Employees' Group Life Insurance

Group Life Insurance is a life insurance policy taken out by employers for their employees on the basis of collective agreements.
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Employees' Group Life Insurance is mandatory

If you hire employees for your company, you are generally obligated to take out life insurance for your employees. The policy is included in Workers' Compensation Insurance.

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All your insurance needs in one place

We offer all statutory insurance policies that you need to take out for your employees as the employer. Leave a contact request and we will be in touch to put your company’s mandatory and voluntary insurance policies in order.

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What is employees' group life insurance?

The purpose of employees' group life insurance is to provide direct financial support to the family after the death of a spouse or the children's legal guardian. Compensation is paid under the employees' group life insurance to the employee’s heirs upon the death of the employee. If a spouse or the children’s guardian dies due to an accident or illness, the employees' group life insurance ensures financial security.

The insurance is valid during work and leisure time. Coverage extends to almost all employees governed by the employee pension laws.

The employer must take out group life insurance for his employees if required by a collective agreement binding on the employer or a general national collective agreement in force for the line of business.

The group life insurance is taken out by the employer

The national labour market organisations have agreed to provide employees with death cover. The insurance is taken out by the employer, who also pays the insurance premium.

The insurance company in charge of the statutory workers' compensation insurance charges the group life insurance premiums from the employer in connection with accident insurance premiums. The premiums are charged for persons covered by the workers' compensation insurance.

Who are the beneficiaries in a group life insurance?

The death benefit is paid to the employee’s beneficiaries after his/her death. The beneficiaries are the deceased person’s spouse and children under 22 years of age. If the deceased person does not have beneficiaries indicated in the insurance terms and conditions, the death benefit will not be paid.

Compensations payable out of the group life insurance

The compensation is paid as a lump sum, and the compensation amounts are determined annually by the Ministry of Social Affairs and Health. The amount payable depends on the age of the employee and the number of dependent children. If the employee has a child or if the death was caused by an accident, the sum is increased.

All compensations from the employees' group life insurance are paid out from the employees' group life insurance pool in the Finnish Workers’ Compensation Center.

Huolehdi turvastasi myös henkilöasiakkaana

Voit myös hankkia kokonaisvaltaista turvaa tulevaisuuden varalle ottamalla henkivakuutuksen henkilöasiakkaana. Voit valita elämäntilanteesi mukaan parhaiten sopivan vakuutuksen ottamalla joko yhden hengen henkivakuutuksen tai kahden hengen yhteisen henkivakuutuksen eli pariturvan.

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Leave us your company’s contact information and our experts will get in touch with you soon! We offer all forms of statutory personal insurance for your company, including employee pension insurance (TyEL), workers' compensation insurance and group life insurance. Requesting a quote will not obligate you in any way.

Nainen selaa tietokonetta hymyillen, sillä hänellä on työtapaturmavakuutus turvanaan.
Workers’ compensation insurance
Covers your employees in the event of accidents that happen at work or on the way to or from work as well as occupational diseases.
Kaksi naista tutkii pöydällä olevia materiaaleja ja keskustelee TyEListä, lakisääteisestä työeläkevakuutuksesta työntekijälle.
TyEL or statutory employment pension insurance for employees
TyEL insurance is a form of mandatory insurance for entrepreneurs.
The insurance is issued by OP Life Assurance Company Ltd, and Pohjola Insurance Ltd acts as its agent.