Turvavakuutus

Turvavakuutus is a Finnish insurance product that provides financial protection against risks that can affect a person’s ability to earn income or meet financial obligations. It is commonly linked to loans, mortgages, or employment benefits, but can also be purchased as a stand-alone policy. The aim is to shield households from the financial consequences of illness, disability, death, or unemployment.

Typical forms include luottoturvavakuutus (credit protection insurance), which covers loan repayments if the borrower dies, becomes permanently disabled, or loses employment; asuntovelkaturvavakuutus (mortgage protection), which covers mortgage payments; and tuloturvavakuutus (income protection), which replaces a portion of earned income after sickness or disability. Some policies also offer lump-sum benefits on diagnosis of a critical illness.

Benefits are usually paid monthly or as a lump sum according to policy terms and may begin after a waiting period. The policy sets a maximum benefit period and may include exclusions such as voluntary unemployment, certain high-risk activities, or pre-existing conditions.

Premiums depend on factors such as age, health, occupation, and loan size, and some plans link the premium to the outstanding loan balance. The coverage may be optional or required by a lender, depending on the product and agreement.

In Finland, consumer protection and insurance are overseen by Finanssivalvonta (FIN-FSA) and governed by the Insurance Act and related consumer laws. When considering turvavakuutus, it is important to compare offers, understand the exact coverage, and review the policy schedule before purchasing.