Co-operative Life Insurance Policies Review

The Co-operative Group is the largest consumer co-operative in the UK. Included are The Co-operative Bank and The Co-operative Insurance Society.

cooperative lifeThe umbrella company is an environmentally and socially responsible organization with staff throughout the UK. It strives for fair and honest sales techniques, excellent service, and commits to supporting local, regional, and national communities.

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When we search the market to find you the best life insurance policies, we review the plans and rates provided through the Co-operative, saving you the trouble of doing this yourself.

By purchasing life insurance, you provide for loved ones upon your death. The lump sum benefit payment may be used to pay off a mortgage or other large loan, take care of debts, cover final bills, pay funeral expenses, or maintain the household.

Those who were financially dependent on you can focus on dealing with the loss, rather than worrying about how to pay the bills. It is difficult to put a price on the peace of mind you are providing but comparison-shopping is a smart idea. We do this for you, presenting you with the best options and letting you choose amongst these. Our goal is to make the process as fast and simple for you as possible.

Through a partnership with AXA, the Co-operative offers the Friends Life Protection Account from Friends Life Company Ltd. This account is flexible, allowing consumers to make changes to it when their circumstances change so the protection will always meet their needs.

How Co-Op Compares To Other Life Insurance Companies – No Obligation – 60 Sec Form

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Consumers may include the following in their account: life, critical illness, life or earlier critical illness, or income protection coverage. The account is designed to provide protection and therefore, it does not have a cash-in value.

Level, increasing, or decreasing coverage is available for the life and critical illness components of this plan and premiums start at £5 per month. Level benefits remain the same throughout the policy term. Increasing benefits rise to account for inflation and decreasing benefits decline to reflect the decrease in a repayment mortgage or loan balance but is not guaranteed to cover this balance.

The “Protection Account”

UK residents age 18 to 64 may purchase a Protection Account and the coverage expires at age 69. The critical illness component of the policy includes 39 defined conditions that will result in a benefits payout, including cancer, heart attack, and stroke. Maximum coverage limit is £3,000,000 and terms range from five to 40 years.

Though a Protection Account may be used to provide mortgage protection, the coverage level may not match the mortgage balance. A benefit may not be paid under certain situations, such as pre-existing medical conditions or failure to follow medical recommendations.

Some products feature reviewable premiums, which can increase or decrease the premium amount. Be aware of this before selecting a policy because the premium could become unaffordable. If you stop paying premiums, the coverage will be cancelled and you will not receive a refund. This makes it important to select the correct policy.

Joint Life Coverage

A joint life policy is available that pays out upon the first claim. A replacement coverage option is available that entitles the non-claiming individual on a joint life policy to purchase replacement coverage of the same type rather than the policy ending.

The amount of coverage may not exceed the lower of £1 million and the amount of coverage replaced. This coverage has a term of between one year and the original end date for the joint policy. The plan can also be set up as joint coverage with a double payout, providing a benefit for each of the two lives. It can also be established for the life of another person in which there is an insurable interest.

Stand-Alone Coverage

AXA also offers stand-alone life coverage through Co-operative. This policy has a minimum term of one year. Accident hospitalization coverage is available for life or earlier critical illness coverage or stand-alone critical illness coverage. If a severe physical injury causes the insured to be hospitalized for at least 28 consecutive days, a lump sum of the lower of £50,000 and 20 percent of the coverage amount will be paid.

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Life and critical illness benefits are not affected by this payment. The accident hospitalization coverage has the same end date as the other coverage.

We will review AXA life insurance offered by Co-operative when searching for the best life insurance policy for you. Simply complete our online quote request form and let us do the work…it could not be much easier. Whether you want a level or decreasing term or a whole of life policy, we will find it for you within minutes.

Review what we present, make a decision, and let us help you complete the policy application. Your loved ones will soon be protected, which allows you to relax and enjoy life instead of worrying about the future.