Co-operators Life Insurance Review (2025 Update)

Co-operators life insurance review (2025 update)

Co-operators is a Canadian company that provides a variety of insurance and investment products to individuals and groups. They’re owned by a mix of member organizations, including credit unions and farm groups, with support from nearly 7,000 employees and a network of over 2,800 licensed insurance representatives across the country.

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Co-operators life insurance: Our verdict 

Co-operators is industry-known for its long-standing community roots and impressive financial stability. They land right on-average for pricing and with a large network of local customer service representatives across the nation, it’s no wonder why their customer service rating is 3.8/5. 

But, Co-operators’ coverage limits are on the low side compared to other Canadian life insurance companies, and their online resources provide minimal information, which can make it difficult for buyers to make a quick decision.

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The good

Co-operators offers life insurance to policyholders across the country. Applicants can choose from options for both term and permanent life insurance. Plus, their one-year term life policies give individuals the option to quote, apply, and buy online for fast coverage.

The downsides

Co-operators doesn’t have a lot of information about their plans online, which could leave many potential buyers with questions when comparing providers. They also offer lower coverage levels for term policies than other providers.

Co-operators life insurance: Key features

• Local representatives: With a nationwide network of insurance representatives, policyholders and applicants can access local, personalized guidance to streamline their applications and policy management.
• One-year term life coverage: Co-operators unique Term Life 1 product provides $50,000 to $475,000 in coverage for one year with a guaranteed-renewable term. Applicants can quote, apply, and buy a policy online for immediate insurance.
• Permanent life insurance options: Co-operators offers four types of permanent life insurance; whole life, universal life, Infinity Term, Responsibility and ResponsibilityPlus.
• No-medical final-expenses coverage: With its Responsibility and Responsibility PLUS products, applicants between ages 40 to 80 can gain no-medical coverage of up to $25,000.
• Member-owned: Co-operators is a member-owned company, profits are reinvested into the company to fund their local programs, sustainability initiatives, and more.

Co-operators life insurance pros and cons

Like most life insurance providers, Co-operators have a fair share of great and not-so-great features. Here’s the breakdown:

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Co-operators life insurance cost and value 

Co-operators generally offers average prices for life insurance coverage. See below for a comparison between starting costs for Co-operators and PolicyMe for 20-year term policies for $500,000 in coverage for relatively health non-smoking individuals.

Key takeaway: Co-operators’ average life insurance costs are generally higher than PolicyMe’s, but they are still on-par with industry averages.

Co-operators life insurance reviews and customer service

Co-operators has a mixed pool when it comes to customer reviews on sites like Trustpilot, Reddit and InsureEye, though most reviews tend to lean positive.

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Co-operators positive review

“Always have a positive experience. Reasonable prices, speedy responses and willing to genuinely help their customers.” – Customer on Trustpilot

Co-operators negative review

"We were encouraged by our agent to switch from our bank mortgage insurance to term life insurance. My husband died suddenly two months later and my claim was denied due to 'pre existing conditions' not directly related to his cause of death." – Customer on InsurEye

Co-operators life insurance products at a glance

Co-operators offers a mix of term life insurance and permanent life insurance plans, which can be paired with riders and add-ons for customized protection. They also provide mortgage insurance and critical illness coverage.

Here’s an overview of their term life products:

And a rundown of their permanent life insurance policies:
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• Whole life: Permanent policies that offer a minimum of $25,000 in coverage up to age 80, guaranteed cash values, policy dividends (not guaranteed), and accumulated premium loans where the cash value can pay for your premiums for a specific period. Policyholders can choose to pay premiums for 10 or 20 years, and they receive complimentary children’s coverage.
• Universal life: Includes a tax-advantage savings growth and investment accounts component. Policyholders can access cash accrued within the policy, and “premium holidays” are available for those who want a break from paying.
• Infinity term: Coverage begins at $25,000 with life-pay options for individuals under age 80 or younger, or 20-pay for those under age 70. These policies offer level guaranteed premiums, fully paid up at age 110 and a range of riders and benefits for customization.
• Responsibility and Responsibility PLUS: Designed for individuals between age 40 and 80, providing them with up to $25,000 in coverage with no medical exam or blood test requirements. Policyholders can also gain accidental death coverage with up to four times their coverage amount, and premiums are fixed.

How Co-operators compares to other insurers

Co-operators may offer competitive term life insurance rates, but their scope of coverage and online resources are limited when compared to insurance companies like Canadian Life, Manulife, PolicyMe, and Sun Life.

Here’s an overview of how Co-operator compares to some of Canada’s top life insurance providers across common company features.

Co-operators life insurance vs. PolicyMe life insurance

Although they both rank well for affordability, PolicyMe offers slightly more affordable term life insurance rates than Cooperators, depending on term length and individual factors.

Here are a few key scores (rated out of five) to help you compare the two: 

Final takeaway: PolicyMe offers a comprehensive, digital-based application and policy management experience to help customers get the coverage they need, fast. It offers more affordable rates and ranks higher than Co-operators for customer experience and industry reputation. 

Methodology: Best life insurance in Canada

To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:

• Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
• Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
• Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.

All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.

PolicyMe does not receive compensation for any life insurance reviews.

FAQs: Co-operators life insurance review

Who is eligible for Co-operators life insurance

To be eligible for Co-operators Life Insurance, you must meet the company's underwriting guidelines, which consider factors such as age, health, and lifestyle habits. For example, some of their term life policies are limited to individuals ages 18 to 49, and there may be limitations or exclusions based on other factors. It's best to contact a Co-operators representative if you have questions concerning your eligibility for term or permanent life insurance.

How do I make a claim on my Co-operators life insurance policy?

To make an insurance claim on a Co-operators Life Insurance policy, you or your beneficiary should contact the company's claims department through phone (1-800-454-8061) or email (individual_life_claims@cooperators.ca), or reach out to your Co-operators financial advisor to start the claims process. Your claims advisor will likely ask you to complete a set of forms, including a Notice of Death, Proof of Death, and Disclosure Authorization form. Once approved, the benefits will typically be paid out according to the terms of the policy.

Can I change my coverage amount or term length after purchasing a Co-operators life insurance policy?

After purchasing a Co-operators life insurance policy, you may be able to adjust your coverage amount or term length within the first five years of owning the policy. Cooperators’ Versatile Term 10 policies can be upgraded to term lengths of 20, 25, or 30 years without medical evidence before the five-year anniversary of your policy. But, Term 20, 25, and 30 policies may not be adjustable, so you’ll need to speak with a local representative if you want to make changes.

How long does it take to get a quote from Co-operators life insurance?

Co-operators’ online quote portal can provide life insurance quotes for their Term Life 1 and Versatile Term policies within minutes. You will need to contact a local financial representative for permanent life insurance quotes.

What happens if I move to a different province or country after purchasing Co-operators life insurance?

If you move to a different province or country after purchasing Co-operators Life Insurance, your coverage will likely still be in force as long as you continue to pay your premiums. In general, you will need to update your address and speak with a Co-operators representative to ensure that your policy is still appropriate for your new circumstances.

Who owns Co-operators Insurance?

Co-operators Life Insurance is owned by The Co-operators Group Limited, which is a Canadian-owned and operated co-op business. The Co-operators Group Limited has over 70 years of experience providing insurance and financial services to Canadians, and is committed to social responsibility, sustainability, and ethical business practices. As a member-owned organization, policyholders have a say in how the company is run and can benefit from annual dividends.

Jaya Anandjit

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Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.

Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.