Edit Your Location. The Benefits of Coconut Oil. I have been using many new oils to cook or take for health reasons, including flax seed oil, hemp oil, and coconut oil. I’ve have done a lot of research and have come to the conclusion that coconut oil not only tastes great, but the health benefits are amazing. I encourage you to take a look into some of the benefits and give it a try. Of course, one of the first things I looked into were the affects it would have with diabetes and I was very impressed. I have been using many new oils to cook or take for health reasons, including flax seed oil, hemp oil, and coconut oil.