Co-operators Life Insurance is one of Canada’s leading and most trusted life insurance providers. Founded in 1945, it offers a diverse range of term life, permanent life, and critical illness insurance policies to meet different needs.
In this extensive review, we’ll explain everything you need to know about Co-operators Life Insurance so you can decide if it’s the right fit for you.
Who is Co-operators Life Insurance?
Co-operators Life Insurance was born from farming co-operatives formed in Saskatchewan and Ontario during the Depression. These organizations helped provide stability for rural communities.
In 1945, they merged to create the Co-Operators Life Insurance Company, based in Guelph, ON, which focused on protecting Canadian families and businesses.
Today, Co-operators Life Insurance is a subsidiary of The Co-operators Group, a leading Canadian insurance company. With over $47 billion in assets, Co-operators Life Insurance has an AM Best rating of A- (Excellent), indicating superb financial strength.
( Source: Wikipedia )
Co-operators Life Insurance offers:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Accidental death insurance
They provide tailored solutions for different stages of life through experienced advisors across Canada. However, Co-operators also allows customers to purchase some policies online without an advisor.
Below we’ll break down Co-operators’ key policy options, available riders, costs, pros and cons, and more.
Co-operators Life Insurance Products
Co-operators Life Insurance has extensive term, permanent, and critical illness options:
Term Life Insurance from Co-operators
Term life insurance from Co-operators provides affordable coverage for a set period, such as 10 year term life insurance, 15 year term life insurance, 20 year term life insurance, or 30 year term life insurance. It pays a tax-free lump sum to your beneficiaries upon your death.
Co-operators term life options include:
Term Life 1:
- 1-year renewable terms
- Available for ages 18-49
- Coverage of $50,000 to $475,000
- No medical exam is required
- Fully online application process
Versatile Term:
- 10, 15, 20, 25 or 30-year terms
- Renewable annually until age 70
- $50,000 to $500,000 coverage
- Guaranteed level premiums
- Convertible to permanent insurance before age 70
Permanent Life Insurance from Co-operators
Permanent life insurance from Co-operators provides lifelong coverage as long as you pay premiums. Many policies build cash value that you can borrow against.
Co-operators permanent policies include:
Whole Life Insurance Suite:
- Guaranteed death benefit
- Built-in cash value growth
- Dividend potential
- Various premium payment options
- Riders like Waiver of Premium, Accidental Death
Universal Life Insurance Suite:
- Permanent coverage
- Investment accounts for tax-deferred savings
- Premium flexibility
- Riders available
- Customizable coverage
Infinity Term:
- To age 110 permanent coverage
- No cash value accumulation
- Guaranteed level premiums
- Convertible to Universal Life
Responsibility Plans:
- Ages 40-80 permanent coverage
- Up to $25,000 coverage
- No medical exam is required
- Accidental death benefit
Critical Illness Insurance
Co-operators critical illness insurance pays a lump sum upon diagnosis of a covered condition. It helps pay costs that go beyond medical coverage.
Their policies include:
Critical Assist:
- 25 full payout conditions
- 4 early partial payout conditions
- $25,000 to $2 million coverage
- Ages 18-65
Critical Assist – Head Start for Children:
- Covers illnesses like cystic fibrosis, cerebral palsy, muscular dystrophy
- Up to $250,000 coverage
- Available for children 30 days to 17 years
- Premiums payable to age 75
Both have benefits like Best Doctors access, premium payback at death, and more.
Available Riders with Co-operators Life Insurance
Riders provide optional add-ons to customize your policy. Co-operators offer a variety of beneficial riders, including:
Term Life Insurance Riders:
- Waiver of Premium: Waives premiums if disabled
- Accidental Death: Extra payout for death from accident
- Child Protection: Covers children with term life
Permanent Life Insurance Riders:
- Payor Waiver of Premium: Waives premiums if disabled
- Child Protection: Adds term life for children
- Accidental Death: Provides extra payout for accidental death
- Guaranteed Insurability: Option to purchase added coverage later without evidence of insurability
Critical Illness Riders:
- Disability Premium Waiver: Waives premiums if disabled
- Premium Payback: Returns payout if policy terminated or at expiry
- Automatic Premium Waiver: Waives premiums if disabled or deceased
Riders allow you to enhance coverage for added protection.
Co-operators Life Insurance Costs and Quotes
Exact rates depend on the policy type, term length, age, gender, health, smoking status, and other personal factors. Here are sample monthly costs for healthy non-smokers:
Term Life 1:
| Age | $250,000 Coverage | $500,000 Coverage |
|---|---|---|
| 30 | $11.03 | $18.38 |
| 40 | $13.73 | $23.63 |
| 50 | $31.73 | $65.25 |
10-Year Versatile Term:
| Age | $250,000 Coverage | $500,000 Coverage |
|---|---|---|
| 30 | $14.85 | $21.15 |
| 40 | $24.75 | $33.79 |
| 50 | $71.55 | $102.63 |
20-Year Versatile Term:
| Age | $250,000 Coverage | $500,000 Coverage |
|---|---|---|
| 30 | $17.97 | $26.23 |
| 40 | $33.17 | $49.35 |
| 50 | $104.67 | $157.00 |
Contact Co-operators or an advisor for personalized quotes on permanent policies, critical illness, longer terms, or if you have any health conditions.
Pros of Choosing Co-operators Life Insurance
There are many good reasons to consider Co-operators Life Insurance:
Strong Financial Stability – Co-operators has over $47 billion in assets and an AM Best A- rating indicating excellent financial strength.
Range of Policy Options – Offers an extensive suite of term, permanent, and critical illness insurance to suit different needs.
No Medical Exam on Some Policies – Term Life 1, Responsibility Plans, and certain others don’t require a medical exam for approval.
Online Quoting and Application – Easily get Term Life 1 quotes and apply 100% online without involving an advisor.
Specialized Children’s Coverage – Offers unique critical illness plans to cover children and childhood diseases.
Well Established Canadian Company – In business for over 75+ years and trusted across the country.
Cons of Choosing Co-operators Life Insurance
Here are some potential downsides to weigh:
Higher Premiums Than Some Competitors – Premiums may be higher for some policies compared to companies like Foresters or Sun Life.
Max Term Length of 30 Years – Some insurers offer longer 35 or 40-year terms.
Limited Online Purchasing – Only Term Life 1 can be bought online; most policies require advisor involvement.
Less Detailed Online Information – The website lacks some nitty-gritty policy details and rider options without contacting them.
Must Contact Advisor for Permanent Policies – Get quotes and apply for whole, universal, or critical illness insurance only with an agent.
While Co-operators offer very competitive pricing on some products, comparing quotes from multiple insurers to find the best value is wise.
How to Apply for Co-operators Life Insurance
Purchasing Term Life 1 Online
Term Life 1 offers a streamlined online quote and application process:
- Visit Co-operators website and go to Insurance > Life Insurance > Term Life Insurance
- Click “Apply Now” on the Term Life 1 policy
- Answer the online health and lifestyle questions
- If approved, select your payment option to complete enrollment
You can get coverage without medical exams or talking to an agent in minutes.
Applying for Other Policies
For all policies except Term Life 1, you’ll need to:
- Speak with a Co-operators advisor to get personalized quotes. Call 1-877-682-5246. ( Source )
- Complete an application with your advisor over the phone or schedule an in-person meeting.
- If required, complete a medical exam and interview.
- Your advisor will submit your application for underwriting approval.
- If approved, you can select premium payment options to activate coverage.
While not 100% online, advisors provide guidance in choosing the right products and options for your needs.
Who is Co-operators Best For?
Co-operators Life Insurance is an excellent choice for:
Individuals Seeking No Medical Exam Policies – Applicants who want a simple application process may prefer Co-operators’ no exam policies like Term Life 1 and Responsibility Plans.
Families and Businesses Seeking Lifelong Coverage – With whole life and universal life options, Co-operators provides permanent protection with living benefits.
Critical Illness Shoppers – The unique Children’s critical illness plans make Co-operators a leading choice for critical illness coverage.
First-Time Life Insurance Buyers – With online quoting and purchasing for Term Life 1, Co-operators offer an easy entry point to get coverage.
People Wanting an Established Insurer – Excellent financial strength and 75+ years in business make Co-operators a reliable option.
Anyone Seeking an Advisor’s Guidance – Co-operators advisors provide personalized advice and options analysis for more complex life insurance needs.
Expert Recommendations for Co-operators Life Insurance
Co-operators Life Insurance provides quality coverage for all life stages and needs:
For Young Families Wanting Temporary Coverage, Consider Term Life 1, which offers a no-medical-exam application and a lower cost for short-term protection.
For Permanent Coverage with Cash Growth – Co-operators’ whole life and universal life policies offer lifelong guarantees and tax-deferred savings.
To Supplement Medical for Critical Illnesses – Add one of Co-operators’ robust critical illness policies to help cover out-of-pocket costs.
For Quick and Affordable Applications, Apply online instantly for Term Life 1 or take advantage of no-medical-exam policies.
To Bundle with Other Insurance: For multi–policy discounts, Combine with Co-operators’ home, auto, or travel insurance.
For Personal Guidance – Work with a Co-operators advisor for help understanding options and customizing coverage.
Always compare quotes from top insurers like Manulife insurance, Sun Life insurance, Wawanesa Insurance, RBC insurance, CAA life insurance and others. An advisor can provide recommendations based on your budget and specific needs.
Is Co-operators the Right Insurer for You?
Co-operators Life Insurance provides versatile options, strong financial backing, and excellent advisor service. Its suite of term, permanent, and critical illness policies offers solutions tailored to different stages of life.
Online quoting and buying make getting Term Life 1 coverage ultra convenient. No medical exam policies also simplify the application process.
However, some competitors like Foresters Life Insurance or Ivari life insurance offer even lower premiums on term insurance, especially at younger ages. It’s essential to compare quotes before deciding.
Co-operators is a leading choice for personalized, expert-backed life insurance solutions from a provider with extensive experience and superb financial standing. Just ensure you take the time to review all options to find the best value for your dollar.
FAQs of Co-operators Life Insurance
How long has Co-operators Life Insurance been in business?
Co-operators Life Insurance was founded in 1945 through a merger of insurance co-operatives from Saskatchewan and Ontario. It has over 75 years of experience providing coverage to Canadian families.
What types of life insurance do Co-operators offer?
Co-operators offers a range of life insurance products, including term life, whole life, universal life, and simplified-issue permanent life insurance. They also provide critical illness and accidental death coverage.
Where is the Co-operators Life Insurance available?
Co-operators Life Insurance coverage is available across Canada. The company has a nationwide presence with advisors in communities nationwide.
Why choose Co-operators Life Insurance?
Reasons to choose Co-operators include their strong financial ratings, range of policy options, no medical exam policies, online quoting/application for term life, and specialized critical illness plans.
How do I get a quote for Co-operators life insurance?
You can get instant online quotes for Term Life 1 and 10-year Versatile Term policies at Co-operators.ca. For personalized permanent policy or longer-term quotes, speak to a Co-operators advisor.
What benefits do critical illness policies from Co-operators provide?
Co-operators' critical illness insurance provides a lump sum payment if a person is diagnosed with a covered condition to help pay costs not covered by medical insurance. Policies also include benefits like Best Doctors access and counselling.
Is Co-operators life insurance renewable?
Most Co-operators term life policies are guaranteed renewable until age 70 or 75 without needing to submit evidence of insurability again. Permanent policies are renewable by paying premiums on time.
Can I get life insurance from Co-operators without a medical exam?
Yes, Co-operators offers no medical exam policies including Term Life 1, Responsibility Plans, and some others that only require health questions for approval.
Do Co-operators life insurance policies build cash value?
Some Co-operators permanent life insurance policies, like whole life and universal life, build cash value that you can borrow against or withdraw. Term life policies do not.
