OP Unit-linked Insurance (OP Sijoitusvakuutus)
You know what is most important for youUnit-linked insurance is suitable for long-term investing and saving
If you are planning to save a specific sum for retirement, home improvement or travel, or are thinking about building wealth in general, a good first step that will take you to your target is to start saving systematically using endowment insurance. Unit-linked Insurance is an endowment insurance designed for long-term saving that lasts at least three years.
Many benefits from one agreement
Making a single agreement will allow you to choose one or more funds that suit your goals. The selection consists of up to fifty OP mutual funds, including OP Premium investment baskets, responsible investment funds and saver’s funds. You can get started with 100 euros per month, for example. If you are an OP cooperative bank owner-customer, your savings will also earn you OP bonuses.
Switch investment products for free
You can use the digital services to switch between investment products free of charge, even daily if necessary. You are also not liable to pay tax on your accumulated returns when you switch investment products. You only pay tax when you withdraw funds.
Save for your loved ones
You can name either yourself or a loved one you want to save for as the beneficiary of your unit-linked insurance savings. OP Unit-linked Insurance also includes death benefit, which means that if you were to die, the beneficiary you have selected would receive your savings even before the estate inventory was drawn up.
What is unit-linked insurance all about?
Despite its name, unit-linked insurance or endowment insurance is not a traditional insurance policy, but a form of saving and investing. Unit-linked insurance is an insurance contract that allows you to choose investment products from our large selection:
- OP Premium investment baskets
- Responsible investment funds
- Saver’s funds
- OP’s wide selection of 50 investment funds
If you save through insurance, you do not pay tax on the investments’ return when you switch investment products within the insurance. This means that your investments benefit from the compound interest effect, and you have the best chance of good returns. You only pay taxes on the return of the unit-linked insurance when you withdraw savings.
Watch the video to see how OP Unit-linked Insurance (OP Sijoitusvakuutus) works
Customer stories
“A bit like an equity savings account for funds”
Seppo, 60
”I can switch the funds included in my unit-linked insurance for free. This feature is important to me because I actively follow the market and adjust my investment strategy, depending on the situation.”
”I save for my children”
Tiina, 45
”My eldest child just moved away from home. I wanted to get OP Unit-linked Insurance with my son as the beneficiary. This way, he will be okay if anything ever happens to me.”
”I want to live abroad”
Saija, 28
”I started investing in unit-linked insurance because I dream of living and working abroad. I invest a small sum each month and larger lump sums every now and then.”
Taxation of OP Unit-linked Insurance
When you have unit-linked insurance, you do not pay tax on the investments’ return when you switch investment products within the insurance. You only pay taxes on the return of the unit-linked insurance when you withdraw savings. The return is taxable capital income. The taxation of endowment insurance depends on how much of the amount withdrawn consists of returns.
Costs of OP Unit-linked Insurance
The costs consist of the service fees of the unit-linked insurance and the expenses of the investment products. Withdrawing your savings becomes free after three years have passed.
Service fees
- Service fee of 0.4% per year up to €82,500
- Service fee of 0.2% per year for the amount exceeding €82,500
- Service fee of at least €1.65 per month from the beginning of the fourth year.
Investment product expenses
The expenses of the investment products chosen for the unit-linked insurance vary. The lowest investment product cost is currently 0.08%, and the highest 2.52%.
Withdrawing savings
You can withdraw savings from your unit-linked insurance free of charge once your agreement has been valid for three years.
OP Savings Agreement as an alternative
You can also choose to invest with an OP Savings Agreement, which is a capital redemption contract. This insurance contract does not include a beneficiary clause, which means that after the policyholder’s death, the OP Savings Agreement is transferred to the death estate. OP Savings Agreement is valid for up to 30 years and ends at the latest when the policyholder turns 100.
The insurance policy is issued by OP Life Assurance Company Ltd. Cooperative banks act as agents for OP Life Assurance Company Ltd.