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.
“I went to work in the morning as usual, and I woke up at a hospital in the evening. I had a heart attack, but luckily I recovered from it. I was put on sick leave, which was the first one in my career as an entrepreneur. I managed to cope financially with the indemnity I received from my insurance policy. I was able to take time to resume working gradually.
Juho, aged 39, entrepreneur in the media sector
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.
“We got the idea to start our business back when we were still studying. We ran the business as close working partners. Jukka’s death came as a surprise to all of us. Luckily, we had taken our life insurance policies as part of our shareholder agreement. This made my own situation and that of Jukka’s family easier, as they received the insurance indemnity and I became the owner of the firm. And the business is continuing, which would have been Jukka's wish, too. Still, it’s quite a handful to get used to the new normal.”
Timo, aged 52, entrepreneur in the electricity sector
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.
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%.