Should you secure a policy with Foresters Friendly? A quick…
Yes, as well as standard life insurance, Co-op also offer over 50s life insurance to UK residents aged 50 - 80.
This is a type of policy that pays out a guaranteed cash lump sum to your loved ones when you pass away.
The application doesn’t include any medical questions and acceptance is guaranteed.
At Reassured, we can’t provide quotes from Co-op, but we can compare over 50 life insurance quotes from other leading insurers to help you find the right policy.
Get in touch for your free, personalised quotes. Acceptance is guaranteed if you’re aged 50 - 85.
Continue reading as we provide everything you need to know about Co-op life insurance for over 50s in this review…
According to financial experts, Co-op over 50 life insurance is a good product - receiving a 4 star rating (out of 5 stars) by Fairer Finance and Defaqto.
See below the Co-op customer experience ratings based on certain services:
|Claims score |
Please note, this is not the total amount of claims that are paid. This is a unique score provided by Fairer Finance to rank providers based on the percentage of claims that have been paid over the last few years
This score shows how good an insurer is at handling complaints compared to its competitors
This score shows how transparent an insurer is with customers in their terms and conditions and their customer journey
|Overall customer experience rating||72.00%|
Co-op life insurance (term and decreasing policies) is only rated 2 stars by Defaqto and there are no other expert ratings or reviews available.
Co-op insurance (including life, home, pet and car insurance) in general has a 4.2 (out of 5) star rating on Trustpilot based on 1,049 customer reviews (as of 18/09/23).
At Reassured, we have more than 70,000 reviews on Trustpilot and our service is rated ‘Excellent’ overall. We compare quotes from some of the biggest insurers in the UK.
The Co-operative Group (known as the Co-op) is the UK’s largest mutual business, owned by millions of UK customers.
Founded in 1863, it was a wholesaler providing food and other produce to co-operative stores across England.
Today, the Co-op is still a leading food retailer in the UK, but they’ve also branched into legal services, funerals and insurance.
Co-op returned to the life insurance market in 2019 through Royal London, who underwrite their over 50s policies.
Whether you take out over 50s life insurance with Co-op or any other insurer, your policy could help to cover a range of costs for your loved ones during a difficult time.
As mentioned, the maximum cover limit for Co-op over 50s life insurance is £10,000. The exact amount you can secure will depend on your personal circumstances.
It’s important to note that the cover limit for most other insurers is higher (sometimes up to £20,000), so you may be able to secure a larger amount for loved ones elsewhere.
At Reassured, we can help you compare quotes for over 50s life insurance to help you find the highest amount of cover for the lowest price we can offer.
Over 50s life insurance lasts for the rest of your life and guarantees a cash pay out to your loved ones when you pass away.
It’s designed for people over 50 who may have poor health and have found it difficult to secure other types of life insurance.
The table below explains the key features of Co-op over 50 life insurance and how it works:
|Fixed monthly premiums||You’ll pay a fixed monthly premium until you turn 95 or until you pass away to keep cover in place. Your premium will be determined by the amount and length of cover you choose, and your personal circumstances (including smoking status)|
|Fixed pay out up to £10,000||The amount of cover you can secure will depend on your personal circumstances and budget|
|Guaranteed acceptance||You’re guaranteed to be accepted for a policy if you’re a UK resident aged 50 - 80. You don’t have to provide any medical information during the application process|
|Full cover after 24 months||A full pay out is guaranteed after the 24 month waiting period|
|Immediate accidental death cover||If you pass away due to an accident during the waiting period, a full pay out will be made. If you pass away due to natural causes then Co-op will refund the premiums you’ve paid|
Read our full guide to how over 50s life insurance works for more information »
Co-op offer additional features and benefits to customers who take out over 50s life insurance.
It’s important to check the terms and conditions of your policy to ensure whether these benefits are reflected in your policy.
Reassured can’t help you secure Co-op over 50 life insurance. However, we can offer an array of life insurance options from some top UK providers and help you make an informed decision.
Simply contact us today for your free, no- obligation quotes.
According to their website, Co-op over 50s life insurance costs between £3.95 and £100 a month.
How much you pay depends on:
Information about your health and some lifestyle factors are not taken into account to calculate your monthly premium.
It’s helpful to compare various options from different insurers so you can find your ideal policy, at an affordable price.
With policies available through Reassured, it’s possible to secure up to £20,000 of cover depending on your personal circumstances and budget.
Get in touch with Reassured for your free, personalised quote comparison and see if we can help you save money today.
Co-op life insurance
As well as over 50 life insurance, Co-op also offer two types of term-based cover:
Both options provide cover for a set term and will pay out if you’re diagnosed with a terminal illness or pass away during the term.
You can secure up to £750,000 depending on your needs, personal circumstances, and budget. Prices start from £7 a month with the Co-op.
You may consider term life insurance if you want to secure larger sum assured than an over 50s plan to help cover an outstanding mortgage and/or other essential costs for your family.
However, the application includes questions about your health and lifestyle so these factors will affect your eligibility and the cost of your monthly premiums.
At Reassured, we can’t compare Co-op term life insurance, however we can compare multiple term life insurance quotes to see if this could be a good option for you.
Prices start from just £5 a month † , so get in touch for your free quotes.
Co-op serious illness cover
This is an optional extra (similar to critical illness cover) that can be included with your policy for an additional cost. Serious illness cover pays out a lump sum if you develop a specified serious illness during the policy term.
Co-op will pay out for the following illnesses:
Your condition will need to meet the medical definitions that Co-op has in place, and you must survive 30 days from diagnosis.
This is a single pay out which cannot be less than £1,000, and the amount you will receive is age dependent:
Co-op funeral plan
Co-op offer pre-paid funeral plans to cover a range of burials, cremations and alternative send offs. These can be secured simultaneously or instead of life cover to fund your funeral in advance.
Reassured doesn’t offer funeral plans. However, we can help you secure over 50s life insurance which can contribute towards your funeral costs.
Simply contact us to see if we can secure you a competitive quote.
Co-op term life insurance comes with additional features and benefits, these include:
Terminal illness cover - This cover allows you to make an early claim on your policy if you’re diagnosed with a condition which leaves you with less than 12 months to live. You can receive an early pay out to help get your finances in order and/or to enjoy with loved ones.
All term life insurance policies available through Reassured come with free terminal illness cover.
Payment holidays - As described above, it’s possible to take a break from your payments for up to six months, as long as you cover the outstanding payments at the end of the payment holiday. Your cover will continue during this time.
Children’s cover - If you have secured a policy with serious illness cover, you’ll have children’s cover included. If your child develops one of the specified serious illness conditions between the age of 30 days - 18 years old, you’ll be able to claim 25% of the sum assured from your serious illness cover policy. This isn’t applicable with pre-existing conditions.
Policy length and sum assured reduction - You can reduce the length of your cover and sum assured multiple times, providing your premium still equals more than £7 per month and your policy term is more than 5 years. However, you cannot increase the policy length, or sum assured unless you secure a new plan.
Like many providers, Co-op offer a free welcome gift once you’ve secured life insurance through them.
Currently, until the 28th of December 2023, you can choose from the following gifts as a new over 50 life insurance customer:
Or, if you take out term life insurance with Co-op, you can choose from the following gifts:
Terms and conditions apply for eligibility.
While these offers seem enticing, you can only claim a gift if you buy life insurance directly from Co-op, which may not provide you with the cheapest deal.
Ultimately, it’s important to choose a policy based on your needs and budget. Comparing quotes from different insurers can help you find a suitable option.
Reassured are currently offering a £30 Love2Shop gift voucher when you refer a friend.
Once your referred friend has made 3 successful premium payments, you’ll be able to apply for your voucher. Vouchers are per friend you refer, but you’ll only receive one voucher if a friend secures multiple policies.
For more information, feel free to contact our award-winning team today.
If your loved ones need to make a claim, they can contact Co-op through their phone number or address (below).
Co-op will guide you through the procedure, which will include:
Once all this information has been approved, Co-op will aim to pay successful claims within 10 working days.
Is Co-op over 50 life insurance underwritten by another company?
Yes, all Co-op life cover policies are underwritten by The Royal London Group.
Royal London provides risk assessments on behalf of Co-op. However, they also offer their own life insurance products.
Can you have more than one over 50 life insurance policy with Co-op?
Yes, it’s possible to take out multiple policies if you require more cover.
However, the maximum sum assured you can get is £10,000 across all Co-op over 50 life insurance policies.
Can you write Co-op over 50 life insurance in trust?
Yes, you can. Placing life insurance in trust is a legal process which ensures your pay out is made to a trustee and not your estate when you pass away.
Doing this has a number of benefits, including:
Co-op will need a copy of the trust deed (sent to their customer services address below) before they can pay out.
Reassured offer a free trust writing service for the majority of the life insurance policies we arrange. Get in touch with our friendly team to learn more.
When do Co-op pay out?
Once Co-op have received all the required paperwork, they will aim to pay out the sum assured on successful claims in 10 working days.
Can you buy Co-op over 50 life insurance online?
No, you can’t purchase Co-op over 50 life insurance (or any other policy) online. You will either need to call or write to Co-op to purchase a policy.
However, you can buy life insurance online through Reassured. Our comparison service provides quotes from some of the UK’s top providers.
Our fee-free service will also help you to find our cheapest price.
How do I cancel a Co-op over 50 life insurance policy?
To cancel a Co-op over 50 life insurance policy you can call 0345 268 6081.
Or you can write to:
D2C Co-op, PO Box 697
Royal London House
If you cancel within 30 days of receiving your welcome pack, all premiums you’ve paid will be refunded.
If you cancel and have paid at least half of the payments due during the policy term, your loved ones will still receive a lump sum when you pass away, as per the Co-op payout promise.
How do I contact Co-op?
Co-op’s life insurance number is 0345 268 6081.
Their opening hours are:
You can email: firstname.lastname@example.org
You can write to:
PO Box 445
Royal London House
Co-op life insurance can't be secured through Reassured.
However, we can help arrange other over 50 life insurance policies from some of the UK’s biggest and best insurers.
Reassured offer a life insurance quote comparison service to assist you in sourcing the cheapest quotes available from our partners.
Over 50 life insurance through us starts from just £5 a month and it’s possible to secure up to £20,000 for your loved ones.
We can also compare quotes for a range of other policies to suit different needs and circumstances.
Our friendly team will locate quotes which are no-obligation, personalised and completely fee-free.
*Depending on your age, smoking status and budget
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry