Cooperators Disability Insurance Review 2024

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Sunny Yadav updated on 6 February 2024

Did you know that 1 in 4 Canadians may face a disability at some point? It could happen due to illness, accidents, or chronic conditions, leaving you unable to work and uncertain about finances.

That's where disability insurance, like Cooperators disability insurance, can help. It acts as a safety net for you and your loved ones. But is it the right choice for you?

Let's take a closer look at Cooperators disability insurance, including its plans, coverage, pros and cons. We'll provide you with all the information you need to make a well-informed decision. Don't forget to use our free comparator tool to compare plans, get live quotes, and find the best option for you.

Co-operators Disability Insurance: 5 Key Takeaways

  1. Protects your income if illness or injury leaves you unable to work.
  2. Offers individual and group plans with various coverage levels and durations.
  3. Renowned for customer service and stability, but premiums can be higher.
  4. Covers most disabilities, but pre-existing conditions and risky activities may be excluded.
  5. Compare with other providers before deciding if Cooperators fits you best.

Our 2024 review of Co-operators Disability Insurance

Co-operators disability insurance offers various plans to protect your income if you become disabled and unable to work. You can get:

  1. Individual Disability Insurance: Provides income replacement if you become disabled due to illness or injury. Choose from short-term (less than 2 years), long-term (up to 65 years) or lifetime coverage.
  2. Group Disability Insurance: Offered through employers, these plans typically cover a portion of your income and may have different options than individual plans.

To give you a well-rounded picture, we have compiled some pros and cons of disability insurance offered by Co-operators:

Pros of Cooperators Disability Insurance

  • More stable premiums and a focus on long-term customer benefits
  • J.D. Power awards for life insurance satisfaction
  • Offers a range of disability insurance plans
  • Additional benefits like rehabilitation assistance and cost-of-living adjustments

Cons of Cooperators Disability Insurance

  • Potential for claim denials based on policy terms and exclusions
  • Higher premiums compared to some other providers

Overall, Co-operators is a reputable company with a good track record, but it's essential to compare it with other options like CIBC disability insurance, Blue Cross, Canada Life, and more, before making a decision.

You can use our free comparator below to compare the best disability insurance plans in Canada and get free personalized quotes in no time right here.

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What does Cooperators disability insurance cover?

Co-operators disability insurance offers a range of coverage options in Canada, so what's covered specifically depends on the plan you choose.

Here's a general overview of what their plans typically include:

  • Income Replacement: This is the main benefit, replacing a portion (typically 60-80%) of your pre-disability income if you're unable to work due to a covered illness or injury. Benefit amounts and durations vary depending on the plan chosen.
  • Covered Disabilities: These can include illnesses, accidents, and mental or physical conditions that prevent you from performing your regular job duties. Some plans offer specific definitions of covered disabilities, while others have a more general "own occupation" definition.

Good to know

There is a waiting period before benefits begin, typically 30-90 days. Also, the benefit duration is often 2 years, 5 years, or retirement age. Some plans offer lifetime benefits. You can explore our guide on long-term disability insurance plans.

Some plans may offer additional benefits like:

  • Lump sum payments: A one-time payment, in addition to monthly income replacement, upon diagnosis of a critical illness or meeting certain criteria.
  • Rehabilitation assistance: Help with getting back to work or retraining for a new career.
  • Cost-of-living adjustments: Increases in benefits over time to account for inflation.
  • Family rider: Additional coverage for your spouse or dependent children.

What does Cooperators disability insurance not cover?

Exclusions are important components of any insurance policy, and Cooperators disability insurance is no exception. You must understand what's not covered in your plan, as unexpected denials due to exclusions can be financially burdensome.

Here's a breakdown of some common exclusions you might encounter in Cooperators Disability Insurance plans:

  • Pre-existing Conditions: These are medical conditions you had before the policy-issued date, usually requiring disclosure during the application process. Some plans may cover pre-existing conditions after a certain waiting period, while others might exclude them entirely.
  • Mental or Nervous Disorders: Coverage for mental or nervous disorders can vary significantly between plans. Some plans offer full coverage, while others may impose limitations on benefit amounts, durations, or specific diagnoses.
  • Self-Inflicted Injuries or Intentional Acts: Injuries caused by your actions, intentional drug use, or suicide attempts are typically excluded.
  • Criminal Activity: Disability resulting from participation in criminal activity or incarceration is generally not covered.
  • War or Terrorism: Injuries or disabilities caused by war, terrorism, or acts of violence are commonly excluded.

Expert advice

To understand what's specifically covered — and what is not covered — in your chosen plan, carefully review the policy wording and any riders or endorsements attached.

How much does Cooperators disability insurance cost?

Providing you with an exact quote for Co-operators disability insurance is challenging, as the cost factors in several variables unique to your situation.

These include:

  • Your Age: Premiums generally increase with age.
  • Your Occupation: High-risk professions command higher premiums.
  • Your Health: Pre-existing conditions may influence cost.
  • Income: Benefits are typically a percentage of income, impacting premiums.
  • Chosen Plan: Coverage amount, elimination period and benefit duration affect pricing.

Here is a rough estimate based on average Cooperators disability insurance premiums:

Pay RangeEstimated Monthly Premium
Co-operators disability insurance cost

These are just estimates, and your actual quote may be higher or lower. You can use our comparison tool to get personalized disability insurance quotes from Co-operators and other companies.

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Is disability insurance tax deductible in Canada?

Disability insurance premiums may be tax deductible in Canada depending on the type of insurance you have and the entity that pays for the premiums. Private disability insurance is not tax-deductible, whereas corporate disability insurance is tax-deductible. You can read our full guide on the disability insurance tax deductible subject.

Who can get Cooperators disability insurance?

Automatic eligibility for disability benefits does not exist; instead, you must meet specific criteria as outlined in your group insurance policy.

To qualify for disability benefits:

  • You need to be an eligible and covered plan member.
  • Submit satisfactory proof of "total disability" according to your group insurance policy's definition.
  • Complete an elimination period and adhere to the terms and conditions of your policy.

Elimination period submission timeline:

  • Less than 60 days: Immediately after the date last worked
  • More than 60 days: Six weeks before the end of your elimination period

How to file a claim for Co-operators disability insurance?

To make a claim, you will need the following:

  1. Plan Member Statement: Complete all questions on the disability form (download link below), providing general information about yourself, your occupation, and the nature of your disability. Include your group number.
  2. Attending Physician Statement: Ask your physician to complete the form, attaching relevant medical documents. You are responsible for obtaining and providing medical proof for your claim.
  3. Plan Sponsor Statement: Ensure your employer submits the Plan Sponsor Statement to our office.
  4. Canada Pension Plan/Quebec Pension Plan (CPP/QPP) Disability Benefits: Include your Notice of Entitlement if you have already applied for CPP/QPP disability benefits. If not, the company may request you to apply for CPP/QPP benefits.

Also, even if you've applied for Workers' Compensation, submit a claim for disability benefits under your group insurance policy to meet the specified time limits.

Good to know

A representative from Co-operators Life Insurance Company may contact you to gather information about your occupation, education, employment history, medical background, and current condition.

You will also need to grant permission for Cooperators Life Insurance Company to obtain necessary information from treatment providers, plan sponsors, other insurers, and hospitals by signing the authorization request.

Do you need disability insurance in Canada?

Whether you need disability insurance in Canada depends on several factors specific to your circumstances.

Factors that increase your need for disability insurance

  1. High income: Losing your income due to disability can be severe if you have financial dependents or large expenses.
  2. Unstable job security: If you lack job security or work in a high-risk profession, disability insurance provides a safety net.
  3. Pre-existing health conditions: Pre-existing conditions might make it harder to obtain insurance in the future, making current coverage valuable.
  4. Young dependents: If you have children or other dependents who rely on your income, disability insurance protects their financial stability.
  5. Significant debt: Large debts like mortgages or student loans become difficult to manage without income, making disability insurance crucial.

Factors that might decrease your need for disability insurance

  1. Government benefits: Canada offers government disability benefits, though they might not be sufficient to cover all your expenses.
  2. Large savings: Significant savings or other income sources can provide temporary support during disability.
  3. Low expenses: If you have minimal expenses and few dependents, your financial needs might be easier to manage on reduced income.
  4. Young age: Younger individuals may have more time to recover and rejoin the workforce after a disability.
  5. Spouse's income: If your spouse has a stable income and can support your family during disability, insurance might be less urgent.

Ultimately, the decision of whether or not to get disability insurance is a personal one. Carefully consider your financial situation, risk tolerance, and potential consequences of a disability before making a choice.

Good to know

Shop around and explore multiple options like TD disability insurance, CIBC, and more to get the best deal. Our free comparator can help you get started. Use it to get instant and free personalized disability insurance quotes from leading Canadian companies.

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Sunny Yadav Copywriter

Sunny has over six years of experience curating engaging content spanning across industries. Specifically in finance, his expertise is insurance reviews and lending and investment topics.