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CoopLIFE Advantage

Death is an aspect of life that we often prefer to ignore. This tends to leave us unprepared when a loved one passes on. In a time of grief the Co-opLIFE Advantage replaces stress with comfort in knowing that funds are available for funeral expenses for you and your loved ones.

Benefits:

  • Premiums are affordable
  • Coverage is available for up to 6 family members who may be included at inception or any time after your enrollment in the plan
  • There is flexibility to increase coverage to the specified levels at any time
  • It is simple

 

Who is eligible for coverage?

Co-opLIFE Advantage is open to all Credit Union members between the ages of 18 and 75. The plan covers up to 6 family members: you, your spouse, children and up to two parents. Family members should be no older than 75 years old. However an individual may not be insured under more than one plan at the same time either as the enrolling member or the family member

 

How does Co-opLIFE Advantage work?

 

  • Once you and your family are enrolled in the plan you will receive a certificate of insurance from Guardian Life which clearly sets out the terms and conditions of your family’s coverage
  • Your monthly premiums will be deducted from your credit union account and paid to Guardian Life
  • Upon the death of any covered family member you must notify Guardian Life within 30 days to receive the death benefit
  • The death benefit is payable to the enrolling Credit Union Member
  • Upon the death of the enrolling Credit Union Member the death benefit is paid to the Nominated Beneficiary and the plan may be continued by anyone of the covered family members who is also a Credit Union Member
  • You need jto note that there are certain circumstance in which a death benefit will not be payable and these are clearly identified on the Application Form and in your certificate of insurance
  • In particular you should note that no benefit wull be paid where any contributing cause of death is sickness or injury which first became manifest prior to coverage being effected unless that coverage was in effect for a continuous period of 6 months

 

Enrollment and Premium Payments Are Easy

Once you are a Credit Union member and can answer “no” to the medical and lifestyle questions on our Application form you are eligible for enrollment. Enrollment is completed by submitting the completed application form with the first premium and instructions for future payments to your credit union. Upon acceptance of your application you will receive a Certificate of Insurance

 

Application forms are available at your Credit Union branch.

Levels of Coverage and Premiums

There are varying levels of coverage(sums assured). The monthly premiums for each level of coverage are:

Plan Type Sum Assured($) Monthly Premium($)
BRONZE 7,500.00 48.69
SILVER 10,000.00 64.93
GOLD 12,500.00 81.16
PLATINUM 15,000.00 97.39

Rates are guaranteed for one year and are reviewed annually on the Plan Date of June 1st

Customer Service and Claims Administration
Any queries or information you need on your plan may be obtained from our Employee Benefits staff at Guardian Life who are always happy to serve you. Our Employee Benefits department will also handle payment of death benefits and any requests for adding family member, changes in beneficiaries or increases in level of coverage.

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