Co-operators Life Insurance Review
Learn more about Co-operators life insurance in Canada. Talk to one of our experienced advisors, today!
5 minute read
Originally Published: February 18, 2022
Updated: May 25, 2023
Co-operators Life Insurance Review
Learn more about Co-operators life insurance in Canada. Talk to one of our experienced advisors, today!
5 minute read
Originally Published: February 18, 2022
Updated: May 25, 2023
The Co-operators life insurance company offers a handful of term and permanent life insurance solutions. Although they offer a unique Term Life 1 policy, which is rare to find amongst other competing insurance companies, they don’t have appealing life insurance plans in comparison to competing life insurance companies. Therefore they receive a 1/5 Stars from Protect Your Wealth.
In this article:
Company Overview
The Co-operators insurance group is a Canadian cooperative insurance company that was founded in 1945. Starting from a humble beginning, it began with a group of farmers in Saskatchewan trying to build a cooperative insurance company to protect their assets. It quickly became the fastest-growing life insurance company in Canada. The Co-operators has now grown to make annual revenue of $3.8 billion dollars and are headquartered in Guelph, Ontario, with their life insurance branch being headquartered in Regina, Saskatchewan. Covering people for home, auto, life, business, farm, and travel insurance now, they are managing over $56 billion in assets. The Co-operators now has over 600 locations across Canada and a team of over 6,000 employees.
Co-operators Life Insurance Pros
Yearly renewable term period available along with other longer-term periods
Potential for higher returns on investments
Strong financial position and a good reputation
Co-operators Life Insurance Cons
Low coverage amount for term life insurance
Lacks customer transparency on website
Low online functionality
Co-operators Life Insurance Products
The Co-operators have both term and permanent life insurance products that can fulfill various needs for people. Their term life insurance products include a 1-year long term which is renewable every year, as well as another term life insurance plan that is 10, 15, 20, 25, and 30-year terms. They also have permanent life insurance plans with a whole life insurance plan, a universal life insurance plan, and more. In addition, they offer a critical illness insurance plan suitable for individuals with disabilities.
Co-operators Term Life Insurance
Co-operators’ term life insurance offers a couple of term insurance policies: their Term Life 1, is a yearly renewable term that has a limited coverage rate of only $495,000 which is less than most other competing life insurance companies. They also have the Versatility Term™ which is offered in 10, 15, 20, 25, and 30-year terms which range in coverage from $25,000 to $5 million.
Term Life 1 is an affordable yearly renewable term life insurance plan that is ideal for people looking for a convenient policy. It is unfortunately only available for those who are 18 to 49 years old, therefore it is a policy that isn’t for people who might be retiring, those who have older children, or those who have a mortgage.
Key Highlights
- Coverage from $50,000 to $495,000
- Available for the ages of 18 years old to 49 years old
- Medical examination is not required
- Guaranteed yearly renewable rates are disclosed
Optional Benefits
- Change your beneficiary yearly
- Convertible to permanent life insurance before 70 years old
Versatility Term™
The Versatility Term™ policy is best for those who have short, medium, and long-term financial goals and responsibilities. This is offered in 10, 15, 20, 25 and 30-year terms and has guaranteed premiums. This is a more appropriate plan for a variety of personal reasons (young children, mortgage, older children, etc) and has competitive coverage rates.
Key Highlights
- Coverage from $25,000 to $5 million
- Available for the ages of 18 years old to 80 years old
- Medical examination is not required
- Fixed premiums
- Available in 10, 15, 20, 25, and 30-year terms
Optional Benefits
- Convertible to permanent life insurance before 70 years old
Co-operators Permanent Life Insurance
Co-operators offer 4 different types of permanent life insurance policies which are ideal for those who have long-term financial commitments and responsibilities. They offer non-participating life insurance which includes the Whole Life Suite, Infinity Term® and Responsibility® Life. They also have a participating Life Insurance plan called the Universal Life Suite.
Don’t know the difference between whole life insurance and universal life insurance? You can find out more about permanent life and universal life here!
Key Highlights
- Coverage up from $25,000 to $5 million
- Available for the ages of 0 years old to 80 years old
- Medical examination required
- Payment terms of 10 years, 20 years, or the life of the policy
- Guaranteed cash value
- Possibility of policy dividends
Optional Benefits
- Child coverage provided with the whole life policy
Key Highlights
- Coverage starting at $25,000
- Available for the ages of 0 to 80 for those who want to pay for the life of the policy and from the ages of 0 to 70 for those who want to take the 10 to 20-year pay option
- Medical examination required
- Premiums payment options
- Riders and benefits available
Optional Benefits
- Can be used to cover your business, estate, and family insurance needs
Key Highlights
- Coverage up to $25,000
- Medical exam not required
- Available for the ages of 40 to 80 or those on fixed retirement income (CPP)
- Monthly premiums never increase
Optional benefits
- 4 times larger payout for accidental death
Key Highlights
- Tax-advantaged accounts
- Growth by investing
- Access to cash
Optional benefits
- Can take a break from paying premiums occasionally
Other Co-operators Insurance Products
The Co-operators offer a critical illness insurance policy as well, which has similar benefits as disability insurance.
Key Highlights
- Eligible for those 18 to 65 years old
- Coverage up to $2 million
- Level premiums for 10 years, 25 years, or up to 75 years old
- Conversion available
- 25 full payout conditions, and 4 early payout conditions
- Covers over 25 disabilities and diseases
Optional benefits
- Early Assist program for children with critical illness
- Surrender rider
- Expiry rider
- Premium waiver benefit
Co-operators Customer Reviews
Many Co-operators clients are satisfied with their experience with the company:
Good customer service representatives
On the other end, Co-operators clients sometimes find that:
Lacks customer transparency
Difficult to make claims
Trouble reaching customer service representatives
Tough to cancel
Finding the right life insurance for you
If you’re not sure of what the best insurance product or company is for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance and work with the best life insurance companies in Canada, including for no medical, term life, or permanent life insurance, since 2007. As your life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Waterloo, Calgary, and Victoria.
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