Insurance company urges policyholders to update life insurance beneficiaries

Finnish insurer OP-Henkivakuutus is reminding customers to review and update the designated beneficiaries on their life insurance policies following major life changes, reports national broadcaster Yle.

The beneficiary designation determines who receives any potential payout. According to OP-Henkivakuutus CEO Kristiina Michelsson, beneficiaries are often listed simply as “family,” which under Finnish insurance law refers only to a legal spouse, registered partner, and biological children—not unmarried partners.

Michelsson warned that failing to update beneficiaries after a divorce could result in an ex-spouse inadvertently receiving the insurance payout.