Familie i sofa

Life insurance - take life insurance today

A life insurance policy is to secure the wellbeing of your family in case of your passing. Taking out a life insurance policy is therefore especially important if you have a spouse or children.

Life insurance to secure the finances of your family

  • Your life insurance policy will protect your family’s income should you pass away. Taking out a life insurance policy is therefore especially important if you have a spouse and/or children.
  • You can choose the amount of the indemnity. When bought online, the amount
    may be EUR 10 000–500 000.

  • The indemnity will be paid as one-off compensation to the beneficiary you have designated to us. The insurance indemnity may help them pay daily expenses, meet loan repayments or deal with their new life situation. The indemnity may also come in handy in inheritance tax payments. 

  • You will get a unique and free added bonus to your insurance as well as an increase of up to 25% for your insurance cover by exercising actively. This bonus is available only from Nordea.

  • Acquiring an insurance policy is easy. You can manage the process from beginning to end online.

  • Enjoy Nordea’s customer benefits. If you have a home loan from us, we offer you a 15% discount on new MyLife insurance policies. If you are our Premium Customer or Private Banking customer, your discount is 20%.

  • You may apply for life insurance if you are aged 18–63 and reside permanently in Finland. 

What does life insurance cost?

The price of a life insurance policy is customer-specific and based on your age and the amount of indemnity you have chosen. See what kind of insurance we recommend for you and calculate the price using our insurance calculator.  (in Finnish)

Life insurance indemnity

What does life insurance indemnify and how is it paid?

  • 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.
How much does a life insurance policy cost?
Life insurance can help your family pay inheritance tax
Insurance for a couple or one person
Life insurance linked to a loan
Free additional benefit for your insurance
Taxation of life insurance
Life insurance for entrepreneurs
The issuer of insurance and product material

What does life insurance indemnify and how is it paid?

  • 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.

How much does a life insurance policy cost?

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.

Life insurance may be a big help to your family when they pay inheritance tax

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.

Taking out an insurance policy with your partner

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. 

Is it a good idea to link my life insurance to a loan?

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

Raise your insurance cover by 15–25% with physical exercise

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.

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

Taxation of life insurance

  • 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 for entrepreneurs

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.

The issuer of MyLife insurance and product material

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 well-being benefit

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

Exactly the right insurance for you

See what kind of insurance we recommend to you.

Calculate price and buy online (only in Finnish)

Life insurance - FAQ