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

The Co-operators life insurance has a rating of 1 out of 5 from Protect Your Wealth and does not have a rating from AM best company yet. They lack customer transparency and don’t have competitive insurance plans or prices.

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

The Co-operators life insurance has a rating of 1 out of 5 from Protect Your Wealth and does not have a rating from AM best company yet. They lack customer transparency and don’t have competitive insurance plans or prices.

The Co-operators life insurance company offers a handful of term and permanent life insurance solutions. Though 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.

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

Co-operators Life Insurance Cons

  • Low coverage amount for term life insurance

  • Lacks customer transparency on website

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. They also have a critical illness insurance plan as well which is also applicable to disabilities.

Co-operators offer 2 term life insurance policies their term life 1, and their versatility term

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 available for those who are 18 to 49 years old only, therefore it is a policy that isn’t approachable 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
    • Death benefit
  • Optional Benefits
    • Change your beneficiary yearly 
    • Convertible to permanent life insurance before 70 years old

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
    • Death benefit
Permanent Life banner alt text: Co-operators offer 4 whole life insurance plans: whole life suite, universal life suite, infinity term, responsibility life

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, find out more 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

Talk to an advisor today.

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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, 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, including areas such as Guelph, Milton, and Mississauga.

Talk to an advisor today.

Best Life Insurance Quotes Canada