By Katie Marcroft, Campaign Manager

Earlier this year we launched Co-op Over 50’s life insurance plan, as we’d recognised a gap in the market, after we worked with our members across Co-op we created a product which is flexible and realistic for customers.

We worked closely with our colleagues across the Group, to ensure the new product complements our Co-op offering including our funeral plans. On Wednesday 1 July we’ll be launching our first direct response TV advert for our Over 50’s life insurance plan.

The advert is known as a Direct response TV advert because it asks consumers to respond directly to the Co-op to get more information about our Over 50’s plans. We wanted to use TV advertising to increase our share of voice in the Over 50’s market and amplify the performance of our other marketing channels. We’ve also been able to benefit from cheaper advertising rates as there’s been a reduction in the cost of TV marketing since the start of the coronavirus outbreak.

I’m really proud that we’ve managed to get a new advert on TV at this challenging time. It’s been great to work closely with Group colleagues to get this over the line in just over two weeks, with us all finding clever solutions to solve production challenges and utilise existing material.

We’ve repurposed existing Co-op assets, making changes to highlight the unique features of our product:

  • In partnership with Royal London, our life insurance plan has enabled 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*
  • Unlike other plans, Co-op’s plan offers protected pay-out. This means 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

*Royal London 2014 report using YouGov data

Join the conversation! 3 Comments

  1. I am amazed that the Co-op has decided to enter this truly awful market which demonstrates huge customer detriment.

    Any member considering buying this product should read these three articles:

    https://www.moneysavingexpert.com/insurance/over-50s-life-insurance/

    https://www.bbc.co.uk/programmes/articles/1tkmKHxD4MsN28jd28s4xMQ/over-50s-plans-that-disappoint

    https://www.thisismoney.co.uk/money/lifeinsurance/article-6620771/Penalised-living-long-Backlash-funeral-cover.html

    Reply
    • Hi Brian, thank you for your comment. We looked very carefully at the market and believe there is a customer need for this type of product. Our Co-op Over 50 insurance has been shaped by our members and has a number of unique points of difference that set us apart. It has also been awarded a 4 star rating by James Daley.

      Reply
  2. I have sold these plans in the past as part of my IFA portfolio.

    Great features but competors are moving to funeral plans.
    This is an area that I feel Coop should review against competitors and offer same sort of features

    Reply

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