Cooperators Life Insurance Company
 The Cooperators Life Insurance was created on January 1, 1982, as a single national life company for the Cooperators, after the amalgamation of Co-operative Life Insurance Company and Co-operators Life Insurance Association both belonging to the Co-operators Group. Company now is one of the 10 largest Life Insurance Companies in Canada with about $3.5 billion assets and employs 880 people. It is based in Regina, Saskatchewan.
Life insurance is usually used by people to solve their financial problems after death. It is for your survivors – a spouse, children and other dependents. It can also pay off people mortgage and help them to put money away for children’s education, accumulate funds for retirement income. By securing of family’s financial future, life insurance offers people peace of mind.
How can people do such protection for their families? Firstly you must decide how much life insurance you need. One common measure for it is between seven and ten times your current income. Secondly there are basically two types of life insurance – permanent policies or temporal policies called term policies. Permanent needs should be covered by the permanent insurance and temporary needs with term insurance. Temporary needs include your mortgage, needs for continuing income when your children are young and things like your business obligations.
A permanent needs include things like funeral expenses, supplementing money for a survivor’s income, covering capital gains taxes at death and providing for children who will remain dependent for their lifetimes due to a disability.
Term Insurance provides insurance coverage for a specified period and then expires. During a term policy, premiums usually remain level, but increase if that term is renewed. When your coverage expires, you no longer have insurance.
Term Insurance coverage could extend to age 80 provided premiums are paid. It is available three options when premiums increase every 10 years to age 80; premiums level for 25 years increasing every 20 years thereafter to age 80; premiums level to age 75.
The Co-operators provides some benefits of term insurance what means the possibility of choice of monthly, semi-annual or annual payments, the availability of a convenient bank debit payments; it is also guaranteed a full death benefit while policy is in force; we provide as well possibility to use term life insurance as a flexible component of your insurance program allowing for that your policy can be converted to permanent policies; our versatile term insurance plans provide lower premium rates for Canadians meeting our preferred rate classification requirements.
Permanent Insurance provides protection for entire client lifetime, so far as the policy is kept in force.
Among some main features of permanent policies: level premiums in spite of the fact that the risk of death increases with age, two types of cash value available when the reserves accumulate as a cash value or cash surrender value, and interest-rate sensitive policies. The most flexible of interest - rate sensitive policies is called Universal Life at The Co-operators.
It you would be interested in any additional information about life insurance, please, check Co-operators’ Agent Profile Pages to find the Agent closest to you. Any of our agents would be pleased to help you with our products designed to meet the specific needs of our clients.
Currently the Co-operators provides life insurance to 566,000 Canadians under individual and group contracts, as well as extended health, dental and disability group benefits, manages $ 1.6 billion in funds to help Canadians to reach their saving goals and post-retirement needs, and more.
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