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5-year Term Life Insurance for Costco members

Lock in protection for those you love.

Specifically designed for Costco Members, the 5-year Term Life Insurance plan can help provide financial security to your loved ones in case of your death. Whether this is your first life insurance plan or you’re using this one to affordably top up another, choose the amount that’s right for you from $50,000 to $750,000 (in $25,000 increments). Term Life Insurance for Costco members can provide you and your family with coverage for as little as 12¢ per day.*

Plus, you have the option to add two other valuable plans to your portfolio:

  • Accidental Death & Dismemberment Insurance
  • Income Protection Disability Insurance

Guaranteed rates

Pay the same guaranteed rates for 5 years while protecting your family's financial future. Once your first 5-year term is up, your coverage renews automatically – and continues to do so every 5 years with no new medical questions or exams at the time of renewal, even if your health has changed. Coverage expires at age 75.

Get only the coverage you need

Select the coverage amount that's right for you, from $50,000 to $750,000, 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:

  • Savings:
    • All Costco members can save 10% on coverage of $200,000 or more. If you pay annually, you can save even more.
    • Executive Members can enjoy additional savings of up to 5% on the already affordable rates.
  • Faster, simpler approval:
    • If you're age 50 or under, no medical tests are normally required for any amount of coverage.
    • 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 $100,000, 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 73.
  • 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.
  • Conversion option: Though coverage ends at age 75, you can choose to convert to permanent coverage before age 75 and you won't have to undergo a medical exam or answer health questions.

To be eligible, you must be:

  • Canadian residents between the ages of 18 and 65 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.

Accidental Death & Dismemberment Insurance can provide up to $750,000 to your family for accidental losses other than paralysis. In the event of paralysis, your family can get 200% of the coverage amount for up to $1.5M. 

Choose your amount: You can choose a coverage amount from $50,000 to $750,000. Depending on the severity of your injury, you could receive anywhere from 25% to 200% of your coverage amount, or your beneficiary could receive 100% – in addition to your 5-year Term Life Insurance benefit – if an accident results in your death. See the benefit chart below for more details.

Once you or your beneficiar(ies) receives the cash payment, it can be used to pay for anything – from therapy to mortgage payments to a vacation.

Also included at no extra charge:  Up to $10,000 for home alteration and vehicle modification. If you need to use a wheelchair due to a covered accidental injury, this plan can provide up to $10,000 – on top of your coverage amount – for alterations to make your home and vehicle wheelchair accessible.

Note: This benefit can be split between alterations to your home and vehicle, up to a total combined benefit of $10,000 (not $10,000 for each).

Accidental Death & Dismemberment coverage amount by type of loss
Type of Loss Coverage amount
Paralysis (quadriplegia OR paraplegia OR hemiplegia) 200%
Loss of life 100%
Loss of use of both hands or both feet 100%
Loss of sight in both eyes 100%
Loss of one hand or one foot 100%
Loss of hand or one foot and sight of one eye 100%
Loss of hearing in both ears and speech 100%
Loss of use of one arm or one leg 75%
Loss of use of one hand or one foot 67%
Loss of sight in one eye 67%
Loss of speech or hearinf in both ears 67%
Loss of thumb and index finger from the same hand 33%
Loss of hearing in one ear 25%
Los of all toes of one foot 25%

Eligibility: As a Costco member, you, your spouse and your eligible employees may apply for Accidental Death & Dismemberment Insurance as long as the applicant is insured under the 5-year Term Life Insurance Plan. You must be a Canadian resident and be between the ages of 18 and 65, inclusive. Once enrolled, you may stay covered under the plan up to age 75.

Beneficiary:  In the event of a covered accidental injury, benefits will be paid based on the type of loss. In the event of an accident resulting in death, benefits will be payable to the beneficiary(ies) you chose.

Imagine you weren't able to work anymore because of a Total Disability. How would you pay for your mortgage, groceries, utility bills and other expenses? Not to mention expenses related to your injury or illness. Simply put, Income Protection Disability Insurance can help protect your income if you become disabled and cannot work. To ease these financial worries, as long as you own a 5-year Term Life Insurance for Costco members, you can add Income Protection Disability Insurance. 

Choose your amount of protection 

Choose the coverage you want, up to $5,000 a month* until age 65. You can choose an amount up to 65% of your current monthly income. Following a period of Total Disability, you may still be able to receive benefits if you remain partially disabled, up to $2,500 a month for up to 6 months.

*Coverage up to $5,000 a month is only available to Class 1 workers.

Different coverage for different types of job types

You can apply to receive benefits based on two different job types:

  • Class 1: If your work is considered professional, technical or managerial and generally restricted to office duties. Supervisory, other skilled clerical occupations and skilled technical occupations are also included.
  • Class 2: If your job consists of light manual work of a non-hazardous nature.

Depending on your job type, there are different options and details available. See the chart below.

Income Protection Disability Insurance benefits at a glance
Job type Max monthly Total Disability benefit How long can you collect Total Disability benefits? Max. monthly Partial Disability benefit How long can you collect Partial Disability benefits? Optional Cost of Living Adjustment
Class 1  Up to $5,000 To age 651 50% of Total Disability benefit Up to 180 days 3% compounded anually
Class 1 Up to $5,000 Up to 5 years2 50% of Total Disability benefit Up to 180 days Not available
Class 2 Up to $3,500 Up to 5 years2 50% of Total Disability benefit Up to 180 days Not available

If benefits begin after Age 63, they will be payable for up to 24 months

2 If benefits begin after Age 62, they will be payable up to Age 67.

Here's what you can get:

  • Flexible coverage options. Depending on your job type, you can choose to receive benefits for up to 5 years or up to age 65. You can also choose a waiting period of 90 or 120 days. 
    • Tip: The longer the waiting period, the lower your premiums.
  • Optional Cost of Living Adjustment (COLA)
    •  The cost of living is always rising. This option takes that into account by increasing your benefit every year.
    • Following at least 12 months of continuous Total Disability, your Total Disability benefit will be automatically increased 3% each year, compounded annually.
    •  You can add this option if you have a Class 1 profession and are under age 51, as long as you choose to have benefits payable to age 65.
  • Automatic Waiver of Premium included at no extra cost. If you become disabled, you won't have to worry about making the payments for your Income Protection Disability Insurance. The premiums will not be charged for as long as you receive disability benefits under this plan.


You are eligible to apply for Income Protection Disability Insurance provided you:

  • are a Costco member insured under the 5-year Term Life Insurance;
  •  have a regular monthly income of at least $1,000; and
  • are a Canadian resident and are between the ages of 18 and 60, inclusive.
  • Once enrolled, you may stay covered under the plan up to age 65. Note that you are not eligible if you are engaged in hazardous work, or work involving heavy manual labour or heavy equipment.

Limitations and exclusions

  • In order to receive disability benefits, you must be Totally or Partially Disabled, your insurance must be in force, your chosen waiting period must be complete, and you must be receiving regular ongoing care and treatment from a physician.
  • You must make reasonable efforts to fulfill the responsibilities of your job while disabled or we will not pay benefits.
  • Disabilities that are not covered include those resulting from: an intentional self-inflicted injury; involvement in a criminal offence, insurrection or war; uncomplicated pregnancy, including childbirth; injuries that have no visible wound or contusion (except for injuries revealed by an x-ray or other diagnostic test).
  •  Your premiums will not be waived if you attempt to claim benefits due to a disability that results from any of the exclusions listed above.
  • You will not receive benefits if you become disabled after spending more than 6 months outside of Canada or the U.S.
  • Benefits may be reduced or no benefit will be payable in some circumstances. Please review your policy for full limitations and exclusions.
  • While disabled, you must make reasonable efforts to:
    • recover from your disability, including participation in any reasonable treatment or rehabilitation program;
    • return to your regular occupation during the first 24 months that benefits are payable;
    • obtain training in order to qualify for another occupation if it becomes apparent that you will not be able to return to your regular occupation within the first 24 months that benefits are payable;
    • try to obtain work in another occupation after the first 24 months that benefits are payable; and
    • obtain benefits that may be available from other sources.

If you fail to make reasonable efforts as outlined above we will not pay monthly income benefits.

Take action


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For more information and to speak to a Licensed Insurance Advisor, call

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Ready to apply for 5-year Term Life Insurance?

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. 

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Our 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