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Benefits of voluntary personal insurance for entrepreneurs and their business

  • A personal insurance policy gives you and your family an extra layer of protection supplementing the statutory minimum. It can also provide business partners with additional protection as part of their shareholder agreement.
  • You can supplement your insurance with a critical illness cover, a permanent disability cover and a death cover. With us, you can select your insurance cover flexibly based on your needs: take out a single cover or opt for a wider protection.
  • Critical illness cover secures your income when you have to focus on getting well. You can use the tax-exempt compensation the way you prefer. 
  • With a life insurance policy, you can ensure that your family and your business will be financially secure even if the worst happens to you. As an extra benefit, you’ll get a 25% higher claim amount to your life insurance policy free of charge.  
  • If you can't get covers for death and permanent disability in their entirety due to your state of health, you can take out these covers against accidents. Cover for death or permanent disability caused by an accident is issued without a health declaration.

  • You are eligible to apply for MyLife insurance if you are aged 18–63 and reside permanently in Finland.

Calculate the price and buy insurance online

Private trader – buy your insurance online

Buying an insurance policy for yourself is quick and easy with your personal identity number – application and health declaration forms are available to you online. You can take out one type of insurance cover or compile a cover package that suits your personal circumstances using our calculator.

Insurance for private traders (in Finnish)

Life insurance, i.e. death cover
Critical illness cover
Permanent disability cover
Cover for death or permanent disability caused by an accident
Free additional benefit for your insurance
Product information and insurance provider

Benefits to you and your company

  • The policy helps replace your lost income if you become permanently disabled as a result of an accident. If this happens, the insurance benefit will be paid to you.
  • If you die as a result of an accident, the insurance benefit will be paid to the beneficiary of your choice.
  • You don’t need to submit a health declaration to take out this insurance policy, which makes it a good option also for those who are not eligible for more comprehensive insurance cover for death or permanent disability due to their state of health.

  • What does the insurance policy cover?

  • The policy covers permanent disability or death resulting from an accident.
  • Permanent disability means that the insured has lost their ability to perform the duties of any suitable occupation and earn a reasonable income.
  • The policy covers accidental deaths caused by traffic accidents, slipping, falling and drowning, for example.

  • What is excluded from the insurance policy?

  • The policy does not cover a permanent disability or death which does not result from an accident. As an example, a permanent disability or death caused by a critical illness is not covered.
  • An injury is not considered to result from an accident if it is slowly formed by an exceptional circumstance, recurring strain or movement or infection inflicted by bacteria or a virus with implications.
  • The policy does not cover minor accidents, such as fractures, bruises or wounds.

For more detailed information on what the insurance policy covers, please see the product description (in Finnish) and insurance terms and conditions (in Finnish).

A unique and free-of-charge benefit in personal insurance

  • Nordea personal insurance is the only insurance in Finland that rewards you for being physically active – you take exercise and we reward you with a better insurance cover.
  • Half an hour of brisk physical exercise a day will raise your insurance cover by 15%. One hour of brisk physical exercise a day will bring you a 25% raise to your insurance cover.

Read more about well-being benefit

Read more about Nordea MyLife

Nordea MyLife insurance as well as all product material and customer service related to Nordea MyLife is offered 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 MyLife.

You may apply for Nordea MyLife personal insurance if you are aged 18–63 and reside permanently in Finland. There is no maximum limit on the amount of cover you can take. The price of the insurance policy is determined individually and it depends on your age, the total amount of the insurance cover you have chosen and, in the case of cover against critical illness, whether you smoke or not. As a rule, the premiums are deductible in corporate taxation. 

If we cannot grant you death cover and cover for permanent disability in their entirety due to your state of health, you can take out these covers against accidents.

The covers against unemployment, temporary disability, critical illness as well as permanent disability and death resulting from an accident are issued by Nordea Insurance Finland Ltd (Business ID 2868440-8). The death cover is granted by Nordea Life Assurance Finland Ltd (Business ID 0927072-8). The well-being benefit add-on to Nordea MyLife insurance is offered by Nordea Life Assurance Finland Ltd or Nordea Insurance Finland Ltd. 

Nordea Life Assurance Finland Ltd and Nordea Insurance Finland Ltd sell Nordea MyLife through their agent Nordea Bank Abp. The detailed indemnification criteria and indemnification restrictions related to the different kinds of cover are stated in the insurance terms and conditions and in the product description specifying their meaning. The general limitations on indemnity are laid down in the Finnish Insurance Contracts Act. The operations of Nordea Life Assurance Finland Ltd and Nordea Insurance Finland Ltd are supervised by the Finnish Financial Supervisory Authority, www.finanssivalvonta.fi. Tax information is in accordance with the situation as at 1 January 2025. Taxation may change during the contract period.

The Nordea MyLife app is provided in cooperation with Wellmo (Mobile Wellness Solutions MWS Ltd).

How much does insurance cost?

See the fictive examples below of the insurance policies we recommend for entrepreneurs and their prices.

Please note that the price of a personal insurance policy is determined individually, and the pricing criteria are your age, the total amount of the insurance cover and smoking in the case of critical illness cover.

As a rule, entrepreneurs’ personal insurance premiums are deductible in the company’s taxation.

Matti – fitness centre manager, aged 39

Happy man enjoying weekend surfing small overlay

Matti lives together with his wife and son attending preschool in a single-family house, which was originally placed as security for the finance he took our for his business.

Matti chose life insurance and critical illness cover.

  • Life insurance policy, EUR 100,000 + free extra benefit EUR 25,000
  • Critical illness cover, EUR 35,000

32,95 € / month

Tarja – painter, aged 30

Woman taking a break from painting small overlay

Tarja, single, has been a painter since she graduated. She lives in a rented flat together with her dog in the city centre.

Tarja chose critical illness cover and permanent disability cover.

  • Critical illness cover, EUR 30,000
  • Permanent disability cover, EUR 30,000

10,88 € / month

Petri – consultant, aged 52

Senior couple moving small overlay

Petri has made a long career as an entrepreneur and lives with his wife in a single-family house. Their children have already moved out. Along the years, the couple has accrued their wealth little by little, and they have repaid their loans almost in full.

Petri chose life insurance.

  • Life insurance policy, EUR 80,000 + free extra benefit EUR 20,000

35,69 € / month

Four reasons for an entrepreneur to take out voluntary personal insurance

1. The statutory cover is often not sufficient

Do you know the amount of your statutory cover in case of critical illness or permanent disability, for example? For instance, the sick allowance paid by Kela is determined on the basis of the YEL income for the preceding 12 month, and people who fall ill are often surprised at how small the allowance is.

2. Nobody is immortal

Every year, over 10,000 Finns in their prime working age die from a disease or as a result of an accident. Although the probability of dying prematurely is relatively small, it is always a shock for the family and its finances as well as for the entrepreneur’s business when it does happen. When your financial liabilities are the highest and you have a family and a home loan besides your business, it is wise to prepare yourself by taking out a life insurance policy.

As an extra benefit, you'll now get a 25% higher claim amount to your life insurance policy free of charge. 

3. Act in time – you won't be insured financially unless you have an insurance policy

You should take out a personal insurance policy right now – not tomorrow. In fact, a good rule of thumb in personal insurance is “the sooner, the better”. Getting insured is too late when an unfortunate event has already occurred.

If you have health problems, we may not be able to grant you the covers in their entirety or at all. You can then take out cover for death or permanent disability caused by an accident, which is issued without a health declaration. 

4. Increase your insurance cover by exercising – free additional benefit

Physical exercise contributes to personal well-being and health. Daily exercise has positive effects on both the mind and the body and has been proven to make people remain healthier for longer. Even a small increase in your daily physical exercise prevents illnesses and keeps the brain alert.

In addition to improving your fitness and well-being, being physically active can also increase your insurance cover. With increased daily exercise, clients who have taken out Nordea MyLife personal insurance are able to raise their insurance cover by up to 25%.

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