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The beginnings of the Co-Operative Group, which operates under the name Co-Op, can be traced back to the establishment of the Rochdale Society of Equitable Pioneers in 1844. By 1863 the cooperative merged with various co-op groups to create The Co-operative Wholesale Society (CWS), and only 100 years later, it became the Co-Operative Group.
The Co-op offers its life insurance through Co-op Insurance Services, backed by The Royal London Group.
The Co-op offers a range of life insurance options, including add-ons that you can include with your primary policy. The two main types are:
In addition, you can take out other insurance options to supplement your primary policy.
The Co-op provides a series of benefits and features with its life insurance policies that could be a deciding factor when taking out a policy. The main ones are:
We compare plans from the leading life insurance providers
The Co-op offers a life insurance policy specifically for over 50s, with guaranteed approval for all applicants and no requirement to undergo a medical examination. Benefits of this policy include:
Things to note about the Co-op’s over 50s policy:
|Cover Options||Level Term. Decreasing Term.|
|Cover Period||Between 5 to 50 years.|
|Critical Illness Cover||Available for an extra fee.|
|Maximum Applicant Age||70.|
|Minimum Entry Age||18.|
|Whole of Life Policy||Not available.|
|Joint Life Policy||Not available.|
You can contact the Co-op to make changes to the level of cover and length of your policy. Note that you can reduce the level of cover, but you can’t increase it.
To measure the value and effectiveness of services, some independent rating companies provide reviews on insurance policies. This is a valuable tool to check and compare policies between companies you are interested in using.
The rating firm Fairer Finance awarded the Co-op its Bronze Ribbon award and rated the company:
The UK rating company Defaqto awarded the Co-op a 2 Star Rating for its Co-Op Life Insurance With Optional Serious Illness policy and a 5 Star Rating for its Co-Op Over 50 Life Insurance.
Your Co-op life insurance premium will depend on various factors, such as your age, medical history, occupation, health condition, and smoking status. However, to give an idea, here’s an example:
Note that these estimates don’t take into account the Co-ops Serious Illness Cover, which costs extra.
The Co-op offers a fantastic Over 50s insurance policy, as evidenced by its Defaqto rating. If you fall into that category, you should seriously consider the company’s life policies. However, the lack of whole of life insurance or joint-life policies might be a deal-breaker for some.
If you feel you may need flexibility with your payments, the Co-op’s Payment Holiday feature is a great option, which many insurance companies don’t offer. For most people, the company’s max payout of £500,000 will be enough. However, if you need a higher coverage level, the Co-op is probably not for you.
|Critical illness (decreasing)||Co-Op Life Insurance With Optional Serious Illness||2|
|Critical illness (level term)||Co-Op Life Insurance With Optional Serious Illness||1|
|Life assurance (decreasing)||Co-Op Life Insurance With Optional Serious Illness||2|
|Life assurance (level term)||Co-Op Life Insurance With Optional Serious Illness||2|
|Over 50s life assurance||Co-Op Over 50 Life Insurance||4|
|Defaqto ratings were reviewed on 01/10/2023|