Life insuranceAn 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.
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.
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.
When you take out an insurance for yourself, we use automated decision-making to calculate insurance premiums and check your credit history from Suomen Asiakastieto Oy.
What are the differences between single cover and joint cover? How to compare and choose 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. 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.
Both single and joint covers can be bought quickly and easily online. 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. 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.
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.
Who is joint cover suitable for?
Joint cover is a good option if you and your partner share the responsibility for your household’s finances. Joint cover is a life insurance policy for two individuals, each of whom can independently name their beneficiary. Taking out a life insurance policy as a joint cover is usually cheaper than two separate life insurance policies. 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.
How are life insurance benefits taxed and who is the benefit paid to?
Your life insurance policy pays out the compensation to your chosen beneficiaries. The insurance covers death resulting from illness or accident. You can change your beneficiaries online at any time during the validity of your policy. If the beneficiary of your policy is your next of kin, they will have to pay inheritance tax on the benefit. If your beneficiary is not your next of kin, the compensation paid counts as capital income and is subject to capital gains tax.
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).
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
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.
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.
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.
Here you can find the instructions and forms for applying for life insurance compensation.