The Co-operators Life Insurance Review

The Co-operators Life Insurance Review

Written by Caitlin Wood
Last Updated July 6, 2021

Certain types of insurance policies are required, including auto and home insurance. Other plans are optional, though they can prove to be extremely valuable, especially when an unforeseen event occurs that can cause financial distress.

Life insurance is one such policy that may not be mandatory but can be very helpful in the event that you pass away earlier in life than you may expect. With a life insurance policy in place, you can ensure that your loved ones are financially covered when you pass on, especially if you’re the breadwinner in the household. 

See why you need a will in Canada.

The last thing you would want is to leave your dependents scrambling to keep up with all the bills that you normally would have covered, especially mortgage payments

Plenty of insurance companies in Canada offer life insurance, including The Co-operators. This particular insurance provider has a long-standing place in the insurance industry, having been established back in 1945. Thousands of Canadians have entrusted this insurance company to provide them with the coverage they need to protect their families. 

Let’s go into more detail about life insurance through The Co-operators.

Types Of Life Insurance The Co-operators Offers

The Co-operators offers a broad range of life insurance policies to suit various needs and budgets, including the following:

Term Life Insurance

This type of policy is designed to cover you for a specific amount of time, typically during your working years when your family depends on you most to cover household bills. At the time of your death, your beneficiaries will receive a death benefit based on your policy, as long as you pass away before the term of your policy has not yet expired. Your premiums remain fixed throughout the length of the term.

The Co-operators offers two types of term life insurance policies: 

Term Life 1:
  • Available for Canadians between the ages of 18 and 49
  • Coverage between $50,000 to $475,000
  • One-year, guaranteed-renewable term
Versatile Term:
  • Comes in 10-, 15-, 20-, 25- or 30-year plans
  • Premiums are guaranteed for the length of your chosen term 

Both of these policies come with a guaranteed death benefit and the option to convert to a permanent policy before you turn 70 without a medical exam. 

Permanent Life Insurance

Also referred to as “whole” life insurance, a permanent life insurance policy lasts your entire life, regardless of when you pass away. Even if you live to be 100 years old or older, you will be covered, as long as your premium payments are up-to-date. The death benefit can be used to pay down debt, maintain your beneficiaries’ current standard of living, and pay for funeral costs, among other things. 

The Co-operators offers a few variations of permanent life insurance:

Whole Life Suite:
  • Available for Canadians between the ages of 0 to 80
  • Coverage starts at $25,000
  • Built-in savings that can pay out dividends
  • Guaranteed cash values that can be accessed through partial surrenders and loans
  • Option to pay your premiums for 20 years or the life of the policy
  • Children’s coverage 

See what happens to your debt when you die here.

Infinity Term:
  • Available for Canadians between the ages of 0 to 70 for 20-Pay and 0 to 80 for Life-Pay
  • Coverage starts at $25,000 
  • An affordable way to convert a term plan to a permanent plan
  • Full coverage without a savings component
  • Guaranteed premiums that are fully paid up to the age of 110 
  • Choice of premium payment options
  • A full suite of riders to personalize your plan
Responsibility And Responsibility PLUS Life:
  • Available for Canadians between the ages of 40 and 80
  • Coverage up to $25,000 
  • Ideal for those on a fixed retirement income
  • No medical examination required 
  • Guaranteed premiums never increase

Universal Life Insurance

This type of insurance policy offers an investment component that allows you to grow your wealth. 

The Co-operators offers the following type of universal life insurance plan:

Universal Life Suite:
  • Maximum flexibility in coverage options
  • Coverage adapts to life changes
  • Add to your investment portfolio
  • Savings growth in tax-deferred accounts
  • Investment accounts customized to your risk tolerance 
  • Access to cash accrued within the policy when needed

Critical Illness Insurance

If you’re ever diagnosed with a critical illness that prevents you from working, a critical illness policy can cover you so that you don’t fall behind on your financial obligations. With this policy, you will be paid out a one-time lump sum of money.

With The Cooperators, critical illness insurance comes in the form of the following:

Critical Assist:
  • Available for Canadians between the ages of 18 to 65
  • Covers 25 critical illnesses and 4 Early Assist payout conditions
  • Coverage ranges from $25,000 to $2 million
Critical Assist – Head Start for children:
  • Covers 32 critical illnesses and 4 Early Assist payout conditions
  • Coverage ranges from $25,000 to $250,000
  • Available for children between the ages of 30 days old to 17 years

Business Life Insurance

If you own a business, you may want to consider taking out a business life insurance policy on yourself, other business partners, or important employees who play a key role in the success of the company. 

Business life insurance from The Co-operators can include:

  • Debt coverage
  • Money needed to hire key partners and employees 
  • Business estate and succession planning

Mortgage Life Insurance

This type of insurance is designed specifically to protect your mortgage. If you passed away while you still carry a mortgage, a mortgage life insurance policy would pay out a lump sum of money to the lender to pay off the outstanding loan amount.

Wondering what happens to your investments when you pass away? See here.

Cost Of Getting Life Insurance With The Co-operators

There are so many factors that play a role in the cost of a life insurance policy with The Co-operators, including the following. 

Age

Premiums for a life insurance policy typically increase in price as a person ages. 

Gender

Men tend to have a slightly shorter lifespan than women, which is why their premiums may be a bit higher. 

Why is life insurance more expensive for men than women? See here.

Smoking

Your health can be severely impacted by smoking, which poses a greater risk for any insurance company that covers you with a life insurance policy. Therefore, premiums tend to be more expensive.

Life insurance for smokers and cannabis users.

Lifestyle

Like smoking, your lifestyle plays a role in your life expectancy. The odds of getting into an accident if you frequently skydive or go on extreme ski expeditions, for instance, would be higher compared to those who lead less adventurous lives. 

Occupation

Certain jobs are more dangerous than others and can increase the odds of cutting a person’s life short. In this case, premiums may be higher. 

Health

Insurance providers reward healthy individuals with lower premiums compared to those who suffer from chronic health conditions

Family Health History

Even if you are in perfect health, a family history of serious medical conditions can increase your perceived risk to a life insurance company. This can, in turn, lead to higher premiums. 

Type Of Policy

A term life insurance policy is typically less expensive than a permanent policy because it’s designed to last a shorter amount of time. The longer your coverage term, the more expensive your policy may be.

Whats the difference between term and whole life insurance?

Coverage Amount

If you wish for your beneficiaries to be paid out a hefty death benefit upon your passing, your policy will be more expensive than it would be with a much smaller death benefit.

All the above factors have to do with risk on the part of the insurance provider. The higher the perceived risk, the more expensive the policy will be.

To illustrate how much in monthly premiums can be with The Co-operators for a life insurance policy, a $250,000 term life insurance policy for a 40-year old, non-smoking male costs $17.33 per month. The same person would be charged about double if he was a smoker, at $32.63 per month. 

How To Get A Quote

Obtaining a quote for a life insurance policy is pretty simple with The Co-operators. You can get a quote completely online by filling out a quick and simple form on the website. Simply enter the following information to calculate a quote:

  • Desired coverage amount
  • Birthdate
  • Gender
  • Whether or not you smoke

How Do I Receive My Death Benefit?

If you pass away while your life insurance policy is active and premiums are up-to-date, your beneficiaries will receive the death benefit amount stipulated in your contract. But before the lump sum of money is distributed, your family will first need to supply a copy of your death certificate. After that, they should receive the payout shortly after. 

If you have a critical illness or disability insurance policy in place that has impacted your ability to work, you can file a claim on your own. You will need to supply proof of your diagnosis or injury, as well as other pertinent documentation that your insurer may require. If your claim is approved, you will receive the appropriate payout as outlined in your policy.

Benefits Of Using The Co-operators For Life Insurance

There are plenty of reasons why The Co-operators should make your short-list of insurance companies to take out a life insurance policy with:

Quick And Easy Online Quote

You can get an idea of how much you would pay for a specific policy based on your credentials and needs by filling out a simple online form. Within seconds, you’ll get a quote. 

Several Life Insurance Policy Products

There are so many different options to choose from when it comes to life insurance with The Co-operators. You can fully customize your plan based on your needs and budget.

Affordable

The Co-operators life insurance policies are relatively affordable, especially for those who are young and healthy.

Security

The Co-operators has a long track record of providing comprehensive insurance policies to Canadians for 75 years. Plus, they’re highly rated among customers and the Better Business Bureau (BBB).

A Vast Network Of Professionals

The Co-operators employs a wide array of licensed financial services agents across the country that can help you with your life insurance needs, as well as other insurance products.

Make sure your insurance agent isn’t misleading you.

24/7 Claim Access

No matter when you need to file a claim, you can do so around the clock by phoning their toll-free number.

The Co-operators Insurance Application Process

If you’re interested in pursuing a life insurance policy, you can proceed with an online application after receiving your quote. The application will require much more detailed information, particularly when it comes to your health. 

The application process for The Co-operators is similar to other insurance providers and involves the following steps:

1. Complete The Application

You will need to answer a number of questions pertaining to things such as:

  • Your height and weight
  • Your health history
  • Your family health history
  • Your lifestyle habits
  • Your occupation
  • Your age
  • Your gender
  • Whether or not you smoke

2. Undergo A Medical Exam If It Is Required For The Policy You’re Applying For

Otherwise, if you’re applying for a no-medical policy, this step can be skipped, and The Co-operators will use the detailed information you’ve provided about your health history to determine an accurate premium. 

Based on the information you provide and the medical exam (if applicable), your insurance provider will determine your eligibility for a policy and the coverage amount requested. 

3. Pay The Premium

To make sure that your policy remains active and the death benefit is paid out in the event of your passing, you will need to make sure that you pay your premiums on time and in full through the term of your policy. 

Co-operators Life Insurance Overview

Term LifePermanent Life
Minimum Coverage$50,000$25,000
Maximum Coverage$475,000Not specified
Term10 – 30 yearsLifetime
Accessibility-Online-Mobile app-In-person-Online-Mobile app-In-person

Should I Get Life Insurance From The Co-operators?

The Co-operators offers a plethora of life insurance products that are affordable and flexible. With all the plans and options available, you can easily tailor your life insurance policy according to your needs and financial profile. And with a life insurance policy in place, you can rest assured knowing that your loved ones will not be stuck picking up the slack for your financial obligations. Instead, they will be taken care of after you pass on. 

Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

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