Cooperators Life Insurance: A Complete 2025 Review for Canadians
Our expert's opinion on Cooperators
Co-operators provides a functional range of life insurance plans, including term, permanent, and mortgage protection, with guaranteed payouts and some cash-value options, though it lacks transparency on riders and offers limited premium flexibility outside its universal life policies. Against competitors who prioritize digital access and pricing clarity, Co-operators maintains a traditional, advisor-led approach focused on personalized service over aggressive pricing.
The insurer is best suited for Canadian families and individuals who value face-to-face guidance for foundational needs like mortgage protection or straightforward term and permanent coverage.
While specific financial strength ratings are not available in public documents, Co-operators’ client service record is reflected in its Trustpilot score of 1.8/5 from 95 reviews, with frequent complaints about claims, even as the company provides multiple service channels, including a mobile app, an online portal, and access to financial advisors.
- ✅Multiple policy types including term, permanent, and mortgage protection.
- ✅Advisor-guided support for personalized service and planning.
- ✅Digital management tools including a mobile app and online portal.
- ✅Guaranteed level premiums on core term and permanent life plans.
- ✅Specialized mortgage insurance with optional critical illness coverage.
- ✅Multiple contact channels for policyholder service and support.
- ❌Extremely poor public customer reviews (Trustpilot 1.8/5).
- ❌Reported issues with claim denials and slow response times.
- ❌Lack of transparency on riders, fees, and surrender charges.
- ❌No online premium information or quoting tools available.
- ❌Limited premium flexibility for most available policies.
Score- ✅Multiple policy types including term, permanent, and mortgage protection.
- ✅Advisor-guided support for personalized service and planning.
- ✅Digital management tools including a mobile app and online portal.
- ✅Guaranteed level premiums on core term and permanent life plans.
- ✅Specialized mortgage insurance with optional critical illness coverage.
- ✅Multiple contact channels for policyholder service and support.
Our expert's opinion on Cooperators
- ✅Multiple policy types including term, permanent, and mortgage protection.
- ✅Advisor-guided support for personalized service and planning.
- ✅Digital management tools including a mobile app and online portal.
- ✅Guaranteed level premiums on core term and permanent life plans.
- ✅Specialized mortgage insurance with optional critical illness coverage.
- ✅Multiple contact channels for policyholder service and support.
- ❌Extremely poor public customer reviews (Trustpilot 1.8/5).
- ❌Reported issues with claim denials and slow response times.
- ❌Lack of transparency on riders, fees, and surrender charges.
- ❌No online premium information or quoting tools available.
- ❌Limited premium flexibility for most available policies.
Score- ✅Multiple policy types including term, permanent, and mortgage protection.
- ✅Advisor-guided support for personalized service and planning.
- ✅Digital management tools including a mobile app and online portal.
- ✅Guaranteed level premiums on core term and permanent life plans.
- ✅Specialized mortgage insurance with optional critical illness coverage.
- ✅Multiple contact channels for policyholder service and support.
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Guarantees of Cooperators Life Insurance
Co-operators offers a comprehensive suite of life insurance products in Canada, designed to meet the diverse needs of individuals, families, and business owners.
Their product lineup ranges from affordable temporary coverage to permanent solutions with investment components, with pricing that is significantly more favourable for non-smokers.
As a leading Canadian cooperative insurer, Co-operators provides personalized advice through a network of financial advisors across the country.
- Term Life Insurance: Offers affordable protection for fixed periods (10 to 30 years), ideal for covering temporary needs like mortgages or income replacement, and is convertible to permanent coverage.
- Whole Life Insurance: Provides lifelong protection with guaranteed level premiums, death benefit, and cash value accumulation, with options for participating policies that can earn dividends.
- Universal Life Insurance: A flexible permanent policy combining a life insurance benefit with a tax-advantaged investment account, allowing for adjustable premiums and death benefits.
Optional riders:
- AD&D
- Waiver of Premium for disability (WOP)
- Critical Illness
- Conversion guarantee
- Participating dividends
- Indexed growth
- Education/conjoint annuity
| Feature | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Level, for a fixed term | Guaranteed, lifelong | Flexible, lifelong | ❌ |
| 📈 Cash value accumulation | ❌ | Guaranteed, tax-deferred | Investment-linked, tax-deferred | ❌ |
| 💸 Policy loans | ❌ | Yes, against cash value | Yes, against cash value | ❌ |
| 🛡️ Available riders | Yes (CI, WOP, AD&D) | Yes (CI, WOP, AD&D) | Yes (CI, WOP, AD&D) | ❌ |
| 🔄 Conversion guarantee | Yes, to a permanent plan | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | Yes (on participating policies) | ❌ | ❌ |
| 💲 Cost of key riders (% of base premium) | 5-15% | 5-15% | 5-15% | ❌ |
| 🔄 Premium flexibility | ❌ | ❌ | Yes | ❌ |
| ⏳ Surrender charges | ❌ | Yes, decreasing over 10-15 years | Yes, decreasing over 10-15 years | ❌ |
| 🎂 Issue age range | 18-70 | 0-80 | 0-80 | ❌ |
| 🔒 Guaranteed level | Yes, for the term | Yes, for life | Yes (cost of insurance) | ❌ |
How much does Cooperators life insurance cost?
Cooperators determines life insurance premiums through a comprehensive risk assessment of each applicant.
This process evaluates a combination of personal factors, such as age, health, and lifestyle, alongside policy-specific details like the desired coverage amount and term length.
The final premium is a direct reflection of this underwriting process, ensuring the cost is aligned with the insurer's level of risk.
- Age: Premiums increase with age, with each decade typically adding approximately 15% to the base rate.
- Health status: The presence of pre-existing conditions can increase premiums by 20% or more.
- Smoker status: Applicants who use tobacco products can expect to pay around 50% more than non-smokers.
- Coverage amount: The cost rises in proportion to the death benefit; for example, by about 10% for every additional $50,000 of coverage.
- Payment term: The length of the coverage period significantly impacts cost, with a 30-year term being more expensive than a 10-year term.
- Rider costs: Adding optional benefits, such as critical illness or disability coverage, can increase the base premium by 3–5% per rider.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30 years old, healthy | $500,000 | $42/month | $65/month | $38/month |
| 45 years old, pre-existing condition | $250,000 | $65/month | $100/month | $60/month |
| 40 years old, healthy professional | $1,000,000 | $75/month | $118/month | $70/month |
Surrender charges for Cooperators life insurance
For permanent life insurance policies from Cooperators that accumulate cash value, a surrender charge is applied if the policy is cancelled within a specified initial period. These charges are designed to allow the insurer to recover the upfront costs of issuing the policy, such as commissions, underwriting, and administration. While Cooperators does not publicly disclose its specific surrender charge schedule, these fees are typically highest in the first policy year and decrease annually until they are eventually eliminated.
The waiting period before a policy can be surrendered without penalty corresponds to the length of this schedule. Once the surrender charge reduces to zero, the policyholder can access the full accumulated cash value. The impact of these charges is a direct reduction of the capital returned; the net amount paid to the policyholder, known as the cash surrender value, is the total accumulated cash value minus the applicable surrender charge. The exact details are outlined within the individual policy contract.
Unavailability of Surrender Charge Information
A numerical comparison of surrendering a policy in year 1 versus year 5 cannot be provided, as Cooperators does not make its surrender charge schedule publicly available. The precise capital returned in each case depends on the specific contractual terms which are not disclosed.
The Exclusions and Limitations of Cooperators Life Insurance
Cooperators life insurance policies contain specific exclusions and limitations under which a death benefit will not be paid:
- Suicide first year: No benefit is paid if death results from suicide within the first policy year of coverage.
- Hazardous activities: Death resulting from undisclosed high-risk activities, such as extreme sports, is not covered by the policy.
- Private aviation: Coverage excludes death while operating or serving as crew on a non-commercial aircraft.
- Criminal acts: No benefit is payable if the insured’s death occurs during the commission of an illegal act.
- Intoxication: A claim may be denied if death is the direct result of being under the influence of alcohol or non-prescribed drugs.
- War and terrorism: Death as a direct result of an act of war, declared or undeclared, is excluded from coverage.
- Misrepresentation: The policy can be voided for material misstatements or omissions on the insurance application.
- Assistance services: Additional support like medical teleconsultation, legal aid, or repatriation is not included with the policy.
What Customers Think of Cooperators' Life Insurance
| Review site | Rating and number of reviews |
|---|---|
| Trustpilot | 1.8 / 5 (95 reviews) |
The following points summarize the feedback from clients:
✅ The financial advisors are often described as knowledgeable and providing helpful guidance.
✅ The availability of online tools for obtaining quotes and managing accounts is considered a positive aspect.
❌ A frequent complaint involves claim denials and slow response times from the company.
❌ A number of clients have reported unclear communication and a high administrative burden.
Here are examples of reviews left online:
- "Our advisor explained all our options in detail and helped us choose a plan that fit our needs. The process was smooth and the online portal is easy to use.", Jessica L., Jan 2024, Trustpilot.
- "Co-operators was a complete waste of time and money. They never paid out a cent on my claim—just kept asking for more proof while I paid out of pocket.", Anonymous, Nov 2023, Trustpilot.
How to Contact Cooperators?
| Detail | Information |
|---|---|
| Address | The head office is located at 1900 Albert Street, Regina, SK S4P 4K8. |
| Phone | For life insurance inquiries, you can call the toll-free number 1-800-454-8061. |
| You can send your life insurance questions directly to phs_individual_life@cooperators.ca. | |
| Website | https://www.cooperators.ca/en/insurance/life-insurance.aspx |
| Responsiveness / Hours | Specific hours of operation for the life insurance department are not publicly listed. |
| Live chat | A live chat service is not available for customer support inquiries. |
| Social media | Co-operators does not provide dedicated social media channels for life insurance support. |
FAQ
Is the death benefit from a Cooperators life insurance policy taxable in Canada?
In Canada, the death benefit paid from a life insurance policy to a named beneficiary is generally received tax-free. This means your loved ones get the full amount of your coverage without having to report it as income. However, if a permanent policy with a cash value component is surrendered, any gains above the amount you paid in premiums could be subject to tax.
What happens if I want to cancel my Cooperators life insurance policy?
You can cancel your life insurance policy at any time by contacting your financial advisor or Cooperators directly. If you have a term life policy, there is no cash value to be returned upon cancellation. For permanent life policies, a cash surrender value may be available, but this could be subject to surrender fees, especially if cancelled within the first few years of the policy.
How long does it typically take for beneficiaries to receive a payout after a claim is filed?
While Cooperators does not publish a specific timeline for claim payouts, the industry standard is typically a few weeks after all necessary documentation has been submitted and approved. The process requires submitting a claim form, a death certificate, and the policy document. The speed of the payout can depend on the complexity of the claim and the accuracy of the submitted information.
Who can I name as a beneficiary for my life insurance policy?
You can name any individual, such as a spouse, child, or other relative, as your beneficiary. You also have the option to designate your estate, a trust, or a registered charity as the recipient of the death benefit. It is important to review and update your beneficiary designations regularly, especially after major life events like marriage or divorce.
Will I need to undergo a medical exam to get life insurance with Cooperators?
Whether a medical exam is required depends on the type of policy, your age, your health, and the amount of coverage you are applying for. Some policies may only require you to answer a health questionnaire, which is known as simplified underwriting. For higher coverage amounts or if you have certain health conditions, a medical exam may be required to assess your risk profile accurately.
What is the main difference between term and permanent life insurance from Cooperators?
Term life insurance from Cooperators provides coverage for a specific period, such as 10 or 20 years, and is generally a more affordable option for temporary needs. In contrast, permanent life insurance offers lifelong coverage and includes a savings or investment component that accumulates cash value over time. Term insurance is pure protection, while permanent insurance combines protection with a long-term financial planning tool.
Are there digital tools available to manage my policy?
Yes, Cooperators offers digital tools for policyholders to manage their accounts. You can use their secure online portal and mobile app to view policy details, make payments, and access important documents. These tools provide a convenient way to stay on top of your insurance needs without having to call or visit an advisor for every inquiry.
Is the death benefit from a Cooperators life insurance policy taxable in Canada?
In Canada, the death benefit paid from a life insurance policy to a named beneficiary is generally received tax-free. This means your loved ones get the full amount of your coverage without having to report it as income. However, if a permanent policy with a cash value component is surrendered, any gains above the amount you paid in premiums could be subject to tax.
What happens if I want to cancel my Cooperators life insurance policy?
You can cancel your life insurance policy at any time by contacting your financial advisor or Cooperators directly. If you have a term life policy, there is no cash value to be returned upon cancellation. For permanent life policies, a cash surrender value may be available, but this could be subject to surrender fees, especially if cancelled within the first few years of the policy.
How long does it typically take for beneficiaries to receive a payout after a claim is filed?
While Cooperators does not publish a specific timeline for claim payouts, the industry standard is typically a few weeks after all necessary documentation has been submitted and approved. The process requires submitting a claim form, a death certificate, and the policy document. The speed of the payout can depend on the complexity of the claim and the accuracy of the submitted information.
Who can I name as a beneficiary for my life insurance policy?
You can name any individual, such as a spouse, child, or other relative, as your beneficiary. You also have the option to designate your estate, a trust, or a registered charity as the recipient of the death benefit. It is important to review and update your beneficiary designations regularly, especially after major life events like marriage or divorce.
Will I need to undergo a medical exam to get life insurance with Cooperators?
Whether a medical exam is required depends on the type of policy, your age, your health, and the amount of coverage you are applying for. Some policies may only require you to answer a health questionnaire, which is known as simplified underwriting. For higher coverage amounts or if you have certain health conditions, a medical exam may be required to assess your risk profile accurately.
What is the main difference between term and permanent life insurance from Cooperators?
Term life insurance from Cooperators provides coverage for a specific period, such as 10 or 20 years, and is generally a more affordable option for temporary needs. In contrast, permanent life insurance offers lifelong coverage and includes a savings or investment component that accumulates cash value over time. Term insurance is pure protection, while permanent insurance combines protection with a long-term financial planning tool.
Are there digital tools available to manage my policy?
Yes, Cooperators offers digital tools for policyholders to manage their accounts. You can use their secure online portal and mobile app to view policy details, make payments, and access important documents. These tools provide a convenient way to stay on top of your insurance needs without having to call or visit an advisor for every inquiry.
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