Costco Insurance (underwritten by Manulife Insurance)

500 King Street North P.O. Box 1669. Waterloo, ON N2J 4C6 Canada
Phone Numbers
Tel: 1-800-268-6195
A.M. Best 2023: A+
Financials (CAD Millions)
Total insurance revenue 2022: $23.1B
Total insurance revenue 2023: $24.0B
Life Insurance products
Term Life Insurance
Health & Dental Insurance
Travel insurance
President & CEO
Roy Gori

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    Costco Insurance: Overview

    Manulife provides Life Insurance, Health & Dental Insurance, and Travel Insurance specifically for Costco Wholesale customers including savings for Costco Executive members.

    Manulife is a global financial services group providing a variety of services in Canada, Asia and Europe, and primarily as John Hancock in the United States. It has over 40,000 employees, over 116,000 agents serving ~34 million customers worldwide, and over $1.3 trillion in assets under management and administration. In Canada, Manulife is the largest Life Insurance company based on assets, closely followed by Canada Life and Sunlife Financial.

    Examples of Term 5, 10 Life Insurance Quotes from Costco Insurance (2024):

    TERM 5 for 30 years old$44/month$33/month
    TERM 10 for 30 years old$32/month$26/month

    Costco Insurance products’ pros and cons


    • Accessibility: Convenient to acquire, particularly for Costco’s customers


    • Limited Life Insurance product selection: Lacks offerings of sophisticated Life products such as whole life or universal life insurance
    • Some Living Benefits products are not offered at all, e.g. Disability Insurance (only available a a rider), Critical Illness Insurance

    Term Life Insurance: Overview

    Term lengths & issue agesFace amountsUnique featuresOptional benefits
    Term 5: 18 – 65

    Term 10: 18 – 75
    ⦁ Term 5 – from 50,000$ up to a maximum of $750,000
    ⦁ Term 10 – from 50,000$ up to a maximum of $1,000,000
    ⦁ No medical tests typically required at time of application, up to age 50
    ⦁ 30-day money back guarantee
    ⦁ Accidental Death & Dismemberment, Income Protection Disability

    Guaranteed Issue Life Insurance: FollowMe™ Life Insurance: Overview

    Issue agesFace amountsUnique featuresOptional benefits
    ⦁ Guaranteed acceptance if you apply within 60 days of your group plan ending• From $25,000 up to a maximum of $200,000⦁ 30 day money-back guarantee
    ⦁ Guaranteed renewable up to age 80
    ⦁ Living benefit at no extra cost
    Interested to see how Costco Insurance rates compare with others?

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