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Long-term coverage with predictable premiums, designed for your life today and in the future.
A lot can change in 20 years. Children go away to school, mortgages continue to be paid off, and life moves forward along with expenses. That’s why the NEW 20-year Term Life Insurance plan was created specifically for Costco members who want long-lasting protection for the people who matter most.
With coverage options ranging from $50,000 to $2 million (in increments of $25,000), this plan can help provide financial security for your loved ones in the event of your passing. Additionally, if you're diagnosed with a terminal illness and have less than 12 months to live, you can access up to 50% of your coverage (maximum $200,000) through the included Living Benefit. Your premiums will remain the same throughout each 20-year term, making it easier for you to plan for the future.
Plus, Executive members can save up to 5% on most insurance plan premiums!
Guaranteed rates
Pay the same guaranteed rates for 20 years, while protecting your family's financial future. Once your first 20-year term is up, your coverage renews automatically - and continues to do so every 20 years, or up to age 90 with no new medical questions or exams at the time of renewal, even if your health has changed. Coverage expires at age 90.
Get only the coverage you need
Select the coverage amount that's right for you, from $50,000 to $2 million, in $25,000 increments. If you are not sure how much coverage you need, try our Life Insurance Calculator.
Here's what you can get:
- Faster, simpler approval: If you're age 50 or under, no medical tests are typically required for any amount of coverage at the time of application. The same goes for those age 51 to 55 applying for up to $250,000*.
- Cash advance: With the Living Benefit, you'll be eligible to receive a cash advance of up to 50% of your coverage amount, to a maximum of $200,000, if you're diagnosed with a terminal illness with less than 12 months to live. At the time of death, your beneficiary(ies) will receive the remainder of your coverage amount. This benefit is available to you after two years of continuous coverage up until the age of 83.
- Non-smoker rates**: Pay less with lower non-smoker rates, which are available if you haven't used any form of tobacco or tobacco cessation products in the past 12 months.
- 30-day free look: If you decide within the first 30 days of coverage that you would like to cancel, you can receive a full refund – no questions asked.
To be eligible, you must be:
- Canadian residents between the ages of 18 and 70 inclusive
- Costco members, their spouses*** and employees
Suicide is not covered if it occurs within two years of the effective date of coverage.
- You may name one or more beneficiaries to receive any death benefit payable after your death.
- If there is no surviving beneficiary or if no beneficiary has been named, any death benefit that becomes payable upon your death will be paid to your estate.
- You must name a trustee for any beneficiary(ies) under the age of 18. In Quebec, the designation of the spouse as beneficiary is irrevocable unless otherwise stated.
Take action
Downloads
Contact us
For more information and to speak to a Licensed Insurance Advisor, call
1-866-707-4922
(Monday – Friday 8am – 8pm ET)
Or email am_info@manulife.ca
Ready to apply?
If you’re ready to lock in the coverage that works best for you – take the next step and get a quote for the coverage you need, then proceed to the application.
Get a quote and applyOur 30-day guarantee
If you are not satisfied with your coverage, simply return your insurance policy to Manulife within 30 days of receiving it, and any premiums paid for the coverage will be promptly refunded.1
* Limitations, exclusions, and conditions may apply. Manulife reserves the right to request medical information (tests and/or questions) deemed necessary to approve an application for insurance.
**Non-smoker means a person who has not used any cigarettes, e-cigarettes, vapes, cigarillos, chewing tobacco, nicotine substitutes (such as gum or patches), shisha or hookah pipe, betel nuts, nicotine or tobacco in any form in the past 12 months.
*** Eligible spouse means a person who is legally married to the member, or if not legally married to the member, resides with the member in a conjugal relationship for a continuous period of not less than 2 years.
1 The insured may, within thirty (30) days after receiving this policy, return it to the address below for cancellation. The policy will be considered never to have come into effect and any premium paid up to the end of the 30-day examination period will be refunded, less any claims paid. Where claims paid exceed premiums, the difference must be repaid to the insurer immediately. This right of cancellation expires thirty (30) days after the policy is received by the insured and does not apply to any reissued, substituted or consolidated policy continuing coverage that commenced under a previously issued policy. The rights of any beneficiary under the policy are subject to this right of cancellation.