What is Term Life Insurance?

If you were to die while covered by this plan, your family would receive the benefit amount you selected in one tax-free, lump sum to spend any way they want. Now you can choose the plan that best fits your needs and budget: 10-Year Term Life Insurance or 5-Year Term Life Insurance.

Term life insurance provides coverage for a set period of time. The period (or term) of the coverage can be either a fixed number of years (e.g. 5 years or 10 years) or to a set age (e.g. to age 65). Once the term expires, the insured person has the choice to renew for another term (e.g. 5 or 10 years), convert to permanent coverage, or allow the policy to terminate.

Term life insurance is affordable coverage that provides temporary life insurance protection and is easy to apply for.

Plans comparison at a glance

Plan features 10-Year 5-Year
Eligible ages 18 – 70 years old 18 – 65 years old
Termination age 80 years old 75 years old
Minimum coverage $50,000 $50,000
Maximum coverage $1,000,000 $750,000
Living Benefit 50% of coverage to a maximum of $100,000 50% of coverage to a maximum of $100,000
Other included benefits
  • Accidental Death
  • Job-Loss Waiver of Premium
None
30-day money back guarantee Yes Yes
Optional benefits (Riders) None Accidental Death & Dismemberment, Income Disability Protection
No medical tests normally required
  • Up to $1,000,000 to age 50
  • Up to $250,000 to age 55
  • Up to $750,000 to age 50
  • Up to $250,000 to age 55
Savings to ALL Costco members on higher amount of coverage
  • 25% savings on coverage of $250,000 or more
  • 30% savings on coverage of $500,000 or more
  • 10% savings on coverage of $200,000 or more
Extra savings for Executive Members Up to 5% Up to 5%

  • You may name one or more beneficiaries to receive a benefit payable after your death.
  • If there is no surviving beneficiary or if no beneficiary has been named, a death benefit that becomes payable upon your death will be paid to the owner of the insurance policy, if living, or otherwise to your estate.

Suicide is not covered if it occurs within two years of the effective date of coverage.

Why might you want it?

The need for life insurance depends on what's going on in your life. Check the tab below that best fits you to find out some ways in wich life insurance could be helpful to your loved ones.

You might want to leave money behind to cover:

  • College or university tuition
  • Day-to-day expenses and bills
  • Debt payments
  • Rent or mortgage
  • Your income
  • Your funeral expenses

You might want to leave money behind to cover:

  • Your mortgage and other debts
  • Day-to-day expenses and bills
  • Your income
  • College or university tuition, if you have children
  • Your funeral expenses

You might want to leave money behind to cover:

  • Business-related loans
  • Your mortgage and other debts
  • Day-to-day expenses and bills
  • Your income
  • College or university tuition, if you have children
  • Your funeral expenses

You might want to leave money behind to cover:

  • Employee life insurance you may lose due to retirement
  • Your spouse's retirement
  • Day-to-day expenses and bills
  • Debt payments
  • The remainder of your mortgage
  • Your income
  • Your funeral expenses
  • An inheritance for your family
10-Year Term Life Insurance
5-Year Term Life Insurance