Life insurance

What does life insurance cover? Life insurance pays out a lump-sum compensation in the event of the insured person's death due to an accident or illness. The life insurance benefit will be paid to the beneficiary you have chosen.   

Joint cover is a life insurance policy for two persons, where the insurance payout is paid to the beneficiary of the deceased person. If both insured persons die at the same time, the payout is split between their beneficiaries. Joint cover may be a more affordable option than single cover life insurance.  

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.

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

Life insurance is issued on the basis of a health declaration. The insurance is issued by OP Life Assurance Company Ltd. When applying for life insurance online, you must fill in a health declaration form asking for basic details about your health. You can easily fill in the health declaration in the digital service when applying for life insurance. Please note that the insurance policy will not enter into force until you have filled in the health declaration. For joint cover, both insured persons need to fill in a health declaration in the digital service.   

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 on the granting of the new policy.    

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

Read more about taxation of life insurance payouts >

When applying for life insurance, you can specify a beneficiary to whom the benefit will be paid if you die. You can change the beneficiary clause of your life insurance policy for free at any time in our digital service.  

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 life insurance payout is paid to the beneficiary if the insured person dies during the validity of the insurance. Here, you will find instructions and forms for making a life insurance claim. 

Read more about claiming a life insurance payout >

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.

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.

When you are an OP cooperative bank owner-customer or a Pohjola Insurance prime customer, you also receive benefits for your life insurance policy. If you take out insurance now, you will get a 45% increase to any payout sum you select. For example, if you have selected a payout of 100,000 euros, this will be increased to 145,000 euros.  

If you have taken out insurance earlier, your benefit may differ, or your insurance may not have an additional benefit. You can find your valid benefit in the newest policy document. You are an OP cooperative bank owner-customer if you have paid the member cooperative contribution. Your owner-customer and Pohjola Insurance benefits are updated for each insurance period. The additional payout is confirmed annually.