Cooperators Life Insurance Review 2024 (Updated)
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Discover the methodologyCo-operators Life Insurance stands out with its unique Term Life 1 plan, offering affordable coverage for just one year without the need for medical exams. They also provide flexible permanent life insurance options with built-in savings and tax-deferred growth. But is it the right choice for you?
In this Co-operators Life Insurance review, we tell you everything you need to know, from coverage options, costs, how to get a quote, contact details, and more.
You can also use our free tool below to compare life insurance quotes from Canada's best providers to make sure you're getting the best deals. Read on to see if Cooperators is indeed the best choice for you, or if there's another provider that suits you better.
Cooperators Life Insurance: 6 key points
- Multiple term life options with coverage up to $475,000
- You can also get term life insurance for just one year
- Guaranteed lifetime coverage with permanent life insurance policies
- Whole Life Insurance options with flexible payments
- No medical exams required for certain term life and permanent insurance plans
- Affordable premiums for individuals aged 40-80 with up to $25,000 coverage
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Our Cooperators Life Insurance Review: Best option from a co-operative
Co-operators Life Insurance offers a variety of life insurance products, from temporary coverage to permanent solutions, catering to different needs and life stages.
One of the standout offerings is Term Life 1, which provides affordable, short-term coverage for just one year. This term life insurance option is ideal for those seeking temporary protection without a long-term commitment. Coverage amounts for Term Life 1 range from $50,000 to $475,000, with the added convenience of being able to apply and get insured within minutes, all without the need for medical exams.
Co-operators also offers Versatile Term™, which gives more flexible term lengths (10, 15, 20, 25, or 30 years), along with the option to convert to permanent life insurance before age 70.
For permanent coverage, Co-operators offers Whole Life Insurance (with flexible payment options) and Universal Life Insurance options. Whole life insurance coverage starts at $25,000 and that’s available to anyone, up to 80 years of age. The Infinity Term® plan provides affordable coverage with a guaranteed level premium until age 110, making it an excellent option for those seeking lifelong protection without the savings component.
Another standout feature is the Responsibility® and Responsibility PLUS® plans, which offer affordable permanent coverage for those aged 40 to 80, with up to $25,000 coverage, no medical exams, and accidental death coverage.
However, Co-operators' permanent policies require a representative for personalized quotes, and some may find their premiums for certain term life products higher compared to competitors like Manulife Insurance and Sun Life, which offer more customizable and cost-effective plans for similar coverage.
Co-operators Life Insurance is best for individuals looking for a stable, reputable insurer offering a range of affordable term and permanent coverage options, especially for those in need of straightforward, no-exam policies. However, it may not be the right fit for those looking for the lowest premiums or greater customization in their plans, as companies like Canada Life and Empire Life Insurance provide more flexible options and competitive pricing.
Expert advice
Co-operators Life Insurance is ideal for those seeking reliable, straightforward coverage with a focus on long-term protection, particularly for families and individuals looking for stable premiums and built-in savings. However, if you’re looking for more flexibility or budget-friendly rates, providers like Manulife or Sun Life may offer better options.
If you think Co-operators Life Insurance is the right choice for you, we recommend that you compare how it fares against other life insurance companies. While it may seem like a daunting process, all you need to do is use our comparator below and also get free personalized life insurance quotes from the best providers in Canada.
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Pros
- Multiple term life insurance options
- Term Life 1 offers term life insurance coverage for 1 year
- Instant online quotes available for term life insurance
- Solid financial strength
Cons
- Specifics and quotes for permanent policies are not available online and require speaking with a representative
- Relatively high prices for some types of term life insurance
Who is the Co-operators Life Insurance?
The Cooperators Life Insurance Company was born out of farming insurance co-operatives in Saskatchewan and Ontario. In the wake of the Great Depression and World War 2, these organizations helped offer stability and recovery for agricultural communities. These organizations quickly grew and expanded beyond their home provinces.
In 1978 the Co-operators Insurance Associations of Guelph and Regina's Co-operative Life Insurance Company merged under the name, The Co-Operators. Today it offers a range of products beyond life insurance and investment products including home, auto, and travel insurance.
The Co-operators is headquartered in Guelph, ON with branches all over Canada. With $20.6 billion in assets, the Co-operators Life Insurance company is a financially stable and popular insurance option.
What types of life insurance are offered by the Cooperators?
| Insurance Type | Coverage Amount | Eligibility | Additional Features |
|---|---|---|---|
| Term Life Insurance | $50,000 to $475,000 | 18-80 years | Simple health questionnaire, no medical exams required |
| Versatile Term™ | $50,000 to $500,000 | 18-80 years | Option to convert to permanent insurance before age 70 |
| Permanent Life Insurance | $10,000 to $500,000 | 18-80 years | Lifelong coverage with no medical exams |
| Whole Life Insurance Suite | Starts at $25,000 | Up to age 80 | Children’s coverage, policy loans, dividends |
| Universal Life Insurance Suite | Flexible, depending on the plan | Available to Canadian residents | Multiple investment options, "Premium holidays" |
| Infinity Term® | Starts at $25,000 | Up to age 80 (Life-Pay) | Customizable riders, coverage for children’s lifetime |
| Responsibility® & Responsibility PLUS® | Up to $25,000 | 40-80 years | No medical exams, accidental death coverage |
Cooperators Term Life Insurance
Term life insurance offers affordable coverage for a specific period, such as 10, 20, or 30 years, making it ideal for those who need temporary protection. It provides a financial benefit to your loved ones if something happens to you, helping them maintain their standard of living.
- Coverage Amount: $50,000 to $475,000
- Term Lengths: 1, 10, 15, 20, 25, or 30 years
- Eligibility: Canadian residents aged 18-80
- Application: No medical exams required; simple health questionnaire
Cooperators Versatile Term™
Versatile Term™ offers all the benefits of Term Life, but for a longer period, with the option to convert to permanent life insurance plans later on.
- Coverage Amount: $50,000 to $500,000
- Premiums: Guaranteed for the life of the policy
- Eligibility: Available to Canadian residents aged 18-80
- Conversion: Option to convert to permanent insurance before age 70
Cooperators Permanent Life Insurance
Permanent life insurance provides lifelong coverage with fixed premiums and benefits that last as long as you live. It’s a good option for those seeking long-term security.
- Coverage Amount: From $10,000 to $500,000
- Premiums: Fixed and guaranteed
- Eligibility: Available to Canadian residents aged 18-80
- Application: No medical exams required
Cooperators Whole Life Insurance Suite
Whole Life insurance offers guaranteed coverage with built-in savings, offering tax-advantaged growth and policy dividends. Ideal for those wanting permanent protection and additional savings.
- Coverage Amount: Starts at $25,000
- Premium Payment Options: Pay for 10, 20 years, or for the life of the policy
- Eligibility: Up to age 80
- Additional Benefits: Children’s coverage and policy loans available
Good to know
Co-operators offers two main types of whole life insurance: Whole Life Protector and Whole Life Ascend. Both provide lifetime coverage with built-in savings, but the Whole Life Ascend option includes enhanced features for estate planning and larger coverage amounts starting at $25,000, while Whole Life Protector offers coverage from $15,000 to $500,000 with similar benefits.
For more information on Co-operators Whole Life Protector and Whole Life Ascend policies, see the PDFs below:
Universal Life Insurance Suite
Universal Life insurance combines life coverage with an investment component, allowing you to manage your wealth and grow your savings tax-deferred.
- Coverage Amount: Flexible, depending on plan
- Investment: Multiple accounts tailored to your risk profile
- Eligibility: Available to Canadian residents
- Additional Benefits: “Premium holidays” and savings growth
Infinity Term®
Infinity Term® offers lifelong coverage with no savings component, perfect for those who need full coverage for their family, estate, or business.
- Coverage Amount: Starts at $25,000
- Premiums: Level and guaranteed until age 110
- Eligibility: Up to age 80 for Life-Pay, up to age 70 for 20-Pay
- Additional Features: Customizable riders and coverage for children’s lifetime
Responsibility® and Responsibility PLUS®
Affordable permanent life insurance for those aged 40 to 80, with coverage up to $25,000 and no medical exams.
- Coverage Amount: Up to $25,000
- Eligibility: 40 to 80 years old
- Additional Features: Accidental death coverage, affordable premiums, and no medical exams required
These options provide flexibility for various life stages, from temporary protection to long-term financial security, allowing you to choose coverage that best suits your needs.
What does the Cooperators Life Insurance cost?
Here are the monthly premiums for non-smoking men and women for a $250,000 coverage with The Cooperators Life Insurance company. We look at two types of term life insurance.
Term Life 1
| Age | For women | For men |
|---|---|---|
| 20 | $10.13/month | $14.18/month |
| 30 | $11.03/month | $14.63/month |
| 40 | $13.73/month | $17.10/month |
Versatile Term 10
| Age | For women | For men |
|---|---|---|
| 20 | $10.80/month | $14.85/month |
| 30 | $11.48/month | $14.85/month |
| 40 | $15.30/month | $19.35/month |
| 50 | $31.73/month | $42.98/month |
| 60 | $90.45/month | $129.83/month |
| 70 | $299.70/month | $400.28/month |
Co-operators life insurance costs vary depending on the type of life insurance coverage you want and your personal history. For example, your age, smoking and health status, residence, and sex all play a part in determining your life insurance premiums.
You must compare other options before zeroing in on Cooperators Life Insurance. You can use our free tool below to compare the best life insurance quotes from Canada's top companies in seconds.
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How to get Cooperators Life Insurance quotes?
Have your eyes set on the Co-operators life insurance? Term Life insurance quotes are available on their website. Get a quick price by choosing the coverage amount, your date of birth, sex, and whether or not you smoke. Here’s a step-by-step guide:
- On the Co-operators website, hover over the top menu
- On the word “Insurance”, a smaller menu will pop up
- Select “Life Insurance”
- Select “Term Life” on the page’s left side.
- Select “Term Life quote”.
- You'll be redirected to their quotes page. There, select “Life”
- At this stage, you will see a Cooperators Life Insurance calculator. Fill it out for a quick pricing estimate.
- Click on “Calculate” for your Co-operators term life insurance quote.
Term Life is the only life insurance product on the website that has online quotes and pricing information. For other products, you must contact the company directly using the Cooperators life insurance contact numbers: 1-877-545-2667 and 1-877-630-2667 (Quebec area).
Good to know
Term Life 1 is the only Co-operators Life Insurance product available online. Versatile Term and the Co-operators other life insurance plans, cannot be bought online.
Before settling on the Co-operators for your life insurance, it pays to compare the competition. Canada has dozens of life insurance providers. Compare quotes now right here using our comparator below. All you need to do is enter very few basic details on what you're looking for, and voila, get over 20 life insurance quotes in no time.
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How to use Cooperators Life Insurance Login?
To access Co-operator Life Insurance online services you’ll need to sign in to their client area. You can do so by following 2 simple steps:
- On the Co-operators website, go to the top menu
- On the far right, you’ll find a lock followed by “Online Services”, hoover through it
- When a small menu appears, select “ Insurance & Investments”
- At this point, you will be redirected to the sign-in page. Then all you’ll have to do is fill in the information requested (email and password) and click “Sign in”
How do I contact Co-operators Life Insurance?
Need to reach the Co-operators customer service? Here is the contact information for general and life insurance inquiries.
| Co-operators Life Insurance Contact | Contact Information |
|---|---|
| To get quotes |
|
| Client Service Support |
|
| Individual Life |
|
| Individual Wealth Management |
|
| Group Benefits & Disability Claims |
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| Group Retirement Services |
|
| Payment Protection |
|
How much life insurance do I need?
Not sure how much life insurance you need to provide financial security for your family? HelloSafe's life insurance calculator can help you determine how much coverage you need to best protect your dependents.
Here you can find HelloSafe’s life insurance calculator. By using our tool, you will get to learn about prospective rates and coverages for different life insurance policies in Canada.
On the Cooperators life insurance website, you will find tools for generating online quotes for term life insurance.
