When do I need YEL insurance?
You need YEL insurance if
- you are between the ages of 18 and 69*,
- you work in your own company or as a light entrepreneur,
- your self-employed activities continue for a minimum of four months, and
- your YEL income, i.e. the value of your work input, is at least EUR 8,063.57 per year (in 2021).
* For those born in 1957 or earlier, the upper age limit for YEL insurance is 68, for those born between 1958 and 1961 it is 69 and for anyone younger than this, 70 years.
Usually, the starting date of your YEL insurance is the day on which your self-employment has begun. You have six months to take out insurance. YEL insurance is personal and one YEL insurance policy covers all your self-employed activities.
Terminating the YEL insurance
When your self-employed activities end, let us know so that we can terminate your YEL insurance. YEL insurance can be terminated retroactively or you can inform Varma of the termination beforehand. The last day when your YEL insurance will be valid is your last working day. If you continue your self-employment later on, take out new YEL insurance.
YEL insurance also for light entrepreneurs
Light entrepreneurship has increased dramatically in recent years. Light entrepreneurs employ themselves and take care of invoicing through an invoicing service company. Light entrepreneurship makes it easy, for example, to try out part-time self-employment. As a light entrepreneur, you also need YEL insurance.
YEL insurance also makes up the basis for light entrepreneurs’ social security. Also for light entrepreneurs, the YEL income is used as the basis for determining daily sickness allowance and parental allowance, as well as unemployment benefits.