NewLife life insuranceSecure the new life of your bigger family
Life insurance suitable for parents
Life insurance provides cover when a new addition to the family changes your life. NewLife is life insurance worth 20,000 euros issued for the parents of a child less than 12 months old in the event of a parent’s death. The insurance provides cover for coping with everyday life in case either of the parents perishes, and it can be obtained quickly and easily.
You will receive the first year for 0 euros
We offer NewLife insurance to both parents separately for 12 months for free. After this, the insurance will continue automatically subject to a premium. In addition to NewLife insurance, you can complement your cover by taking out life insurance for yourself and joint cover for you and your spouse.
You will receive 45% increase in the amount of compensation
As an OP cooperative bank owner-customer or Pohjola Insurance prime customer, you will receive a free 45% increase in the amount of insurance compensation on NewLife insurance as an additional benefit. This means that compensation under NewLife insurance is not just 20,000 euros but 29,000 euros. The additional benefit will be confirmed annually.
You can also read more about life insurance for one person and joint cover, which now include a 20% discount for the first year. This offer is intended for personal customers and is valid until 31 December 2022.
When you buy NewLife insurance, 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 >
Secure a new daily life with life insurance
A baby changes life radically and makes parents think about life’s priorities in a new way. How can I make sure that the baby remains secure now and in the future? What would the child’s life look like if something happened to me? Life insurance is an investment in the lives of people important for you and especially important when you have family. If you are a parent of a child aged less than 12 months old, you can receive life insurance worth 20,000 euros for free for one year. Compensation from NewLife insurance will be paid regardless of whether the death was caused by illness or an accident.
Cost and validity of NewLife insurance
NewLife insurance is valid until you reach the age of 70. Both parents can take out their own separate NewLife insurance policies, and the first year of the insurance is free of charge for both parents. After the first year, the insurance automatically continues at the standard price and provides long-term cover for daily life. The cost of life insurance depends on the amount of benefit selected and the age of the insured person. You will see the normal price of the insurance before confirming its purchase.
Average New Life insurance premium per year when the amount of benefit is 20,000 euros
|Age of the insured person, years||20 – 24||25 – 29||30 – 34||35 – 39||40 – 44||45 – 49|
|Insurance premium €/year||38 €||40 €||42 €||48 €||58 €||78 €|
The prices listed in the table are indicative only
The insurance will continue automatically after the first insurance year and secure life at least until the end of the insurance period during which the insured turns 70.
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 want your automatically issued decision to be processed by a customer care representative, you may contact our Customer Service.
You can take out NewLife insurance even if your child doesn’t have a name. In such cases you can fill out the name field by writing “child” instead of an official name. You can let us know your child’s official name later by sending us a message via op.fi or OP-mobile.
The parent’s life insurance should cover loans and two years’ worth of gross income. In addition, insurance cover should be raised by 20,000 euros for each child. NewLife insurance is designed for this purpose.
Here’s how you can easily estimate your need for life insurance:
|Amount of life insurance benefit|
|= 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|
The family has home loan of 100,000 euros and both parents earn 40,000 euros a year. Both parents have a life insurance policy for 180,000 euros. The family has a baby. At this point, life insurance cover should be increased by 20,000 euros. Both parents can take out NewLife insurance without a health declaration. This can be done after the birth of each child.
You can take out ordinary life insurance for yourself and joint cover for you and your spouse in addition to NewLife insurance. It is worthwhile taking out additional cover if NewLife insurance’s amount of compensation 20,000 euros is less than your loan and one year’s earnings.
No. As the policyholder, you can appoint a beneficiary to whom the life insurance benefit is paid in the event of death. The policyholder may change the beneficiary during the insurance period by notifying the insurance company in writing. You can easily change your beneficiaries online at any time while your policy is in force.