Established in 1844, Coop is now one of the world’s largest consumer co-operatives, owned by millions of members. It is the UK’s fifth biggest food retailer with more than 2,500 local, convenience and medium-sized stores. The business is also the UK’s number one funeral services provider, a major general insurer and a growing legal services business.
Topics
Life Insurance
Coop offers three main types of life insurance cover:
Level Cover – this pays out a fixed lump sum amount to your dependants.
Decreasing Cover – this helps to cover any debts that will decrease over time, such as a repayment mortgage
Monthly Income Benefit – this provides your family with up to £2,500 of monthly income for the remainder of the policy.
Coop also offers payment holidays for their life insurance: once you’ve had your policy for 12 months you can take two breaks of up to six months. Fixed monthly payments are from £7 per month and Terminal Illness Cover is included at no extra cost.
Find out more
Over 50s Life Insurance
Coop’s Over 50s Life Insurance pays out a lump sum of money when you die to a person of your choice. Acceptance is guaranteed if you are a 50 to 80 year old UK resident. Fixed monthly payments are between £3.95 and £100: The size of your monthly payment affects the amount that is paid out on death. If you die within the first two years as the result of an accident then this policy will pay out in full, if your death is not as the result of an accident, you will get a refund for the amount you have paid in so far.
Find out more
Mortgage Life Insurance
Coop does not offer mortgage life insurance.
Critical Illness Cover
Coop’s Serious Illness Cover is designed to pay out a set amount of money if you develop one of the illnesses we cover: cancer, heart attack, multiple sclerosis, benign brain tumour, stroke or dementia. Serious Illness Cover is an optional extra that you may be able to add to your life insurance. If you choose to add it, you’ll pay an extra premium for this. You can’t have this cover on its own. The amount that you are covered for is dependent on your age at the time of taking out a policy.
Find out more
Whole Life Insurance
Coop does not offer whole of life insurance.
Income Protection Insurance
Coop does not offer income protection insurance.
Other Services
Coop has a large range of insurance offerings, including car, home, life, travel, buildings, pet, breakdown and young driver insurance.
Coop Reviews and Ratings
Online reviews for Coop Insurance are quite negative with people criticising the company’s rude, incompetent staff and disappointing customer service. Many have been happy with the initial deals they have obtained from the Coop, but unhappy at renewals. Noteworthy are the large number of existing and loyal customers who are now unhappy with the Coop’s service levels.
Trust Pilot – 2/5 (based on 792 reviews)
Reviews.co.uk – 4.1/5 (based on 8 reviews)
Pros
- A long established, trusted brand and one of the world’s largest consumer co-operatives
- Competitive monthly payments from £3.95
- 5% off life cover for members for the term of the policy
- £50 Co-op Food vouchers when you buy a new life cover policy
- Payment holidays offered
- Terminal illness cover included at no extra cost
- A large range of insurance offerings
Cons
- Poor customer reviews
- Reports that long standing customers not treated particularly well
- Serious illness cover not available as a stand-alone product
- Income and mortgage protection policies not offered
- No online resources or tools available
Website: Coop