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!
Table of Contents
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 Criteria||Safe Rating||Our Review|
|Customer service satisfaction, claims and support|
Detailed information is provided on the website
Co-op offers a special Over 50s cover
|Value for money|
Cover options can be gotten for as low as £7 per month
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
Expert and customer satisfaction reviews for Co op
|Review organisation||Consumer satisfaction rates for Co op Life insurance|
|Trustpilot||1,6/5 based on 59 reviews|
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.
|Criteria||Co op details|
|Minimum age||18 years|
|Maximum age||70 years|
|Pay-out||Up to £500,000|
|Life insurance with free gifts||£50 Co-op Food vouchers are given when a new life cover policy is bought|
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.
|Criteria||Co op life insurance|
|Minimum term||5 years|
|Maximum term||50 years|
|Pay-out||Up to £500,000|
|Minimum monthly premium||£7|
|Extras or any interesting facts|
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.
|Co op term life insurance (level)|
|Co op decreasing term life insurance, also known as life insurance for mortgage|
The Decreasing cover that Co-op offers provides the following:
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 insurance||Co op whole life insurance details|
|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:
|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.
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.
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:
|Criteria||Overall life insurance and critical illness cover|
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:
|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.
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:
|Service||Phone Numbers||Opening 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
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:
1 Angel Square
Facebook, Twitter, LinkedIn
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|
|Claim by email||Not Available|
|Claim by phone||0345 268 6082|
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|
|Cancel by mail|
|Cancel by email|
|Cancel online||Not Available|
|Cancel by phone|
0345 268 6081
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 phone||0800 678 3928|
How do I log into Co op life insurance?
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.
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.
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.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
Lots of life insurance providers offer free gifts:
– Royal London
– Legal & General
– Shepherds Friendly
– British Seniors Insurance Agency
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.
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.