Life insurance

Take care of tomorrow with life insurance
Extra benefit -25%

Additional benefit for OP cooperative bank owner-customers and Pohjola Insurance prime customers

As an OP cooperative bank owner-customer or a Pohjola Insurance prime customer, you now get a 25% discount in the price of life insurance benefit when buying it online. The additional benefit is confirmed annually. Life insurance can currently be purchased online in Finnish and Swedish. 

How do I receive the additional discount?

You become an OP cooperative bank owner-customer when you have paid the member contribution, and you become an OP prime customer when you have taken out insurance policies from three different categories. After identification, you can view your benefits and will automatically receive the discount when its terms are met. When you buy life insurance through our experts, your special benefit may differ from the one described here.

Read more Close
1

Life insurance provides security in the event of death

The amount of life insurance benefit will help people important to you continue their daily life if you die while the insurance policy is valid.

2

Select a suitable insurance benefit

When selecting the amount of insurance benefit, it is a good idea to consider how your loved ones will manage after the expenses caused by your death, daily costs and loan payments. A suitable amount of insurance benefit is often a year’s gross income, your share of the loans and 20,000 euros for each child to be taken care of. Please note that our service language is Finnish or Swedish. Life insurance can currently be purchased online in Finnish and Swedish.

3

Get cover in the event of serious illness as well

You can also take out a critical illness insurance policy in connection with life insurance, which covers a total of 9 critical illnesses or operations, such as certain cancers. If you fall seriously ill, we will pay you the payout of your choice to cover your finances.

When you buy the 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 processing of personal data

What is life insurance?

Have you thought about what life insurance is, what life insurance covers, and whether it is important to you? Life insurance is security for the future and particularly important when you have a family or debt. Life insurance will provide peace of mind and security for the life of your loved ones in the event of death. The lump-sum you chose from life insurance is reimbursed if you die during the insurance period.

In connection with taking out life insurance, we request that you fill in the health declaration in which we ask for information related to your health. It is a good idea to apply for life insurance even if you have a medical condition, as the insurance can still be granted.

Life insurance payout formula: Your share of the loans + your gross income for one year + at least 20,000 euros for each child to be taken care of

What does life insurance cover?

Life insurance is insurance in the event of death. If you have life insurance and you die, a life insurance benefit will be paid to your beneficiaries.

In most cases, the beneficiary is your next of kin such as a spouse. However, the beneficiary can be anyone whose financial wellbeing is close to your heart. The beneficiary can also be the company or organisation of your choice. You can change the beneficiary according to your needs by sending a message to our digital services, for example.

What does life insurance cost?

The price of life insurance depends on the selected amount of compensation, your age and health condition. Read below for examples of life insurance, examples of how much the insurance costs, and how Pohjola Insurance prime customer and OP cooperative bank owner-customer membership affect the price. 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 discontinued.

Venla

Venla, 33 years old, says: "I want to secure my 3-year-old daughter’s future."

Payout

100 000 €

Special price of -25% for owner-customers

€10.94/month (€131,22/year)

 

original price€14.58/month (€174,96/year)

Olli

Olli, 40 years old, says: "My spouse and I have taken out a joint home loan and have two children."

Payout

300 000 €

Special price of -25% for owner-customers

€36,73/month (€440,65/year)

 

original price€48,97/month (€587,64/year)

Mia

Mia, 28 years old, says: "I wished to secure my spouse’s financial security."

Payout

70 000 €

Special price of -25% for owner-customers

€7,29/month (€87,41/year)

 

original price€9,72 €/month (€116,64/year)

Is the cheapest life insurance always the best option?

While price is an important factor when choosing life insurance, the cheapest option is not necessarily the best. A cheap life insurance can be enough for basic needs, but it is important to evaluate whether it covers your loved ones' financial needs such as loans, inheritance taxes and daily expenses. 

What should I keep in mind when choosing the most affordable insurance?

  • Payout amount: The recommended amount is the total of your annual income before taxes, your share of loans and 20,000 euros per child. 
  • Coverage: Cheaper insurance policies may include restrictions. Make sure that the insurance meets your needs.
  • Owner-customer benefits: thanks to the 25% discount to OP cooperative bank owner-customers and Pohjola Insurance prime customers, a more expensive-looking policy can be affordable.

Although the price matters, choosing a payout amount that is too small can leave your loved ones in a difficult situation. OP Life Insurance offers flexibility between the payout amount and price, and the additional discount ensures that the price is competitive. You can make changes to the insurance free of charge as your situation and needs change.

Supplement life insurance with critical illness insurance

When you also take out critical illness insurance, you can select the amount of compensation suitable for you. We will pay the tax-free lump-sum compensation if you fall critically ill.

The insurance covers the following critical illnesses and procedures:

  • Certain types of cancer
  • Benign tumours of the brain or spinal cord
  • Multiple sclerosis
  • Stroke
  • Coronary artery disease bypass operation as open heart surgery
  • Myocardial infarction
  • Heart valve surgery
  • Renal insufficiency
  • Organ or bone marrow transplant

You do not have to use the compensation for the treatment expenses of the illness and can use it as you wish. For the full definitions or insurance events covered by critical illness insurance and exclusions, see the insurance terms and conditions.

About life insurance

 

Critical Illness Insurance
The insurance is issued by OP Life Assurance Company Ltd, and Pohjola Insurance Ltd acts as its agent.