Cooperators Insurance Review: A Comprehensive Look at Their Life Insurance Products and Coverage Options

If you're in the market for life insurance, you may be wondering if Co-operators Life Insurance Company is a good option.

In this review, we'll take a look at what Co-operators offers and how it compares to other providers.

We'll also discuss the pros and cons of choosing this provider so that you can make an informed decision.

‍

‍

Who is Co-operators Life Insurance?

Founded in 1945, Co-operators sell more than life insurance. They also sell auto and home insurance, as well as investment products. They are a reputable name in the Canadian insurance industry niche, with financial assets worth roughly $47 billion and an impressive financial rating from AM Best.

Products and Features

Co-operators Insurance offers a wide range of life insurance solutions, ranging from term life to whole and universal life.

Term Life Insurance

Term life insurance offers affordable coverage for a predetermined length of time. At the time of buying, you need only make three decisions:

• pick the right provider for you

• select the coverage amount that will be adequate for your needs

• decide the policy’s term (that is, how long you want your policy to last)

Term life insurance is usually the best option for people who are looking for affordable coverage or know beforehand the period for which they need protection.

With Co-operators, you get a choice of two term plans: Term Life 1 and Versatile Term.

Term Life 1

As the name suggests, the default policy term is 1 year. This plan comes with the guaranteed renewability promise, meaning you can renew the policy at the end of a term — 1 year — without submitting proof of good health up to a certain age. Your renewal premium may be higher than the previous year, but this increase will only be due to age — not your health. The latter will not come into the equation at all.

Features:

• Minimum coverage amount available is $5,000, Maximum - $475,000

• Available for people between ages 18 to 49

• A 1-year, guaranteed-renewable term. The policy renews automatically

• Guaranteed death benefit. The policy amount will not change, even if your health does

• Premiums start low but increase gradually with age

• Option to convert your term life insurance plan into a permanent one before the age of 70

• Get an online quote. You can even apply and purchase the plan online

Versatile Term

This plan lets you purchase term life insurance for a predetermined period — 10 years, 15 years, 20 years, or 30 years. The premium rate and the death benefit amount will remain the same throughout the term.

Features:

• The following term options are available: 10 years, 15 years, 20 years, and 30 years

• You can renew the life insurance policy without evidence of insurability

• Guaranteed death benefit. The death benefit amount will not change

• Guaranteed level premiums. Your premium rate will remain the same throughout a policy term

• Option to convert the plan into a permanent life policy before the age of 70

Permanent Life Insurance

Permanent life insurance provides coverage that lasts your entire lifetime. This type of policy is a good option for anyone who wants a shut-it-forget-it life insurance product. Many of these plans also have a built-in saving component, known as cash value. This money is yours to spend during your lifetime.

Co-operators Insurance offer the following permanent life insurance plans:

Whole Life Suite

Whole life insurance is the most popular type of permanent life insurance. These policies provide lifelong coverage and accumulate cash value at a predetermined rate. If the insurance policy has built enough cash value, you can even surrender it and obtain the cash value.

Features

• Available for people between the ages of 0 to 80

• Minimum coverage amount is $25,000

• Potential to earn dividends

• Payable for 20 years or payable for life

• Guaranteed cash value

Universal Life Suite

Universal life insurance provides coverage that lasts your entire life and includes a savings component. However, it offers more flexibility than whole life policies. You get to decide how you want to invest the money in the built-in savings component. Additionally, you can adjust your coverage as your life changes.

Features

• Tax-advantaged accounts

• Create an investment strategy that matches your risk tolerance and investment goals

• Cash that grows with time

• Flexible coverage options

Infinity Term

Ideal for people looking for an affordable permanent life policy, it offers lifelong coverage without a savings component.

Features

• Available for people between ages 0 to 80

• 20-pay option for people between ages 0 to 70 and Life-pay option for people between ages 0 to 80

• Minimum coverage amount is $25,000

• Guaranteed level premiums that are fully paid up at age 110

Find the best rates

Compare quotes from Canada's top life insurance companies in no time.

Compare Rates

Responsibility and Responsibility Plus Life

This plan is aimed at Canadians who are between the ages of 40 and 80 or who are on a fixed retirement income. No medical exam is required for approval, but the coverage is rather small.

This plan can be a good option for covering end-of-life expenses, like medical bills and burial costs.

Features

• Maximum coverage amount is 25,000

• No medical exam needed

• Up to four times the life insurance policy amount in the event of accidental death

• Guaranteed level premiums

Critical Illness

A critical illness can be hard on your savings, even if you have a health plan in place. That is why investing in a critical illness insurance policy can be a smart decision. It helps you cover costs not included in your health policy and provides a financial cushion at a time when you may need it most.

If you are diagnosed with a covered condition, the insurer will issue you a cash benefit, which you can use any way you like. For example, you can use the funds to:

• pay mortgage installments if you cannot work due to illness

• cover health care expenses not included in your health or life insurance

• pay for childcare to allow you to focus on getting well

• pay for everyday living expenses

Co-operators offer two critical illness plans — Critical Assist and Critical Assist Head Start for Children.

All critical illness plans by Co-operators include these four features:

• Premium Payback at Death: If you die while the critical illness policy is active and no full payout has been paid, Co-operators Insurance will return the premiums paid to your beneficiary.

• Conversion Privileges: You have the option to convert a shorter-term Critical Assist policy into a longer-term one.

• Best Doctors: You can see a second opinion regarding your illness from a global pool of more than 50,000 doctors.

• Counseling Benefit: If you are diagnosed with a covered condition, you or your family members can access counseling over the phone.

You can tailor your Critical Assist plan to suit your needs by adding these riders:

• Premium Payback at Surrender Rider

• Premium Payback at Expiry Rider

• Automatic Waiver of Premium on Owner’s Death or Disability Benefit

• Disability Premium Waiver Rider

Critical Assist

The Critical Assist plan helps reduce your financial concerns while you cope with your illness.

Features

• Available for people between the ages of 18 to 65

• Coverage amount available is from $25,000 to $2 million

• Includes 25 full payout conditions and 4 Early Assist partial payout conditions.

Critical Assist – Head Start for Children

The Head Start plan provides you financial peace of mind should your child be diagnosed with a serious illness.

Features

• Available for children between the ages of 30 days to 17 years

• The coverage is available up to age 75

• The coverage amount available is from $25,000 to $250,000

Co-operators Term Life Insurance Rates

Term life insurance rates depend on many factors. Some of which you can control, some others you cannot. For example, while you cannot do anything about your age, picking the right insurer can save money in premiums.

So, does Co-operators offer great coverage at a great price?

To find out, we grabbed quotes for men and women of different ages (shared below). These monthly rates are for a 20-year term policy with $400,000 in coverage.  

Why We Like Co-operators

Financially Sound

Life insurance, in most cases, is a long-term contract. Therefore, it is necessary you pick an insurer that is on solid financial footing. Co-operators is one such insurance company, receiving an impressive A- rating from AM Best.

Save on home insurance

Co-operators offers the mortgage free discount to policyholders who are able to meet specific criteria, helping to further reduce the cost of your premiums.

Get quotes in less than 2 minutes online

Co-operators makes it easier for consumers to compare their rates with those of other providers. Its online quoting tool is among the simplest and gives a price estimate in a jiffy. All you have to do is select the coverage amount, date of birth, gender, and smoking status.

Wide range of life insurance products

Whether you are looking for a term life plan, whole life insurance or universal life insurance policy, Co-operators has got your back.

Comprehensive critical illness insurance

Co-operators Insurance offers two robust critical illness plans, both of which include some unique benefits, like access to a global network of over 50,000 doctors.

Why We Did Not Like Co-operators

You can only buy Term Life 1 online

You cannot purchase other life insurance products, such as Versatile Term, online.

Online term life insurance quotes are not for 15-, 20-, or 30-year terms

You get online quotes only for Term Life 1 (provided the coverage amount is not more than $475,000 and Versatile Term 10. If you want a longer term, you will have to speak to an advisor.  

The longest term life insurance plan is 30 years

Many Canadian insurers, by contrast, offer 35-year term life plans.

Website is not very informative

While the website is nicely laid out, it does not provide all the relevant information. For example, we could not learn which riders are available with term and whole life insurance. Despite its strong financial standing, some reviews highlight frustration with Co-operators' limited online offerings and the lack of easily accessible details. This has led some customers to label it as the worst insurance company when compared to other providers that offer more flexible access to information and products.

Conclusion - Is Co-operators Insurance Right for You

Co-operators boast a wide range of life insurance products, including term life, whole life insurance, and universal life insurance. If you are in the market for a new life insurance policy, you may want to take a closer look at this life insurance company.

However, if you’re also considering other coverage options like auto and home insurance or looking to compare car insurance reviews, remember to explore different providers. Co-operators offers good options, but always weigh your choices carefully to avoid becoming frustrated with the worst insurance provider and ensure you're getting the best value possible.