Nordea Vision endowment insurance

Endowment insurance as part of inheritance 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.

The amount of inheritance tax may come as a surprise to your next of kin, for instance, and cause financial problems for them. This happens especially in cases where the assets inherited are of such a nature that it is difficult to convert them into cash or that due to the market situation it is not sensible or not possible to sell them. Nordea Visio helps you ensure the solvency of your next of kin as far as inheritance tax goes, because upon the death of the policyholder the insurance compensation is paid out directly to the beneficiaries. 

Beneficiary clause

Adding a beneficiary clause helps you govern how your assets are distributed without having to draw up a separate will. You may, for instance, direct assets to be transferred directly to your grandchildren with Nordea Visio. It is easy and flexible to amend the beneficiary clause as your life situation changes.

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

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

We offer a broad range of funds and investment baskets to suit your values and areas of interest. You can also choose from our selection of exchange-traded funds (ETFs), and you can opt for an Insurance Account to protect your savings when the markets are volatile.

Investment baskets

Our investment baskets are unique investment alternatives specifically created for unit-linked insurance.

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

The Globe Baskets promote environmental or social responsibility aspects, 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 Nordea’s wide selection. 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 our selection of exchange-traded funds, or ETFs. Through your unit-linked insurance, you can 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 may choose from 14 companies traded on the NASDAQ OMX Helsinki Exchange to build up your portfolio. Each Equity Basket included in your agreement contains shares in one publicly traded company, and their value follows the overall yield of those shares. See the entire range of investment baskets in the Investment Basket Values service (in Finnish).

Insurance Account

The low-risk Insurance Account is suitable as a temporary place to hold your money while you search for investments to make or as a safe haven for your investments at a time of market turmoil.

Information about the taxation of unit-linked insurance

• Investment objects within a unit-linked insurance policy, which determine the value growth of the investment, can be changed without any eventual gains from such a change being subject to tax. 
• Changes to investment objects within a policy do not need to be declared on your tax return.
• You will not be liable to pay tax on gains from the investments until you withdraw funds out of your unit-linked insurance policy or the policy matures.
• If you withdraw funds in the middle of the investment period, we will withhold tax on your behalf and pay the net amount into your bank account.
  • Example: You invest EUR 10,000 in your Nordea Visio agreement, and the value of that investment increases to EUR 12,000 during the investment period. You wish to withdraw EUR 1,200, which is considered to consist of EUR 1,000 in capital repayment and EUR 200 in capital gains, the latter being subject to capital gains tax.
• When the insurance policy matures, any losses incurred are tax-deductible for you, taking into account any partial surrenders made during the investment period. If the funds paid out of the insurance policy, from which the gains have been subtracted, amount to less than the funds invested in the policy, the loss thereby incurred is tax-deductible on your capital income in the year in which the policy matured, if the policy did not end in your death or mature in favour of any beneficiary other than yourself. Payouts from death cover are included in the sum of funds paid out of the insurance policy.

Tax on endowment insurance policies in case of death

• A death benefit paid out to your close family members as defined for tax purposes is subject to inheritance tax in its entirety. 
• ‘Close family members for tax purposes’ are the policyholder’s spouse, heirs in the direct ascending or descending line, adopted child(ren) and their direct heirs, foster child(ren) and the spouse’s child(ren).  
• If any other than a close family member as defined above or an estate of a deceased person is a beneficiary, then capital gains tax as per the law valid at the time of payment will be withheld from the benefit paid out.  
• The amount of the 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 insurance policy is the estate of a deceased person, then the insurance benefit must be recorded under the assets of the deceased.
• After paying out the benefit, the insurance company will notify the Tax Administration of the benefit paid.

Tax information is correct as at 1 Jan 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 ehdotpdf - Opens new window
• Nordea Visio tuoteselostepdf - Opens new window
• Nordea Visio hinnastopdf - Opens new window
• Nordea Visio avaintietoasiakirjapdf - Opens new window  

Nordea Visio Perintöturvan avaintietoasiakirjat:

• Avaintietoasiakirja Tuottokoripdf - Opens new window 
• Avaintietoasiakirja Allokaatio Korkopdf - Opens new window
• Avaintietoasiakirja Allokaatio Malttipdf - Opens new window pdf - Opens new window
• Avaintietoasiakirja Allokaatio Maltti Maailmapdf - Opens new window
  
• Erityistietoasiakirja Vastuullinen Allokaatio Maltti
  pdf - Opens new window

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.