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.
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.
Project Manager – Co-op Insurance
Terms and conditions