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Key takeaways:
Costco is a well-known retail chain that also offers a variety of financial and insurance products, including life insurance. Costco Canada's life insurance is provided by Manulife, one of the largest banks. Their products are super limited though, they only offer a five-year term and a 10-year term policy. We only suggest Costco for Costco members looking for a short-term policy otherwise, it's not worth it.
"Our agent is very thorough in explaining the coverages with us. He's professional, always returns calls promptly if we have questions. The coverage was by far the most economical when I shopped around for coverages. They offer an extensive list of types of insurance that can be truly geared to our specific needs." - Customer on Better Business Bureau.
"My dad passed 2 months ago. We called in to make the claim and were told 19 business days for policy funds to be deposited. Nothing was deposited after that time, so we called back twice and were told a rush would be put on it. Still nothing. Called the broker and he talked with them. They told him it would be 5-7 business days. Still nothing. It's now 2 months" - Customer on InsurEye.
Costco life insurance essentially offers a renewable term insurance policy. They offer either a five-year or a 10-year coverage which autmotically renews but the costs of the policy goes up as you age. Although their products are limited, the biggest benefit to their policy is that Costco members get up to 10% on premiums at $200,000+. But otherwise, you're better off getting a cheaper policy that stays the same price throughout your entire policy!
Costco offers one type of life insurance policy: Term Life Insurance. Term life insurance provides coverage for a set period, such as 5 or 10 years.
The amount of coverage you can get from Costco varies based on the type of policy you choose. For Term Life Insurance, coverage ranges from $50,000 to $1 million.
The eligibility criteria for Costco Life Insurance vary based on the policy you choose. Some applicants may be required to undergo a medical exam, while others may not. It is important to accurately disclose any medical conditions during the application process to ensure that you receive the proper coverage.
You can apply for Costco Life Insurance online by completing an application and providing basic personal and financial information. Depending on the policy you choose, you may be required to provide additional documentation, such as medical records or proof of income. Once your application is submitted, you will receive a quote and can choose to accept or decline coverage.
Here are more reviews of Canadian life insurance companies:
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