

How much life insurance should I have?

The life insurance benefit will be paid to the beneficiary you have chosen. The right amount of life insurance covers at least your share of any loans, your annual gross income and EUR 20,000 for each dependent child. Any existing life insurance cover and wealth you may have will reduce the amount of new life insurance you need.

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.

What is the 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.

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 >

What is automated decision-making?

Automated decision-making means that the decision of whether the insurance will be granted is made through our automated system, and our customer care representatives do not participate in the decision-making. The decision we make is based on the information you have provided, our customer data file and our risk selection instructions.
If you or another insured person want to have your automatically issued decision processed by a customer care representative, you may contact our Customer Service.

Read how we process personal data

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).

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)

Additional cover for life insurance

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. Calculate the amount of compensation so that it covers your share of the loans, your annual gross income, and at least EUR 20,000 per child in your care.

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.

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.