10-Year Term Life Insurance
Pay the same guaranteed rates for 10 years, while protecting your family’s financial future. Select the coverage amount that’s right for you, from $50,000 to $1 million, in $25,000 increments. Need help finding the right amount for you? Try our needs calculator.
Renew every 10 years
Once your first 10-year term is up, your coverage renews automatically – and continues to do so every 10 years with no new medical questions or exams, even if your health has changed. Coverage expires at age 80.
Here's what you can get:
- All Costco members can save 25% on coverage of $250,000 or more and 30% on $500,000 or more.
- Executive Members can enjoy additional savings of up to 5% on the already affordable rates.
- Faster, simpler approval:
- If you’re age 50 or under, no medical tests are normally required for any amount of coverage.
- The same goes for those age 51 to 55 applying for up to $250,000.
Accidental Death Benefit: Included at no extra cost, your family can receive an additional 25% of the life coverage amount, to a maximum of $250,000, in the event of accidental death before age 75.
- "Accidental death" means death caused by an unintentional, sudden, fortuitous and unforeseeable event due exclusively to an external violent cause.
- Certain risks are not covered, including:
- An accident that occurred before the effective date of coverage;
- Any event directly or indirectly related to the ingestion of alcohol;
- Voluntary inhalation or ingestion of drugs or poison;
- Participation in high risk activities;
- Committing a criminal offence;
- Participation in war or insurrection
- Job Loss Waiver of Premium: If you or your spouse involuntarily lose your job while insured, and you or you spouse are under age 70, you won’t have to pay premiums for up to 9 months while you’re unemployed. To receive this benefit, you/your spouse must already be covered by this plan at the time of job loss, and you must be unemployed for 30 consecutive days before making a claim.
- Cash advance: With the Living Benefit, you’ll be eligible to receive a cash advance of up to 50% of your coverage amount, to a maximum of $100,000, if you’re diagnosed with a terminal illness with less than 12 months to live. At the time of death, your beneficiary(ies) will receive the remainder of your coverage amount. This benefit is available to you after two years of continuous coverage up until the age of 78.
- Non-smoker rates: Pay less with lower non-smoker rates, which are available if you haven’t used any form of tobacco or tobacco cessation products in the past 12 months.
- 30-day free look: If you decide within the first 30 days of coverage that you would like to cancel, you can receive a full refund – no questions asked.
- Conversion option: Though coverage ends at age 80, you can choose to convert to permanent coverage before the coverage terminates and you won't have to undergo a medical exam or answer health questions.
As a Costco member, you, your spouse or your eligible employees can apply for 10-Year Term Life Insurance for Costco members, as long as you're Canadian residents between the ages of 18 and 70 inclusive.
Insurance Plans for Costco members are only available to Costco members. If you are not a Costco member, visit your local Costco warehouse for information on how you can become one.
NOTE: Conditions, exclusions, limitations may apply. Please read your policy carefully.