Life insurance

• The indemnity from your life insurance will be paid as one-off compensation to the beneficiary designated by you if you pass away due to an illness or accident. You can also choose a person other than a next-of-kin as the beneficiary of the indemnity – in principle, anyone.
• Up to 90% of claims will be paid out within 5 days of us receiving the completed claim form and the required appendices.
• If your life insurance is linked to a loan, the insurance compensation will primarily be used to pay off the loan. If the loan amount is lower than the life insurance compensation, the rest of the compensation will be paid to the beneficiary you have designated.

Additional benefits from your life insurance – up to 50% higher compensation amount

• MyLife life insurance comes with an automatic 25% increase to the compensation paid in the event of death. For example, if your cover is currently EUR 100,000, it will be EUR 125,000 after the increase.
• When you add our free well-being benefit to your insurance, you can increase your insurance cover by an extra 15–25% by exercising actively.

In other words, you have a chance to get a 50% higher life insurance cover, free of charge.

An example of a life insurance policy of EUR 100,000 in which the well-being benefit is included at the active exerciser level:

The examples above use the highest level of the well-being benefit, which is the active exerciser level and entitles you to a 25% increase to the insurance cover. Under the well-being benefit, the increase to the compensation amount can be either 0%, 15% or 25% during the validity of the insurance, depending on how actively you exercise.

The maximum amount for the increase to the insurance cover is EUR 100,000 in total when the additional compensation from the death cover and the well-being benefit are added up. The additional benefit of the death cover is confirmed annually.

The price of a life insurance policy is customer-specific and based on your age and the amount of indemnity you have chosen.

Discounts

• Home loan customers -15%
• Premium and Private Banking customers -20%
• K-Plussa customers -10%
  • Note: the K-Plussa discount can’t be combined with Nordea’s customer discounts. You will always get the best discount you’re eligible for.

Try our calculator to work out the right amount of cover and the price of the policy. If you are entitled to a discount, this will be applied once you continue to the insurance application from the calculator. 

Your family members may have to pay inheritance tax even though the estate might remain undistributed. This can cause them problems if the estate assets consist mostly of immovable property, and it is not possible to use savings, for example, to pay inheritance tax. 

One of the benefits of life insurance is that the insurance compensation is paid quickly to the beneficiary stated in the beneficiary clause. The compensation can be used for paying inheritance tax. This means that your family won't be forced to sell the family home, holiday home or car they inherit if they don't want to or if it is not sensible due to unfavourable market situation.

Nordea MyLife insurance is always personal. If you want to take out a life insurance cover together with your partner, you must both fill in an insurance application.

However, the advantage of a personal life insurance policy is that, in the case of death, your partner's insurance will remain in force. Also after divorce or separation it might be more practical that both partners have their own insurance policies.

If your life situation changes, you should remember to update the beneficiary clause of your life insurance policy according to your new circumstances. 

You can get a Nordea MyLife insurance linked to a home loan. This means that your life insurance compensation is pledged for a loan, and if an insured event takes place, the compensation will primarily be used to pay off the loan.

Why should life insurance be linked to a loan?

• Your life insurance compensation can help your family repay part of the loan or the full loan amount, depending on the compensation amount. This will protect your family's finances in a difficult situation and help them keep the family home.
• When your life insurance is pledged for a loan, the share of the insurance compensation used for the loan repayments is tax-exempt.
• If the life insurance compensation is larger than the outstanding loan balance, the rest of your life insurance compensation will be paid to the beneficiary of your choice. If the beneficiary is a next-of-kin, the compensation is taxed in connection with inheritance taxation.
• When your life insurance is pledged for a loan, the premiums are paid conveniently in connection with loan repayments, so you won't need to deal with separate invoices.
• You can link your life insurance to either an existing or a new home loan. 

Interested in linking your life insurance to your home loan?

Fill in your contact information (in Finnish) and we'll call you.

• 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.

This free-of-charge benefit is included in your MyLife insurance policy. Read more about the well-being benefit.

• The insurance compensation paid to the next-of-kin is taxed in connection with inheritance taxation. A life insurance compensation payable to other persons is considered taxable capital income in full.
• If your life insurance is pledged for a loan, the share of the insurance compensation used for the loan repayments is tax-exempt for the beneficiary.

Tax information is in accordance with the situation as at 1 January 2025. Taxation may change during the contract period.

Life insurance is also important for entrepreneurs in order to manage risks and be prepared for any setbacks. A life insurance policy will secure your family’s income and the continuity of your company in case you pass away after a serious illness or an accident. 

• As a private trader, you can acquire a life insurance policy easily online with Nordea personal customer’s online banking codes. Our insurance calculator will find the correct cover for your needs. 
• If your company format is some other than a private trader company, please read about our corporate MyLife insurance and send us a contact request.

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

Terms and conditions and product description (in Finnish)

• Nordea MyLife insurance terms and conditionspdf - Opens new window
• Nordea MyLife insurance product descriptionpdf - Opens new window

Nordea MyLife well-being benefit

• Rules of Nordea MyLife well-being benefitpdf - Opens new window (in Finnish)
• Nordea MyLife app terms and conditionspdf - Opens new window
• Nordea MyLife app privacy policypdf - Opens new window

Life insurance i.e. death cover is issued by Nordea Life Assurance Finland Ltd. (Business ID 0927072-8) through its agents Nordea Bank Abp and Kesko Corporation. The well-being benefit add-on is offered by Nordea Life Assurance Finland Ltd. The Nordea MyLife app is provided in cooperation with Benify AB. 

The detailed criteria for claims and the insurance benefit 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 claims are laid down in the Finnish Insurance Contracts Act. The operations of Nordea Insurance Finland Ltd are supervised by the Finnish Financial Supervisory Authority, www.finanssivalvonta.fi. Taxation may change during the contract period.