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.
$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.
We got talking to Aman while looking for life insurance. We wanted a detailed insight to the several options available to us. We found Aman very knowledgeable in the subject of insurance. As a broker he could explain the various products and plans to us.
More importantly, he also explained the entire process of getting insurance and underwriting to us. He is not pushy or in a hurry to sell anything. He focused on our needs and hence gave us a sense of comfort. We found him very friendly and well conversant. His knowledge and personality would encourage me to refer him to the people I know looking at life and health insurance options.
I was filling out the application, and found that it only applies to Canadian residents. Is that correct….
Syed Raza
Hi Willene, Thanks for the note. I’ve sent you a separate email.
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I was filling out the application, and found that it only applies to Canadian residents. Is that correct….
Hi Willene,
Thanks for the note. I’ve sent you a separate email.