Life insurance can help give your family much-needed financial support, and can be used to pay off any existing debts or ongoing expenses. Co-op offers a number of insurance policy options, as well as serious illness cover and income benefit cover. See if it meets your life insurance needs below.
What is Co-op?
The Co-operative Group is a British consumer co-operative that was founded in 1844 and now has over 70,000 employees. It runs a range of retail businesses, as well as legal and insurance services.
Co-op life insurance is underwritten by The Royal London Group.
What types of life insurance does Co-op offer?
Co-op offers three main types of life insurance, including Level Cover term insurance and Decreasing Cover term insurance, as well as Monthly Income Benefit cover.
It also offers Serious Illness Cover as an optional extra, which covers against illnesses such as cancer, heart attack or stroke.
- Co-op Level Cover life insurance
This is a standard term life insurance policy that will pay out an agreed lump sum amount if you die during the insurance term. The size of the payout remains the same throughout the policy, as does the size of your monthly premium.
- Co-op Decreasing Cover life insurance
Decreasing Cover is also a type of term life insurance, but unlike with Level Cover, the lump sum payment and premiums decrease over time. This is designed to cover any outstanding debts that reduce over time, such as a mortgage or other loan.
- Co-op Monthly Income Benefit life insurance
Like regular life insurance, your family will receive a payout amount once you die, but instead of a lump sum, this is paid out in monthly instalments until the end of your policy.
- Co-op Serious Illness Cover
You can add this optional extra to your life insurance policy to cover you against cancer, heart attack, multiple sclerosis, brain tumour, stroke and dementia. You will receive a payout when you’re diagnosed, with a minimum payout of £1,000.
Compare Co-op policies
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Benefits of Co-op life insurance
- You can choose either level or decreasing cover.
- Lump-sum or regular insurance payments options available.
- Optional critical illness cover.
- Long policy terms.
Drawbacks of Co-op life insurance
- Does not offer whole-of-life insurance.
- Does not offer joint policies.
- Maximum payout of £500,000.
Co-op life insurance exclusions
You will not be covered in the following situations:
- If you did not provide complete, accurate and true information.
- Suicide in the first 12 months of the policy.
- If you fail to make a payment after 60 days from the due date.
What’s the claims process for Co-op’s life insurance?
You can make a claim by calling Co-op on 0345 268 6082. You will then be sent a claim form, which will need to be completed and returned to Co-op.
Frequently asked questions
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