Entrepreneur’s Nordea MyLife personal insurance

A voluntary personal insurance policy will bring financial protection for entrepreneurs and their family in case of critical illness, permanent disability and death. It will also allow the continuity of business operations in dire situations.

Why is a voluntary personal insurance policy important for entrepreneurs and their business?

In Finland, entrepreneurs themselves are responsible for the level of their social security. This cover is not often enough to protect the entrepreneur, their family and their business in case of critical illness or death, for example. Voluntary personal insurance provides an easy means of supplementing the statutory insurance cover so as to meet your and your company’s current needs.

Nordea MyLife insurance will bring financial protection in case of critical illness, permanent disability and death. It will protect the income of the entrepreneur and their family and help to safeguard the continuity of the entrepreneurial activity in unexpected situations. Personal insurance can also provide business partners with additional cover as part of their shareholder agreement.

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.

Life insurance, i.e. death cover

For the protection of your family’s finances and your company’s business continuity

Why life insurance?

  • Brings financial protection for your family. Particularly important if you have dependent children or you are the principal source of income in your family.

  • Brings protection for your business partners and ensures the continuity of your business.
  • Helps in inheritance tax payments.
  • The insurance is valid until you turn 80.

What does the insurance indemnify?

  • One-off indemnity to the beneficiaries of your choice or your company due to death resulting from an illness or accident.

Read more in the MyLife product description (in Finnish). (pdf, 905 KB)Opens new window

Critical illness cover
Permanent disability cover
MyLife Go – up to 25% higher insurance cover

MyLife Go

Want to benefit more from your insurance policy and obtain a larger cover with the same amount of money? Make use of your daily physical exercise and get a larger insurance cover.

  • Increasing your daily physical exercise enhances your well-being and you will feel better both at work and at leisure.
  • Better financial security – When you exercise actively, you will get up to 25% higher insurance cover for the same price. A unique and free-of-charge benefit in personal insurance!

How much does insurance cost?

Examples are provided below of the types of insurance cover we recommend for entrepreneurs and the insurance 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.

Send us a contact request, and we will make you an offer on insurance cover tailored to your life situation and your company’s needs.

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 the following for his insurance:

  • Life insurance policy, EUR 100,000
  • Critical illness cover, EUR 35,000

 

 

EUR 32.95 per 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 the following for her insurance:

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

 

 

EUR 10.88 per 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 the following for his insurance:

  • Life insurance policy, EUR 80,000

 

EUR 35.69 per month

Three 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.

“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%.

Read more about 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. Read more in the corporate tax guidelines.

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 MyLife Go 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 September 2020. Taxation may change during the contract period.

The Fjuul app is provided by Fjuul Vision Oy (Business ID 2576529-6). Fjuul Vision Oy is responsible for matters related to the Fjuul app. The company can be contacted via email: support@fjuul.com.