Nordea Vision endowment insurance

Endowment insurance as part of estate planning

It makes sense to plan the transfer of your wealth to your heirs well in advance. Nordea Vision endowment insurance lets you ensure that your wealth will be passed on to your heirs in the way you want. You can also influence your loved ones’ financial security in unexpected circumstances.

For example, the amount due in inheritance tax may surprise your heirs and destabilise their finances. This can easily happen if the inherited assets are difficult to liquidate or if selling them is not sensible or possible due to the market conditions, for example. Endowment insurance can help your heirs pay their inheritance tax because they receive the benefit directly and quickly.

Beneficiary clause in endowment insurance

The beneficiary clause allows you to choose how your assets are distributed without a separate will. For example, you may choose to have your assets distributed directly to your grandchildren. The beneficiary clause is flexible and easy to amend according to your life situation.

If it is important to you that your assets remain in the family, you can exclude the marital rights of the beneficiaries’ spouses. 

In the event of death, the benefit paid to your next of kin will be subject to inheritance tax, whereas the amount paid to other beneficiaries will be taxed as capital income.

Investment alternatives

Find investments that match your goals and risk tolerance in our wide selection. You can diversify your investments across various funds, investment baskets and ETFs. If the market is volatile, you can protect your investments by transferring them to an Insurance Account.

Investment baskets

More than 40 investment baskets offer a variety of options, such as:

Granite Portfolios: Broadly diversified and actively managed, and their risk-return ratio is enhanced through Nordea’s investments in real estate.

Globe Baskets: Promote environmental or social characteristics, offering excellent diversification across asset classes and great value for money.

Our online service has more information about all the investment baskets we offer (in Finnish).

The investment baskets are a mix of investments created by the insurance company. You can only invest in them through unit-linked insurance. The investment baskets have separate rules and they are composed of several different instruments, including investment funds, equities, government bonds and corporate bonds.

Investment funds

Choose the best funds for you from our selection of nearly 400 investment funds. We trust that you will find funds that match your goals and risk tolerance. In our online service, you can read more about the funds that can be included in unit-linked insurance policies (in Finnish).

ETFs

You can choose from 35 exchange-traded funds (ETFs). Through unit-linked insurance, you can also conclude an agreement on monthly saving in ETFs, and you don’t need to worry about any minimum investment amounts. In our online service, you can read more about the ETFs that can be included in unit-linked insurance policies (in Finnish).

Equity Baskets

You can choose from 14 companies listed on the Nasdaq OMX Helsinki exchange, which you can use to build your personal equity portfolio. Every Equity Basket added to your contract will consist of the shares of one listed company, and the basket’s performance will track the total return on the share in question. See the entire range of investment baskets in the Investment Basket Values service (in Finnish).

Insurance Account

The low-risk Insurance Account is particularly useful as a temporary place to park your money while searching for a new investment or waiting for market volatility to subside. Currently, the yield paid on an Insurance Account consists of the 1-week Euribor rate minus costs of 0.4%.

Taxation of endowment insurance

• The investments which determine the performance of an endowment insurance policy can be switched without immediate taxation on capital gains. 
• You do not need to declare any changes to your investments under an endowment insurance policy on your tax return.
• The gains are taxed when you withdraw funds from your endowment insurance or when it expires.
• If you withdraw funds from your endowment insurance in the middle of the saving period, we will withhold tax on your behalf and pay the net amount into your bank account.
  • Example: You invest 10,000 euros in your Nordea Vision contract, and the value of your savings increases to 12,000 euros over the term of the contract. When you want to withdraw 1,200 euros, 1,000 euros is considered to be capital and 200 euros to be taxable return subject to capital gains tax.
• When the insurance policy expires, any losses are tax-deductible, taking into account any partial surrenders made during the insurance period. If the benefit paid from the insurance after the deduction of profit is less than the assets invested in the insurance, the arising loss is deductible from capital income in the year in which the insurance expires, provided that the insurance does not expire with death or become due for payment to another beneficiary than yourself. Payments into the contract also comprise the premiums for death cover.

Taxation of endowment insurance in inheritance

• A death benefit paid out to your next-of-kin as defined for tax purposes is subject to inheritance tax in its entirety. 
• For taxation purposes, the next-of-kin are the insured person’s marital spouse, heirs in the direct lines of ascent and descent, adopted children and their direct heirs, foster children and the children of the spouse.  
• If the beneficiary is not considered a next-of-kin for tax purposes or if the beneficiary is the estate, the rate of capital income tax levied under the law applying at the time of payment will be withheld from the benefit paid out.  
• The amount of the endowment insurance benefit and the beneficiary clause must be declared in the estate inventory deed. The insurance benefit must not be recorded under the assets of the deceased; instead, it must be noted under further information. However, if the beneficiary of an endowment insurance policy is the deceased person’s estate, the insurance benefit must be recorded under the assets of the deceased.
• After paying out the benefit, the insurance company will inform the Tax Administration of the benefit paid.

Tax information reflects the situation as at 1 January 2025.

Fees for Nordea Visio endowment insurance

Valid as of 27 January 2025

Applied to insurance policies valid as of 1 September 2015

Charges	Price
Management fee	An annual management fee of 0.40% is charged on insurance savings of up to EUR 100,000, the management fee exceeding this amount being 0.1%. The annual management fee charged on savings made by customers who are under 30 years old is 0.2% up to 100,000 euros and 0.1% for amounts exceeding that. The insurance company is entitled to raise the management fee to a maximum of 1% of the insurance savings. In addition to the management fee, you will be charged fees for the investment funds, investment baskets and other investment instruments in accordance with their rules.
Fees for the life insurance (Inheritance Cover feature)	The fee for Nordea Vision Inheritance Cover is charged from the savings in order to maintain the life insurance cover.
ETF trading fee	0.15% of the transaction amount. A one-off fee charged for adding or switching ETFs or withdrawing the money invested in them. No separate custody fee is charged.
Confirmation of pledging	EUR 50
Extra account statement	EUR 10
Changes to charges	The insurance company is entitled to increase all euro-denominated charges in accordance with a change in the cost-of-living index.
Minimum amounts	The minimum amount for investment is EUR 10.

Product material (in Finnish only)

• Nordea Visio ehdotOpens new window
• Nordea Visio tuoteselosteOpens new window
• Nordea Visio hinnastoOpens new window
• Nordea Visio avaintietoasiakirjaOpens new window  

Nordea Visio Perintöturvan avaintietoasiakirjat:

• Avaintietoasiakirja TuottokoriOpens new window 
• Avaintietoasiakirja Allokaatio KorkoOpens new window
• Avaintietoasiakirja Allokaatio MalttiOpens new window Opens new window
• Avaintietoasiakirja Allokaatio Maltti MaailmaOpens new window
  
• Erityistietoasiakirja Vastuullinen Allokaatio Maltti
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Nordea Vision endowment insurance is issued by Nordea Life Assurance Finland Ltd (Business ID 0927072-8). Nordea Life Assurance Finland Ltd is part of the Nordea Group, the leading financial services group in the Nordic countries and the Baltic Sea region. Nordea Life Assurance Finland Ltd sells Nordea Vision endowment insurance through its agent Nordea Bank Abp. 

The issuer of the investment bonds attached to Nordea Vision is Nordea Bank Abp and the Nordea investment funds attached to the agreement are managed by Nordea Funds Ltd. 

Investments provide the possibility of gaining profits due to capital appreciation, but there is also a risk of a possible decrease in the capital value. Nordea Vision is not covered by the deposit guarantee scheme for bank accounts nor by the Investors’ Compensation Fund. The value of the investments may rise or fall depending on the market situation, and past performance is not a guarantee of future returns. Tax information is in accordance with the situation on 1 January 2025. Taxation may change during the agreement period.