It may not be the most comfortable topic to think about, but having life insurance in place offers some financial security and peace of mind for those you care about, especially if you're a parent. Life insurance can also be used to help support your partner or elderly parents.
Why do I need life insurance?
Typically people want life insurance to help financially protect their children and spouse in case of their death. It can be used to help family members maintain their lifestyle and cover the likes of education costs and expenses from groceries to house payments should you no longer be around.
Life Insurance from Co-op is the ideal way to do this. You pay a small regular payment, and should you pass away while covered by the policy, or if you are diagnosed with a terminal illness where life expectancy is 12 months or less, Term Life cover will pay out a cash sum to your loved ones to help them cover your funeral costs and monthly bills. The policy is underwritten by Legal & General, who have been protecting families for over 180 years.
Can anyone take out life insurance?
Yes, if you are between 18-77 years old you can take out Life Insurance from Co-op and the application process is thankfully easy and straightforward. You can get a quote in 2 minutes and be covered in 20 minutes. We’ve all got enough to be doing after all! Simply visit coop.co.uk/life to get started.
How much will it cost me?
Balancing finances is tough for everyone right now, but the affordability of the Life Insurance Co-op policy is one of the things that makes it so ideal, with prices starting from just £5 per month, depending on your personal circumstances.
The benefits
Co-op takes pride in helping families to find the right cover for them, they understand the importance of your peace of mind. When you choose Life Insurance and become part of the Co-op family, you’ll receive a welcome gift worth £100.*
Ultimately, you want a life insurance policy that you know will look after your family. As well as Terminal Illness cover, Life Insurance from Co-op provides an immediate payment for funeral expenses up to £10k. It also includes Accidental Death cover in the first year of the policy plus access to telephone wellbeing support from medical professionals.
Life insurance can be taken out as either a single policy or a joint policy which covers two people, for example, you and your partner. In this case, the chosen amount of cover would be paid out if the first person dies, during the length of the policy, after which the policy would end.
It’s also possible to add on Critical Illness Cover. This provides a payment of up to £5,000 if you are in hospital with physical injuries for a minimum of 28 consecutive days, immediately following an accident or illness diagnosis. Illnesses covered include cancer, heart attack, stroke, or dementia. The Children's Critical Illness Cover can also be added should they be diagnosed with one of the critical illnesses covered.
To find out more or to start your life insurance application, visit coop.co.uk/life.
*Terms and conditions apply. Life cover is provided by Legal & General.