The Co-operators Life Insurance review

The Co-operators offers Canadians a range of insurance options including life, home, auto and travel insurance. The company is headquartered in Guelph, Ontario, and has been in business since 1945. Life insurance offered by The Co-operators is actually headquartered in Regina, Saskatchewan, under the The Co-operators Life Insurance Company title.

What is The Co-operators Life Insurance?

The Co-operators relies on an extensive network of 2,700 licensed insurance agents across Canada to help citizens through the life insurance process to find a package that is tailored to their needs and lifestyle.

The Co-operators Life Insurance package aims to help Canadians safeguard their family’s lifestyle and ensure a worry-free future by paying down mortgages and other large financial debts and expenses. The company offers flexibility with the following life insurance plans:

• Term life insurance. Term life insurance takes care of short-term life insurance needs for a specific length of time. The premiums stay the same throughout the length of the initial term.
• Whole life insurance. This is a permanent life insurance solution used to meet different needs such as funeral costs, eliminating debt and maintaining your dependants’ standard of living.
• Universal life insurance. This policy ensures a highly flexible premium and investment options and gives you greater control over your investment options.
• Critical illness insurance. With this plan, it will provide a one-time, lump-sum payment if you’re diagnosed with any of the 29 covered conditions.
• Disability insurance. This plan helps to assist you where government-run plans cannot. You can maintain your current wage, protect your dependants and maintain your financial obligations without sinking further into debt.
• Infinity Term. This plan covers permanent life insurance needs at an affordable price. It offers both full coverage and guaranteed fixed premiums.

What other insurance coverage options does The Co-operators offer?

As one of the leading insurance agencies in Canada, The Co-operators offers a number of different insurance packages. The best way to get more information about each of these plans is to contact your nearest Co-operators financial services agent.

• Auto insurance. The Co-operators offers a number of auto insurance options that are tailored to the province you live in.
• Business insurance. The Co-operators has been helping Canadian businesses for over 65 years with their commercial insurance solutions.
• Farm insurance. The Co-operators was founded by farmers and offers insurance to help protect your farm.
• Home insurance. Protect your home and everything in it with a range of home insurance options including condo insurance, tenant insurance and seasonal homes insurance.
• Travel insurance. Whether you’re visiting another country or visiting Canada, ensure you stay protected with a travel insurance package that makes sense for your travels.

The Co-operators Life Insurance bundles

The Co-operators offers a life insurance bundle package by combining it with its mortgage insurance plan. This bundle package is called the Mortgage Guard and aims to give you more control and better flexibility with your insurance options. Another optional add-on to this bundle is the Critical Illness and Disability Protection Insurance plans.

What exclusions do I need to know about?

With The Co-operators Life Insurance, there are certain conditions and exclusions that may apply and it is imperative you read over your insurance contract to understand what those exclusions are. While every policy may be different, some of the more common exclusions from The Co-operators Life Insurance policies include pre-existing medical conditions and reckless endangerment. Your claim will also be denied if you die while committing a crime.

If you’re still unsure of the exclusions after reading your insurance policy, please contact a licensed Co-operators insurance agent.

What do customers say about The Co-operators Life Insurance?

How to contact The Co-operators Life Insurance?

The Co-operators Life Insurance mobile app

The Co-operators has a mobile app to help the company’s customers with their life insurance needs. The Co-operators Insurance mobile app is available on select Android and Apple devices. The app gives customers a quick, easy and secure way to access their policy and billing information. It can also be used to contact a Co-operators representative and to make a claim or payment.

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PolicyMe Life Insurance	Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quoteMore Info Compare	loading Fetching your data...
PolicyAdvisor	Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quoteMore Info Compare	loading Fetching your data...

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Frequently asked questions about The Co-operators Life Insurance

• Why do I need insurance?

  When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies then invest the funds so it can grow and pay out when there’s a claim.

• Which policy is better between term life and permanent life insurance plans?

  If your main concern is affordability, term life insurance starts with the lowest monthly premium. In terms of the best overall solution, either option is fine and the best answer is to pick a plan that matches your insurance needs.

• How are rates determined on a life insurance policy?

  Rates are determined by gender, age, smoking status and health – and these criteria apply uniformly to everyone. The younger and healthier you are when you buy a policy, the better the rate you’ll get.

• How does smoking affect my life insurance?

  Smokers are more likely to have ongoing health problems and a shorter lifespan than non-smokers, making them more of an insurance risk. Therefore, life insurance for smokers comes with higher premiums (monthly payments).

• How much more will it cost to insure me if I smoke?

  Due to the increased risk, premiums for smokers are anywhere from 40-100% higher than for non-smokers, depending on your health history.

• Am I covered if I have a pre-existing condition?

  If you have a pre-existing condition, you’ll likely be given what is called a “rated” policy. This policy may carry a higher premium and will generally require medical tests before you’re approved for coverage to ensure you don’t have any other conditions.

• I had cancer. Do I qualify for life insurance?

  It depends on the type and severity of the cancer and your current status. Life threatening cancer is treated differently than curable cancer. However, there are life insurance plans that can be purchased regardless of health status.

• How does the legalization of cannabis in Canada affect my life insurance?

  If you use cannabis for medicinal purposes, you may be asked about your medical condition during the life insurance application process. While recreational cannabis use won’t impact your rates, heavy use could cause higher premiums or a declined application.

• How does life insurance work if I die of old age?

  If your policy is in effect when you die, the full benefit will be paid out to your beneficiaries.