By Charles Offord, Managing Director Co-op Insurance (CISL)
I’m delighted to introduce you to our new Over 50’s life insurance plan, the latest in our growing portfolio of products.
We recognised a gap in the market, so we worked with our members across Co-op to create a product which is flexible and realistic for customers.
In partnership with Royal London, the new life insurance plan enables people to leave their loved ones a lump sum of up to £10,000 when they pass away, even when faced with periods of financial difficulty.
This product offers several unique features. It allows policyholders to take a payment holiday from their monthly payments for up to six months, twice throughout the lifetime of the policy, if they need to. This meets a real need as 40% of Over 50s life insurance customers who cancelled their cover did so because they couldn’t afford their premiums.*
Furthermore, unlike other plans, Co-op’s plan offers protected pay-out, meaning that where customers do need to stop making monthly contributions, providing they’ve paid 35% of their overall payments, their loved ones will still receive a lump sum. This makes us the best in the market for protected customers’ payouts.
We’ve worked closely with our colleagues in Funeralcare to ensure this new product complements our existing funeral plans.
We’ve really thought about our customers and what they need so they’ll also be able to reduce monthly payments, should their financial situation mean that they need to.
Everyone aged 50-80 will be accepted without the need to provide details about their health.
*Royal London 2014 report using YouGov data