Taking out a new YEL insurance policy or transferring an old policy is easy to do online. You need YEL insurance from day one if you meet the following YEL conditions: you are self-employed or a light entrepreneur, you work for at least four months and your YEL income is at least EUR 9,010.28 per year, i.e., EUR 750.86 per month (in 2024).
If you're newly self-employed, we'll automatically give you a 22% discount on your contribution for the first four years.
If you have YEL insurance in force in another pension insurance company, fill in the application and we will take care of the termination for you. Learn here how you can transfer your YEL insurance to Varma.
To complete the YEL insurance application, you will need a few minutes of your time, your online banking codes or a Mobile ID and some information and estimates about your business. Once you've submitted your application, you'll have access to our easy-to-use Varma Online Service where you can take care of your insurance matters when it's convenient for you.
How to take out YEL insurance
Have you just started out as a self-employed person and need YEL insurance? Read step-by-step how easy it is to take out a new insurance policy!
Filling in the application is quick and easy when you have the following information at hand:
- Business ID of the company (if one exists)
- Date of the start of your business activities, i.e., your employment
- Estimated turnover of the company for the next 12 months
- Estimate of the average number of working hours per week in your company
- Estimate of the monetary value of your work input (YEL income)
1. Choose an insurance policy and identify yourself
Click 'Start here' to start filling in the YEL insurance application. Select YEL insurance and log in to Varma's online services using your online banking codes or Mobile ID.
2. Enter your business ID or tell us that you don't have one
After identification, the insurance application will ask you to provide your business ID. If you don't know your business ID, you can look it up in the free YTJ company search.
If you work as a light entrepreneur, you can continue filling in the application form without a business ID.
3. Fill in the starting date of YEL insurance
Fill in the starting date of YEL insurance in the insurance form. The starting date is usually the date on which you start working for your company to the extent that you are obliged to take out insurance. The value of your work input then exceeds the minimum YEL income limit of EUR 750.86 per month (in 2024). In general, the starting date of insurance is the date when you start business activities.
4. Enter the business sector, estimate your turnover for the next 12 months and the number of weekly working hours
For the insurance application, you'll need your business sector and an estimate of your company's turnover for the next 12 months (gross invoicing for light entrepreneurs). If you do not have a business ID and do not know your business sector, you can try to find out your business sector by using your job title, for example from Statistics Finland's Standard Industrial Classification. If your turnover varies seasonally, try to estimate the average figure for the whole year. If you already have actual turnover, you can use it to estimate your future turnover.
You will also be asked to provide an estimate of your weekly working hours. Providing an estimate of your turnover and working hours will indicate the volume of your work and help you and Varma to set your YEL income and insurance coverage at the right level.
5. Use a calculator to find out the right level of YEL income
To help you determine your YEL income, you can use the YEL income calculator. By entering your industry and an estimate of your annual turnover into the application form, you can get a recommendation for your YEL income based on your company's turnover and the average salary in your industry. In addition to the recommendation, the calculator gives you a margin that can vary upwards or downwards by 30%.
You can also find the YEL income calculator on our website.
6. Estimate the monetary value of your work input, i.e., your YEL income
In the insurance application, give your own estimate of your YEL income, i.e., the monetary value of your work input. Your YEL income should correspond to the annual salary that you would have to pay for the same work to another person as skilled as yourself.
7. Fill in your contact details
Fill in your contact details in the insurance application so that we can reach you regarding your insurance. You can update your contact details whenever necessary in Varma Online Service. If you wish, you can also authorise our partners Nordea, If and Mandatum Life to contact you.
8. Choose the payer of insurance and the delivery method of the invoice
You can pay the contribution yourself or have it invoiced through your company. The invoice is sent automatically once a month. You can later edit the invoicing method and invoicing periods in Varma Online Service.
9. Review the information and submit your application
Review the information you have filled in and submit your application. Your insurance application is ready!
Once you have submitted the application, your insurance can come into force directly or your application can remain pending. We will review the information you have provided and your YEL income may come under our consideration. We may also ask you for further information. When your insurance takes effect, we will confirm your legal level of YEL income.
It's that simple – take out YEL insurance.
How to transfer your YEL insurance to Varma
You can transfer your YEL insurance to Varma after it has been in force in your current company for at least 12 months. You can transfer your YEL insurance four times a year: on 1 January, 1 April, 1 July, and 1 October. We will take care of the termination for you when you fill in Varma's YEL application form.
This is how easy it is to transfer your YEL insurance to Varma:
1. Choose an insurance policy and identify yourself
Start filling in the YEL insurance transfer application by clicking on 'Start here'. Select YEL insurance and log in to Varma's online services using your online banking codes or Mobile ID.
2. Enter your business ID or tell us that you don't have one
After identification, you will be asked you to enter your business ID. If you don't know your business ID, you can look it up in the free YTJ company search.
If you work as a light entrepreneur, you can continue filling in the application form without a business ID.
3. Fill in the starting date of YEL insurance
Fill in the starting date of YEL insurance in the insurance form. The starting date is the date on which you want your policy to be transferred to us. You can transfer your policy four times a year. The transfer dates are 1 January, 1 April, 1 July and 1 October.
4. Fill in your contact details
Fill in your contact details in the insurance application so that we can reach you regarding your insurance. You can always update your contact details in Varma Online Service. If you wish, you can also authorise our partners Nordea, If and Mandatum Life to contact you.
5. Choose the payer of insurance and the delivery method of the invoice
You can pay the contribution yourself or through your company. The invoice is sent automatically once a month. You can later edit how and how often you want to receive your invoice in Varma Online Service.
6. Review the information and submit your application
Review the information you have filled in and submit your application. Your insurance application is ready, and your YEL insurance will be transferred to us on the date of your choice!
We will let you know when your YEL insurance is in force in Varma.