Our brand-new, Co-op Life Cover, has launched. It was amazing to be a part of the team working on this product and it’s made me realise what an important product life insurance is.

Designed by members

An important part of our Stronger Co-op, Stronger Communities ambition, is bringing our members more products with a Co-op difference. Back in September, we started thinking about the kind of term life insurance product we were going to create. The first thing we did, was ask members what they wanted.

Members told us they wanted something that was transparent and easy to understand. It surprised us that members were concerned about missing payments or having to cancel their policies if they fall into financial difficulties.

Life Insurance with a Co-op difference

The result of our member research is Co-op Life Cover – a term life insurance product with a real Co-op difference – the option of being able to take a payment holiday after the first year*.

Life insurance is paid for with a fixed amount every month and normally if you miss a payment the policy stops.

I’m really proud that Co-op Life Cover will allow the customer to take two, six month, payment breaks throughout the life of the product*.

Co-op Life Cover is simple to understand. I found it really quick and easy to get a quote – you only need to answer eight questions. It’s great that the policy wording has the Fairer Finance clear and simple mark, which shows how important transparency is to us.

Colleague discount

As a Co-op colleague member, I get 10% off for the life of my Co-op Life Cover policy, this excludes serious illness cover and optional extras **. All I had to do was input my Co-op colleague membership number.

As well as this discount, our Bags More offer means I can also get £50 worth of Co-op Food Vouchers. Ts&Cs apply***.

What’s covered and why do I need Life Insurance?

I wasn’t surprised that members told us they found life insurance difficult to understand. Until I started working on this project I didn’t really know anything about it either. I thought that other people out there might find it useful if I shared what I’ve learned.

I’ve had Life Insurance before, I took it out when I bought my first house. If I’m honest, I didn’t really understand it and when I sold up, I cancelled the policy.  It’s easy to think I’m young and healthy, I’ll be ok, but since working on this project, I’ve started to think again. 

If you have dependent children

At some point, I’ll want to have a family, and getting a policy with low rates whilst I’m still young seems sensible. It would give me comfort, that any children I have would be looked after if the worst happens. It could even pay for hopes and dreams like university or a wedding.

If you’re married or have a joint mortgage

You’re building a future together and this costs money. You’re both contributing to rent, a mortgage, car payments, utilities and credit card bills. The death benefit from a term life insurance policy can help pay for these expenses.

We offer three types of cover; Level Cover, Decreasing Cover or Monthly Income Benefit and there is the option of adding serious illness cover to your policy.

Why not take a look and see which type of cover is best for you.

Liza Watts                                                               
Project Manager – Co-op Insurance

Terms and conditions

*Any time after the first year, the customer can take up to 6 months break from making monthly payments and the policy will continue. Up to two payment holidays can be taken over the term of the policy but only one can be taken in a twelve month period. The customer has to make up all of the missed payments at the end of the holiday or reduce their payout amount. If a claim is made during the payment holiday, the payout amount will be reduced by the unpaid monthly premiums.
**Offer may be withdrawn at any time for new policies. You must be a colleague and a member to benefit from this offer, excludes serious illness cover and optional extras.
***£50 Co-op Food Vouchers available to new customers who buy a Co-op Life Cover policy directly from Co-op Insurance Services from 22/01/19 to 31/12/19. Your policy must be in force for a minimum of 4 months. Policies from cashback and comparison sites are excluded. Vouchers will arrive within 180 days of your policy start date. Vouchers accepted in Co-op Group Food stores and participating independent Co-operatives. For Full t’s and c’s visit coop.co.uk/bagsmore.
You can apply if you’re a UK resident between 18 and 70, excluding members of the armed forces and reservists.
As you may expect, our features are subject to limitations and exclusions, so please speak to our call centre or view our policy documents online for further details.
Calls may be monitored for security and training purposes. Calls to 0800 numbers are free from both UK landlines and mobile phones. Lines are open from 8am-7pm weekdays, 9am-5pm Saturdays and 10am-4pm Sundays. Applicants for insurance are subject to normal underwriting criteria. Co-op Insurance Services is a trading name of Co-op Insurance Services Limited; registered in England and Wales with registration number 4390. Registered office: CIS Building, Miller Street ,Manchester M60 0AL. Life Insurance is provided, underwritten and administered by Royal London Group.

Join the conversation! 11 Comments

  1. If you buy the wrong cover you’ll be snookered if you need to claim. And don’t buy anything from Michael Parkinson (sun life). The offer of a free parker pen or VHS player is tempting yes, but the policy is terrible. Note the small print “you may get back less than you pay in”, and that’s just the beginning of why its a very bad policy. I sorted my fiancée and my life insurances out myself, and pay £8.50 a month for us both, for decreasing value mortgage cover, since I get a large payout from work if I die in service, and so does my fiancée. Is it any wonder people fake their own deaths?!?!

    Reply
    • “Is it any wonder people fake their own deaths?!?!” – Id love to know the statistics of what proportion of people who have life insurance cover in the UK who been found out to have faked their death, you make it sound like a common occurrence

      Reply
  2. I really wish Co-op didn’t insist on sending me emails as a colleague, about Co-op cover that’s useless to me. First of all, the travel insurance and now the life cover. Due to my epilepsy, the travel quote was more than triple that of other providers who were also aware of the condition. And now I’m declined for a life quote for the same reason. It’s actually shocking that we want to ‘do the right thing for our members’ but are effectively excluding a whole host of people. I accept that our risk appetite has always been very low, but I’d at least like some warning not to bother clicking the link on the emails we get sent. It’s really frustrating and leaves people feeling terrible about their disabilities. Not particularly Co-op of us.

    Reply
  3. For some reason the link to see what type of covers is available is blocked by the company any idea how else we can check?

    Reply
    • Hi Diana, Sorry to hear you’re having problems accessing the site. It could be the browser you’re using? If you use the address coop.co.uk/life from a different browser or device it should help. We’d like to look into further so please could you email jane.dobek@cfs.coop with further details? She will try and fix this. Sarah

      Reply
  4. You mention a colleague discount. What happens to staff who are transferred to Markerstudy?

    Reply
    • I should imagine that if you take one out prior to transfer to Markerstudy then you will get the discount. Any policies taken out after you are employed by Markerstudy then you wont get the discount.

      Reply
    • Hi Paul, I’ve checked with the team and they’ve confirmed that If you get the colleague discount at point of sale you would keep it even if you left the business for any reason. Sarah

      Reply
  5. Hi, It would probably be a good idea, and more customer friendly, if you put the list of medical conditions that stops Co-op Insurance providing cover at the start of the online form. It is really frustrating, no matter how short the form is, to get to questions at the end that exclude people from cover.

    Reply
    • Hi Linda, Thanks for your feedback. I’ve passed your comments to the team. They will take this into account as they continue to develop and improve the product. Sarah

      Reply
  6. Don’t forget that as a minimum everyone who works for Co-op gets 1x salary life cover. and if your paying 4% or more into our Pace pension scheme you’ll be getting 3x salary cover.

    Reply

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