Life insurance - take life insurance today

• 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.

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

Insurance-related customer bonuses

• As our home loan customer, you get a 15% discount on a new MyLife insurance policy. 
• As a Premium Customer or Private Banking Customer, you get a 20% discount.

The discount is shown in the insurance calculator after you have verified your identity.

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.

Choose Nordea MyLife to get a test-winning insurance policy! In September 2022, Kuluttaja magazine examined the terms and conditions and prices of various loan protection insurance policies offered by Finnish banks. The products were divided into non-comprehensive and comprehensive insurance policies that were scored separately. Nordea MyLife won both categories and was praised for its affordable pricing and flexible terms and conditions.

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. If you have purchased your life insurance online, it is not possible to link it to a home loan.

• 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 2022. 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.

Life insurance i.e. death cover is issued by Nordea Life Assurance Finland Ltd. (Business ID 0927072-8) either through its agent Nordea Bank Abp or its own sales channel.

The detailed compensation criteria and compensation 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 compensation are laid down in the Finnish Insurance Contracts Act. The Financial Supervisory Authority (FIN-FSA) supervises the operations of Nordea Life Assurance Finland Ltd.

Terms and conditions and product description (in Finnish)

• Nordea MyLife insurance terms and conditions (pdf, 142 KB)Opens new window
• Nordea MyLife insurance product description (pdf, 779 KB)Opens new window

Nordea MyLife well-being benefit

• Rules of Nordea MyLife well-being benefit (pdf, 188 KB)Opens new window (in Finnish)
• Nordea MyLife app terms and conditions (pdf, 840 KB)Opens new window
• Nordea MyLife app privacy policy (pdf, 761 KB)Opens new window

The Nordea MyLife app is provided in cooperation with Benify AB.