Is Co op The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of Co op life insurance. You might already know that Co op has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is Co op the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

Co op life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Co op. 

4 Safe overall rating for Co op

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

Detailed information is provided on the website
Policy documents are readily available on the website
Chat bot options are available on the website
1.6/5 rating on TrustPilot
2 star rating on Defaqto

Coverage options

Co-op offers a special Over 50s cover
There is also a funeral plan option that can be chosen
With Co-op you can pick between level, decreasing cover or monthly income cover
The Serious Illness Cover only provides cover for up to 6 critical medical conditions

Value for money

Cover options can be gotten for as low as £7 per month
Cover of £500,000 is offered for both the life term and decreasing cover
The over 50’s insurance can be gotten for as low as £3.95 per month
£50 Co-op Food vouchers are given when a new life cover policy is bought
£100 Co-op Food vouchers are given when a new over 50s cover policy is bought

Financial strength

Co-op’s life insurance policy is underwritten by Royal London which is the UK’s largest mutual life and pensions company offering a range of life insurance policies.

Apps and technologies

Quotations can be gotten online
Policy documents can be easily accessed
User friendly website
Claims cannot be taken out online
No use of technological advancements like mobile app

Safe rating for Co op Life insurance

Expert and customer satisfaction reviews for Co op

Review organisationConsumer satisfaction rates for Co op Life insurance
Trustpilot1,6/5 based on 59 reviews
Defaqto2
Experts rating for Co op

Co op insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Co op. 

CriteriaCo op details
Minimum age18 years
Maximum age 70 years
Pay-outUp to £500,000
Life insurance with free gifts£50 Co-op Food vouchers are given when a new life cover policy is bought
Extras

No

Terminal illnessYes
Co op life insurance in a nutshell

What are Co op life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is Co op term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaCo op life insurance
Minimum term5 years
Maximum term50 years
Pay-outUp to £500,000
Minimum monthly premium £7
Extras or any interesting facts 

Not Available

Co op term life insurance

Should you take level or decreasing term life insurance?

Co op offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
Co op term life insurance (level)
  • Co-op provides life insurance for people between 18 and 70 years old
  • Cover is available for as little as £7 a month
  • Up to £500,000 is provided as cover
  • Free terminal illness cover is provided
    -There is an option to include the Critical Illness cover to an already existing insurance policy
  • £2,500 worth of Monthly Income Benefit
Co op decreasing term life insurance, also known as life insurance for mortgage

The Decreasing cover that Co-op offers provides the following:

  • Fixed monthly payments
  • Free Terminal Illness Cover
  • The decreasing cover is designed to reduce every month in line with a capital and interest repayment mortgage that has a fixed interest rate of 7%
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

Co-op does not offer Increasing cover

Should you take Co-op whole life insurance?

The Whole of life insurance also known as the over 50 insurance policy that Co-op offers is provided by Royal London. With this Over 50 Plan cover, a fixed sum between £3.95 and £100 is paid by the policyholder every month and in the case that he/she dies, a lump sum ( which will be determined by the amount paid) will be given to the family members.

Whole life insuranceCo op whole life insurance details 
Co op whole life insurance 
  • Santander offers an over 50 whole life insurance.
  • This cover option is available for UK Residents between 50-80 years old
  • Acceptance is guaranteed i.e. no need for medical examinations
  • Full cover is provided after two years of getting the insurance policy
  • Co-op has a payout promise which means that in the case that the policyholder is more than 35% of the way through the insurance policy and miss a payment, 35% of the payout will still be given in the case that he/she dies.
Co op whole life insurance

Can you take out a Coop insurance with someone else?

Yes, you can either have a single or a joint policy at Co op.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are Co op life insurance extras? 

You can add these extras at additional cost to your Co op life insurance: 

Details Reviews
Monthly Income Benefit

With this cover, a £2,500 of monthly income is given to the family of the policyholder for the rest of the policy duration.

Terminal Illness benefit

Cover is provided in the case that a policyholder dies as a result of a terminal illness i.e an illness that has no known cure or one that is expected to result in the death of the policyholder in a 12 months duration.

Payment holidays

After 1 year of policy, you can take two breaks of up to six months over the life of the policy

Coop Funeral plan

Their funeral plan are well rated, and there are four level of protection.

Co op life insurance extras

Should you take out Co op life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is Co op the best critical illness cover? 

Here are the main features when you take out Co op life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Serious illness cover that Co-op provides up to £350,000 worth of cover depending on the age of the policyholder and it offers the following:

  • Children’s Critical Illness cover for children aged 30 days to 21 years
  • Cover is provided for up to 6 critical conditions
  • Terminal illness cover
Children’s Cover
  • The children cover provided by Co-op is valid for children between 30 days old and 21 years old.
  • This cover provides up to £25,000 or 50% of the amount of cover in the case that the child is diagnosed with one of the critical conditions listed in the policy document
What should you know about Co op critical illness cover?

The policies are underwritten by Royal London and they paid up to £174m in life and terminal illness claims in 2018.

Co op life insurance

How much is Co op life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact Co op life insurance?

Here are all the important phone numbers for contacting Co op life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at Co op 0800 678 3928 – Mon to Fri: 8am-7pm
– Sat: 9am-5pm
– Sun: 10am-4pm
How to claim at Co op 03457 46 46 46– Monday to Friday 9am – 6pm
– Saturday 9am – 4pm
– Sunday 10am – 2pm
How to cancel at Co op

0345 268 6081

Not available
Co op phone numbers

What are Co op general contact details? 

You will find in this table all the general contacts that you would need if you want to reach Co op life insurance: 

General contacts
Mailing address

1 Angel Square
Manchester
M60 0AG

Social media 

Facebook, Twitter, LinkedIn

Chatbot

No

Co op general contacts

How to claim at Co op life insurance? 

You will find on this table the different possibilities for reporting a claim on your Co op life insurance: 

How to claim on your life insurance at Co op?
When to claim?

Claims should be made as soon as possible.

Claim by mail

Customer Services,
PO Box 445,
Royal London House,
Alderley Road,
Wilmslow,
SK9 0GB

Claim by emailNot Available
Claim online

Not Available

Claim by phone 0345 268 6082
Claim at Co op life insurance

How to cancel my Co op life insurance? 

You will find on this table the different ways to cancel your Co op life insurance: 

How to cancel your life insurance at Co op
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

Customer Services,
PO Box 445,
Royal London House,
Alderley Road,
Wilmslow,
SK9 0GB

Cancel by email

Not Available

Cancel onlineNot Available
Cancel by phone

0345 268 6081

How to cancel my Co op life insurance?

How do I get Co op life insurance quotes? 

Here are the different ways to get a life insurance quote at Co op: 

How to get a life insurance quote at Co op
Quote online
  • On the Homepage, click on the Life button
  • Click on the "Get a Quote" option
Quote phone 0800 678 3928
Get a quote at Co op

How do I log into Co op life insurance?

Not Available

Do we recommend Co op life insurance?

The Co-operative Group is a British consumer co-operative that was founded in 1844 and now has over 70,000 employees and its life insurance policies are underwritten by The Royal London Group. Co-op offers three main types of life insurance, including Level Cover term insurance and Decreasing Cover term insurance, as well as Monthly Income Benefit cover. Serious Illness Cover is offered as an optional extra, which covers against illnesses such as cancer, heart attack or stroke. They however have poor ratings on both Defaqto and TrustPilot but as their services are underwritten by Royal London which is one of the biggest insurers in the UK, their financial capabilities can be guaranteed. Their services are recommended.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.