Co-operators’ Term Life Policies: Individual or joint
The Co-operators are a major supplier of property and casualty insurance in Canada. They also market term 10 and term 25 life insurance plans through their captive sales force.
Both term plans are offered on an individual or joint life basis. Their term 10 is not very well priced at most age groups; however, they are one of the few insurance companies in Canada to offer a 25-year term. Only three insurance companies in Canada offer a 25-year term: Primerica; Unity Life and Co-operators. Twenty-five year term coverage—offering level premiums for the first 25 policy years—can be a good fit for young families wanting to cover a mortgage. On the downside, the lack of competition makes it a less competitively priced plan.
For example, a 40-year-old male non-smoker can get $250,000 standard rate Term 20 coverage with Canada Life for $36.45 per month. The same amount of coverage would cost $44.33 per month on the Co-operators’ Term 25 plan.
Below are examples of Co-operators Term 10 rates at $250,000 of coverage:
35-yr male N/S:...$20.25/month
45-yr male N/S:...$34.65/month
55-yr male N/S:...$77.40/month