This study is aim to explore the co-opetition relationship between life insurance company and bank channel by based on the theory of co-opetition. Case study is adapted for analyzing since this methodology is easy to understand complicated phenomenon. The results show that the relationship between life insurance company and bank channel is complementary than partnership (P: Participants). Actually, competition comes from the imagination from people. Furthermore, well utilizing the capability from sales person to maximize customer value (A: Added value) and follow the regulations of the government (R: Rules) are critical. Well diversifying the life insurance products to promote their differences, which is the dominant way to strength the competitive advantages under the co-opetition age!