Joint cover or two separate life insurance policies?
Joint cover usually refers to joint life insurance for two persons. You can get life insurance cover that is comparable to joint cover with two separate life insurance policies. In other words, while we do not offer joint life insurance for you and your spouse, both spouses can get a separate life insurance policy.
The life insurance payout lets you take care of mortgage payments or other daily expenses. When choosing the amount of the insurance payout, take your financial responsibilities into consideration. Both spouses should select an insurance payout that covers their share of joint loans, gross income for one year and at least 20,000 euros for each dependent child.
When you are an OP cooperative bank owner-customer or Pohjola Insurance prime customer, you also get a 25% discount in the price of life insurance when you buy it online. The additional benefit applies to new life insurance contracts. The additional benefit is valid for a year. The benefit is confirmed annually, and its distribution aims for continuity. The size of the benefit may vary, or the benefit may be waived.
3 reasons separate life insurance is a good choice for spouses
- With separate life insurance policies, the life insurance of the surviving spouse remains valid in the event that the other spouse dies, and the beneficiaries receive the insurance payout.
- When you take out two separate life insurance policies for you and your spouse, your spouse's age or health does not affect the price of your insurance. Both insured persons select their own insurance payouts and beneficiaries and submit their own health declaration.
- In a divorce, the spouses often need to change the insurance contract if they are insured with a joint life insurance policy. With separate life insurance policies, no changes to the insurance contract are needed in the event of a divorce. Both policies continue as standalone policies, and both spouses can change their beneficiaries based on the new circumstances.
The best time to get life insurance is now
It's a good idea to get life insurance as early as possible while the insured person is young and healthy. Your health may affect whether life insurance can be granted or the price of insurance. The earlier you take out the insurance, the more likely it is that you will get it under better terms than you would later in life.
When you buy life insurance, you can also take out a critical illness insurance policy. Critical illness insurance covers a total of 9 critical illnesses such as certain cancers and related medical procedures. If you fall seriously ill, we will pay you the payout of your choice to secure your livelihood.
