Life Insurance: Costco and Manulife Financial

Costco offers a
term life insurance plan.
Photo by Greenwenvy08

Costco offers term life insurance policies underwritten by Manulife Financial that are available to Costco Members. They can purchase policies with face amounts of $50,000 to $500,000 in multiples of $25,000.

Examples:

A 45-year-old, female non-smoker can get $150,000 of supplemental life insurance for $24.36 per month.

A 45-year-old, male non-smoker would pay $28.56 per month for the same $150,000 of coverage.

The rates on the policy are level for a five-year term. However,compared to similar coverage with outside carriers sold through independent brokers, the plan does not fare favourably.

Case and a point: looking outside the Costco plan, a 45-year-old, female non-smoker can get the following:

$150,000 in 10-year Term coverage with Standard Life costs $17.73 a month.

$150,000 in 15-year Term coverage with Industrial Alliance costs $23.09 a month.

Lisa Harbinson wanted a new life insurance policy for her mother Joyce. She thought mom was paying too much at over $100 a month for a $10,000 term policy that she had borrowed money against and now it was time to pay it back. (1 of 81)

Lisa HarbinsonRead more

$150,000 in Term 20 coverage with Manulife Financial costs $26.02 a month.

A 45-year-old, male non-smoker can get the following:

$150,000 of Term 10 coverage with Equitable Life costs $22.86.

$150,000 of Term 15 coverage with Industrial Alliance costs $30.92.

$150,000 of Term 20 with Equitable Life is $36.36 a month.

For more details on term life insurance in Canada, please contact us at 1-866-899-4849 or visit our Term Life Instant Quote Page.