Co-op Is Back In The Life Insurance Market

Manchester-based general insurer Co-op is back in the life insurance market, having launched a new term life product, with the promise of more new life products to come.

“Life insurance emerged as one area that members found complex, confusing and in need of a Co-op alternative, so it seemed like a good place to focus our activity. We went back to members, asking them to help us understand what they were looking for in a life product, before asking them to Join In again to help us prioritize a list of features and benefits that we had  developed on the back of previous conversations. From this we were able to understand how members viewed incentives, product features and aspects of the buying process.”

The new product – Co-op Life Cover – requires users to answer “eight simple questions” to apply and allows users to take a “payment holiday”, meaning if policyholders paid into the policy for 12 months or more, they have the option to take 2 payment holidays of up to six months during the lifetime of the policy if/when struggling to keep up with payments. Get a feel for its UI below:

Get a feel for its UI below: