Insurance in Finland is some good information which anyone can’t afford to ignore. Finland as a country is very safe and beautiful but as is always, risks lurk anywhere. You may be in high spirts at one moment but the next, a tragic accident takes you to hospital bed. Similarly, it only gets more interesting to stay in Finland knowing that in the event that a misfortune befalls you or someone you love and insured, the insurance company will show up without hesitation.
Insurance in Finland is essential, especially to individuals who want to protect their families themselves from financial losses and property. The world is full of risks and uncertainties. Daily, we are exposed to varying levels of risk. Also, insurance helps families maintain their living standards when the breadwinner is not around in the future.
Health Insurance Finland
Although health insurance is free, the tax system funds it. Besides, health insurance is great for all Finnish residents. Irrespective of the financial situation, all Finnish have access to insurance and health care. In addition, Finnish insurance covers the residents in a universal policy, and they have a Kela card.
Permanent immigrants get some coverage, including prescription drugs. Unfortunately, the people living in Finland temporarily may not get a health care system. They may get health care through private health insurance.
The health insurance covers:
- Part of dental treatment
- Part of the prescription fees
- Maternity care
- Hospital treatment
- Visits to the doctor
One is entitled to unemployment in case the person is a permanent resident of Finland and is covered in the Finnish social security system. Besides, one must be registered in TE Services as a job seeker. Unfortunately, the Finnish social security system does not cover the non permanent residents in Finland system. But the good thing is that such people are eligible for a basic unemployment allowance.
The following get unemployment allowance:
- Meet the work requirement
- Aged 17-64
- Live in Finland
- Registered in the TE Services as a job seeker
- Looking for full-time employment
- Can work and are even available in the Finnish labor market
The amount paid to unemployed individuals usually depends on the previous earning level. The Federation of Unemployment Funds in Finland (TYJ) calculates the amount that one should get.
Vehicle insurance is vital as it covers both the vehicle and drivers. Any motor vehicle in Finland has to be insured through motor liability insurance. The insurance covers vehicle damage of a third party as well as personal injuries.
Motor liability is mandatory for all Finnish motorists. A vehicle without this insurance cannot be registered or even inspected. The motor liability insurance covers personal injuries due to road accidents as well as innocent party losses. Apart from motor liability insurance, one can also take extra security called comprehensive vehicle insurance. It helps in protecting a car against damage costs.
In Finland, home insurance is crucial because it protects one’s home as well as its contents. Besides, the insurance covers the home structures, movable property, and home structures. Insurance is vital for all types of homes in Finland.
Regarding the costs, the home insurance price is determined by the home, details, as well as deductibles and coverage that one chooses. Home insurance is vital for every homeowner in Finland as it indemnifies property that matters. For the flat home insurance, it covers property, including kitchen cabinets, appliances, telephones, and furniture.
Life insurance is essential in every family, and it is responsible for the livelihood of the family. The insurance helps in protecting the family’s income in case the breadwinners pass on. Apart from that, the insurance indemnifies the Finnish mortgage as well as personal loans, including a car loan.
The individual insurance even follows one after retirement, and the employer cannot insure the person. The factors to consider when choosing life insurance in Finland include the size of one’s loans, income, and household. The insurance can be taken as an individual or joint cover that consists of the spouse. The policy pays compensation to the beneficiaries that the insurer chooses.
A person who loves traveling should always take travel insurance when traveling. The policy compensates for the travel experiences that took place during the trip. The insurance also has a force majeure package. In case of any cancellations in the journey, the policy compensates the traveler for a certain amount. This is where one is covered when a trip is canceled because of a terrorist attack or natural disaster.
Travel insurance is the secret to a carefree holiday when traveling to or out of Finland. The policy covers luggage in case they are stolen, lost, damaged, and broken during the trip. In some cases, the travel insurance covers the children when doing sports. It encourages the children to try new activities when on holiday.
In Finland, pet insurance is essential because sometimes, the costs of veterinary may be so high. Thus, the insurance helps in reducing the cost of veterinary expenses when a cat or even dog becomes ill or injured. Basically, it assists in ensuring that one is not caught out financially in case unexpected things take place.
Apart from medical treatment, pet insurance covers animal liability insurance. The insurance compensates one for the damage caused to the third parties by one’s pets. The factors that determine the cost of pet insurance in Finland include the chosen scope of insurance coverage, the details of the pet, the breed, the sum insured, and the age of the animal.
The legal insurance offers cover against the legal expenses. Insurance is vital for self-employed entrepreneurs and companies. The insurance also covers accidents, and the business owner does not have to worry about the costly legal damages and proceedings.
The YEL insurance is mandatory for entrepreneurs, thus, not entitled to voluntary insurance policies. It is this policy that determines one’s income during sick leave, parental leave, and unemployment.
Conditions for taking YEL:
- Annual income is at least EUR 8,261
- Finland resident
- Work in your own company
- Aged between 18-68
- Do not have other pensions cover for similar activities
- Been an entrepreneur for about 4 months
Popular insurance companies in Finland
- Aon Finland Oy Helsingfors
- SWECO Industry Oy Helsingfors
- Rejlers Finland Oy S:t Michel
- Sweco Rakennetekniikka Oy Helsingfors
- Finnish P&C Insurance (POP Insurance)
- Copart Suomi Oy Espoo
- LähiTapiola Palvelut Oy