Protect your family’s financial future.
When you have a family, so much can happen in a decade. And each decade brings more reasons to help protect your family’s financial future with life insurance.
Specifically designed for Costco, the 10-year Term Life Insurance plan can help provide financial security to your loved ones in case of your death. It can be used for anything from final expenses to children’s education to retirement for your spouse – whatever your beneficiary chooses. And it’s available to you at Costco members-only rates. Term Life Insurance for Costco members can provide you and your family with coverage for as little as 12¢ per day.*
Pay the same guaranteed rates for 10 years, while protecting your family's financial future. Once your first 10-year term is up, your coverage renews automatically - and continues to do so every 10 years with no new medical questions or exams at the time of renewal, even if your health has changed. Coverage expires at age 80.
Get only the coverage you need
Select the coverage amount that's right for you, from $50,000 to $1 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:
- Savings: All Costco members can save 25% on coverage of $250,000 or more and 30% on $500,000 or more. Executive Members can enjoy additional savings up to 5% on the already affordable rates.
- 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**.
- Accidental Death Benefit: Included at no extra cost, your family can receive an additional 25% of the life coverage amount, to a maximum of $250,000, in the event of accidental death before age 75.
- Job Loss Waiver of Premium: If you or your spouse involuntarily lose your job while insured, and you or you spouse are under age 70, you won't have to pay premiums for up to 9 months while you're unemployed. To receive this benefit, you/your spouse must already be covered by this plan at the time of job loss, and you must be unemployed for 30 consecutive days before making a claim.
- 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 78.
- 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 80, you can choose to convert to permanent coverage before the coverage terminates and you won't have to undergo a medical exam or answer health questions at the time of conversion.
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.
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
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.
* Term Life rate based on a female non-smoker, Executive Member, aged 30, with a coverage amount of $50,000.
** 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.