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Unemployment and sick pay insurance

Unemployment or a prolonged sick leave is a stressful time, even without any financial troubles. Being insured helps you in securing your monthly loan payments even if your income fell temporarily.

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Secure your loan repayment

How would you manage your home loan repayments and your other regular expenses if you were left without work or fell ill?

Why take an insurance policy against unemployment or illness?

  • Being insured will support you if faced with unemployment or a long sick leave while you have loans to repay. Having an insurance policy is all the more important if your family's loan repayments depend on your income only. 
  • Even if social security in Finland is among the highest in the world, your income may drop drastically if you fall ill or are left without employment. If unemployed, you cannot maintain your usual standard of living with the earnings-related daily allowance alone. 
  • Unemployment cover and sick pay cover (temporary disability) are always granted together and attached to a secured loan from Nordea, such as a home loan.
  • You can choose a monthly indemnity of EUR 200–1 600, which will be available to you to pay your monthly loan repayments.
  • You’ll get a 10% raise to your insurance indemnity if you have an underage child at the time of the insured event. 

Send us a contact request, and we will give you a recommendation for insurance cover suited to your needs. 

Did you know?

  • During a long sick leave, your income may decrease to half of the usual amount. 
  • 9 weekdays – this is the period your employer is liable to pay salary to you during a sick leave in addition to the day on which you fell ill. After this, your income will be based on Kela’s sickness allowance unless otherwise stated in your employment contract. For instance, with monthly income of EUR 3 300, the sickness allowance from Kela will be around EUR 1 900 per month, which is also taxable income.
  • If you are not within the scope of the earnings-related unemployment benefit, the average amount of the unemployment benefit paid by Kela to you every month will be EUR 726. You will have to pay tax on this amount.
  • Source: Kela
Insurance indemnity

To whom is an insurance indemnity paid and what can it be used for?

  • You can claim an insurance indemnity if you become unemployed for financial or production-related reasons or have to take sick leave due to an illness or accident, i.e. you are temporarily disabled.
  • A monthly indemnity is paid out from your insurance, which is EUR 200–1 600 according to your choice. The monthly indemnity is intended for paying your monthly loan servicing costs.
  • You’ll get a 10% raise to your insurance indemnity if you have an underage child at the time of the insured event.
How much does an insurance policy cost?
Terms and conditions and product material (only in Finnish)

To whom is an insurance indemnity paid and what can it be used for?

  • You can claim an insurance indemnity if you become unemployed for financial or production-related reasons or have to take sick leave due to an illness or accident, i.e. you are temporarily disabled.
  • A monthly indemnity is paid out from your insurance, which is EUR 200–1 600 according to your choice. The monthly indemnity is intended for paying your monthly loan servicing costs.
  • You’ll get a 10% raise to your insurance indemnity if you have an underage child at the time of the insured event.

How much does unemployment and sick pay insurance cost?

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

Submit a contact request to us, and we will call you and give you a recommendation for insurance that suits your current life situation.

Insurance-related customer bonuses

As a Nordea Premium Customer or Private Banking Customer, you are entitled to a continuous 20% discount on the list price of any insurance.

Nordea MyLife insurance terms and product material (only in Finnish)

Additional information

Nordea MyLife well-being benefit

You may apply for Nordea MyLife personal insurance if you are aged 18–63 and reside permanently in Finland. The price of a personal insurance policy is determined individually, and the pricing criteria are your age, the total amount of the insurance cover you have chosen and smoking in the case of cover against serious illness.

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. Critical illness cover, permanent disability cover as well as unemployment and temporary disability (sick pay) cover are issued by Nordea Insurance Finland Ltd (Business ID 2868440-8). Life insurance, i.e. death cover, is issued by Nordea Life Assurance Finland Ltd (Business ID 0927072-8). The additional MyLife well-being benefit 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 complies with the situation as on 15 June 2021. Taxation may change during the contract period.

The well-being benefit is provided in co-operation with Benify Ab.

Personal customers

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