Nordea Vision endowment insurance

Nordea Vision endowment insurance is only offered in Finnish and Swedish

Nordea Visio endowment insurance as well as all product material and customer service related to Nordea Visio endowment insurance is offered only in Finnish or Swedish. The contractual language used is either Finnish or Swedish, and the purpose of the information provided on this website is only to give a general overview of Nordea Visio endowment insurance.

What is Nordea Visio endowment insurance?

Nordea Visio endowment insurance is an insurance saving agreement intended for long-term savings and investment, for a period of more than five years.
Nordea Visio includes life insurance coverage that protects your entire investment in the policy. You are the insured person on the policy.
You are free to choose one or more beneficiaries to whom your savings will be paid out in the event of your death. The funds can be paid out to them even before the estate inventory deed is drawn up after your death.
You can invest in a variety of investment objects within one agreement and switch between them without incurring any fees or tax liability. You can thus continue investing with the gains accumulated and benefit from the compound interest effect. Tax on the gains from the investments is not assessed unless you withdraw funds or the agreement expires.
The minimum investment in a Nordea Visio policy is EUR 10, and the recommended minimum investment period is 5 years. There is no maximum limit to the funds invested.

Why endowment insurance?

Access a wide range of investments, such as investment funds, investment baskets and investment bonds, with one agreement.
You can transfer your cash to a low-risk insurance account when the markets are volatile or while you consider where to invest next.
The potential return on the investments is not taxed in connection with any reallocation of investments and you do not need to report the changes to the tax authorities. The return is only taxed when you withdraw your money or the agreement expires.
You can distribute your wealth any way you want without a separate will.
You can make additional investments and withdraw funds from the policy during the validity period, if necessary.
You can invest large sums at a time or save regularly.
Discounted price for under 30-year-olds – 50% off the management fees of an endowment policy for savings up to 100,000 euros.

Inheritance cover protects against stock market crashes

You can add the Inheritance Cover feature for your Nordea Vision endowment insurance to protect your invested capital in the event of death.

With Inheritance Cover, the indemnification to your beneficiary will at least equal the premiums paid into the insurance, from which possible surrenders have been deducted, regardless of the performance of your invested savings. You only have to pay for the cover if the amount of your savings is less than the amount of capital you have invested in the agreement. If your savings’ performance is positive, the Inheritance Cover feature is free of charge.

With Inheritance Cover, you can invest in one of the following investment baskets: Yield Basket, Allocation Fixed Income, Allocation Moderate or Allocation Moderate Global.

Inheritance Cover can only be added to a new Nordea Vision agreement.

Nordea Vision is suitable for you if you are looking to:

invest with a long-term approach,
diversify your savings across several different investment alternatives under the same agreement,
switch investments actively, and
transfer your wealth to your heirs flexibly using a beneficiary clause.
invest with a long-term approach,

Inheritance Cover is suitable for you are looking to:

protect your invested capital in the event of death, and
invest in one of the following actively managed and widely diversified investment baskets: Yield Basket, Allocation Fixed Income, Allocation Moderate or Allocation Moderate Global.

How can I sign a Nordea Vision contract?

Book a meeting with one of our experts to sign a Nordea Vision contract.

Book a meeting

Nordea Visio investment objects

Investment objects

You can select your investment objects from Nordea’s broad-based offering of funds and investment baskets, according to your values and interests. The offering includes a selection of investment bonds, and we also offer an Insurance Account to protect your investments against market fluctuations.

Investment baskets

Investment baskets are unique investment products designed for unit-linked insurance policies. Here are some examples:

The Granite Portfolio is an investment basket with a solid foundation in real estate investments. Funds invested in the Granite Portfolio are widely diversified across several countries and asset types.

The Global Portfolio focuses on environmental and societal investments, with an excellent price-quality ratio and diversification across asset classes.

Our online service has more information about all the investment baskets we offer (in Finnish).

Investment baskets are not investment funds. They are investment portfolios set up by an insurance company and governed by their own rules. The money invested in them is invested in multiple instruments such as investment funds, shares, government bonds and corporate bonds. Investment baskets are only available through unit-linked insurance policies. Our experts will select the investment objects to be included in the investment basket and manage your investments for you.

Equity Baskets

You may choose from 14 companies traded on the NASDAQ OMX Helsinki Exchange to build up your portfolio. Each Equity Basket included in your agreement contains shares in one publicly traded company, and their value follows the overall yield of those shares. See the entire range of investment baskets in the Investment Basket Values service.

Funds

Choose the best funds for you from Nordea’s wide selection. In our online service, you can read more about the funds that can be included in unit-linked insurance policies (in Finnish).

Investment bonds

You can add investment bonds selected by Nordea Life Assurance to your unit-linked insurance policy during their respective subscription periods. You can view the range of equity-linked bonds available at any given time in the Insurance service.

Insurance Account

The low-risk Insurance Account is suitable as a temporary place to hold your money while you search for investments to make or as a safe haven for your investments at a time of market turmoil.

Inheritance planning

Taxation of Nordea Visio

Information about the taxation of unit-linked insurance

Investment objects within a unit-linked insurance policy, which determine the value growth of the investment, can be changed without any eventual gains from such a change being subject to tax.
Changes to investment objects within a policy do not need to be declared on your tax return.
You will not be liable to pay tax on gains from the investments until you withdraw funds out of your unit-linked insurance policy or the policy matures.
If you withdraw funds in the middle of the investment period, we will withhold tax on your behalf and pay the net amount into your bank account.
- Example: You invest EUR 10,000 in your Nordea Visio agreement, and the value of that investment increases to EUR 12,000 during the investment period. You wish to withdraw EUR 1,200, which is considered to consist of EUR 1,000 in capital repayment and EUR 200 in capital gains, the latter being subject to capital gains tax.
When the insurance policy matures, any losses incurred are tax-deductible for you, taking into account any partial surrenders made during the investment period. If the funds paid out of the insurance policy, from which the gains have been subtracted, amount to less than the funds invested in the policy, the loss thereby incurred is tax-deductible on your capital income in the year in which the policy matured, if the policy did not end in your death or mature in favour of any beneficiary other than yourself. Payouts from death cover are included in the sum of funds paid out of the insurance policy.

Tax on endowment insurance policies in case of death

A death benefit paid out to your close family members as defined for tax purposes is subject to inheritance tax in its entirety.
‘Close family members for tax purposes’ are the policyholder’s spouse, heirs in the direct ascending or descending line, adopted child(ren) and their direct heirs, foster child(ren) and the spouse’s child(ren).
If any other than a close family member as defined above or an estate of a deceased person is a beneficiary, then capital gains tax as per the law valid at the time of payment will be withheld from the benefit paid out.
The amount of the insurance benefit and the beneficiary clause must be declared in the estate inventory deed. The insurance benefit must not be recorded under the assets of the deceased; instead, it must be noted under further information. However, if the beneficiary of an insurance policy is the estate of a deceased person, then the insurance benefit must be recorded under the assets of the deceased.
After paying out the benefit, the insurance company will notify the Tax Administration of the benefit paid.

Tax information is correct as at 1 Jan 2023.

Fees for Nordea Visio

Charges	Price
Management fee	An annual management fee of 0.40% is charged on insurance savings of up to EUR 100,000, the management fee exceeding this amount being 0.1%. The annual management fee charged on savings made by customers who are under 30 years old is 0.2% up to 100,000 euros and 0.1% for amounts exceeding that. The insurance company is entitled to raise the management fee to a maximum of 1% of the insurance savings. In addition to the management fee, you will be charged fees for the investment funds, investment baskets and other investment instruments in accordance with their rules.
Fees for the life insurance (Inheritance Cover feature)	The fee for Nordea Vision Inheritance Cover is charged from the savings in order to maintain the life insurance cover.
Change of investment plan	A change of investment plan refers to a change in the allocation of upcoming payments across the available investment instruments. Free of charge in Netbank. As a separate order, free of charge 6 times per calendar year, after which a fee of EUR 10 per order will be charged.
Switching savings from one instrument to another	Free of charge in Netbank As a separate order, free of charge 6 times per calendar year, after which a fee of EUR 50 per order will be charged.
Confirmation of pledging	EUR 50
Extra account statement	EUR 10
Withdrawal fee	A withdrawal fee of 1% will be charged on the amount withdrawn when less than 3 years have passed from the start date of the agreement. The withdrawal fee is not charged on the amount that exceeds the cumulative withdrawal amount of EUR 100,000.
Changes to charges	The insurance company is entitled to increase all euro-denominated charges in accordance with a change in the cost-of-living index.
Minimum amounts	The minimum amount for investment is EUR 10.

Product material

FAQ - Nordea Visio endowment insurance

Who should take out endowment insurance?

Nordea Visio endowment insurance may be suitable for you if you are interested in inheritance planning. Nordea Visio allows you to transfer assets to your next of kin flexibly. Adding a beneficiary clause helps you govern how your assets are distributed without having to draw up a separate will.
Nordea Visio endowment insurance is for you if you want to be able to switch investment objects flexibly and cost-effectively and to make a wide variety of investments.
If you are not an active investor but would like to safeguard your insurance savings, Nordea Visio Inheritance Cover is a good option.

For how long is endowment insurance valid?

An endowment insurance policy expires when:

all funds saved under the policy are withdrawn,
the insurance policy matures,
the insured person dies,
in any case on the insured person’s 100th birthday.

What is unit-linked endowment insurance?

A unit-linked endowment insurance policy is one where the value of the policy is linked to the investment objects selected to be included in it. The value of the insurance savings increases or decreases according to the performance of the investment objects. An insurance policy can be linked to the performance of various investment funds, investment bonds and investment baskets offered by the insurance company.

What happens with endowment insurance in the event of death?

Nordea Visio includes life insurance cover. This means that if you die during the insurance period, the insurance will pay out a death benefit according to your savings to the beneficiaries you have designated.

The death benefit will consist of the value of the investment objects included in the insurance policy. If you have added Insurance Cover to your insurance policy, in the event of death the life insurance cover in the policy will pay out at least the premiums paid into the policy, minus any surrenders.

The death benefit will be paid directly to the beneficiaries you have designated. In other words, your next of kin will be able to claim the benefit even before the estate inventory deed is drawn up, and they do not have to wait for the distribution of the estate. If you have made a will, this has no bearing on the payout of the benefit from endowment insurance; the benefit is always paid out according to the beneficiary clause.

An endowment insurance policy is not included in the assets of the estate in the estate inventory deed if there is a beneficiary clause in the policy. However, the beneficiaries will be liable to pay inheritance tax on the full amount of the benefit they receive.

What is a beneficiary clause, and who can be a beneficiary?

Whichever persons or bodies you wish to receive the death benefit in the event of your death or upon maturity of the insurance policy can be designated by you as beneficiaries in your endowment insurance policy. You may, for instance, direct assets to be transferred directly to your grandchildren in the beneficiary clause. The formulation of the beneficiary clause should be carefully considered, because it determines the recipient of the death benefit.

You cannot change the beneficiary clause by a provision in your will; the death benefit is always paid out in accordance with the beneficiary clause in the policy. Because of this, it is important to remember to deliver the beneficiary clause in writing to the insurance company or to the bank.

How do I change the beneficiary clause?

You must always deliver the beneficiary clause in writing to the insurance company or to the bank. You can change the beneficiary clause by notifying us of the change in the mobile app, via online banking or via a Nordea OmapostiOpens new window message.

You can check your current beneficiary clause in the Insurance serviceOpens new window. Log on to the service in the Logon menu on the website, in the Nordea Mobile app or via Nordea Netbank.

The formulation of the beneficiary clause should be carefully considered, because it determines the recipient of the death benefit. We therefore recommend that you contact Nordea Customer Service first.

How do I claim a death benefit from an endowment insurance policy?

Go to the page ‘Claiming insurance compensation’ for instructions (in Finnish) on how to claim a benefit from an endowment insurance policy.

Are losses incurred in endowment insurance tax-deductible?

When the insurance policy matures, any losses incurred are tax-deductible for you, taking into account any partial surrenders made during the investment period. If the funds paid out of the insurance policy, from which the gains have been subtracted, amount to less than the funds invested in the policy, the loss thereby incurred is tax-deductible on your capital income in the year in which the policy matured, if the policy did not end in your death or mature in favour of any beneficiary other than yourself. Payouts from death cover are included in the sum of funds paid out of the insurance policy.
Losses on partial withdrawals are not tax-deductible.
The EUR 1,000 tax-free allowance per year for sales of securities does not apply to endowment insurance.

Where can I monitor and update my agreement?

You can monitor the performance of your agreement in the Insurance serviceOpens new window, where you can also adjust the allocation of your current savings, amend the investment plan and withdraw funds.

Nordea Capital as an option – read more and sign up online

You may also want to have a look at Nordea Capital, a capital redemption contract that is a completely digital unit-linked insurance policy. Nordea Capital has no insured person and no beneficiaries. You can sign up for a Nordea Capital policy easily online.

Read more and sign up for Nordea Capital

Nordea Capital

Mann smilende hjemme mens han ser på mobilen sin.

Nordea Vision endowment insurance