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.
$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.
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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.