Get 5-Year Term Life Insurance

for Costco members, now with

NEW reduced rates!*

*Applicable to new policies.

5-Year Term Life Insurance

Protect your family's financial future with this important plan. Choose an amount of coverage - anywhere from $50,000 to $750,000 - that best suits your needs and budget in increments of $25,000. Try our needs calculator to find the amount that's best for you.

Guaranteed rates for 5 years

You'll pay the same rates for five years. With guaranteed renewal every 5 years you can renew your coverage at your new rates with no new medical questions or exams, even if your health has changed - until the plan expires at age 75.

Here's what you can get:

  • Savings:
    • All Costco members can save 10% on coverage of $200,000 or more. If you pay annually, you can save even 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.
  • 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 73.
  • 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 75, you can choose to convert to permanent coverage before age 75 and you won't have to undergo a medical exam or answer health questions

Important details


As a Costco member, you, your spouse or your eligible employees can apply for 5-Year Term Life Insurance for Costco members, as long as you're Canadian residents between the ages of 18 and 65 inclusive.

Get a free quote and apply online or download an application today!

Accidents happen. But what if an accident caused you to lose your sight, or even a limb? Could you cover all the medical costs out of pocket? Could you continue to work?

You can cover yourself for as little as $3.20 per month, by adding Accidental Death & Dismemberment Insurance to your 5-Year Term Life Insurance.

Choose your amount

You can choose a coverage amount from $50,000 to $750,000. Depending on the severity of your injury, you could receive anywhere from 25% to 200% of your coverage amount, or your beneficiary could receive 100% - in addition to your 5-Year Term Life Insurance benefit - if an accident results in your death. See the benefit chart below for more details.

Once you or your beneficiary receives the cash payment, it can be used to pay for anything - from therapy to mortgage payments to a vacation.

Also included at no extra charge:

  • $10,000 for home alteration and vehicle modification. If you need to use a wheelchair due to a covered accidental injury, this plan can provide up to $10,000 - on top of your coverage amount - for alterations to make your home and vehicle wheelchair accessible. Note: This benefit can be split between alterations to your home and vehicle, up to a total combined benefit of $10,000 (not $10,000 for each).
Accidental Death & Dismemberment Insurance Benefits by Type of Loss
Paralysis (quadriplegia OR paraplegia OR hemiplegia) 200%
Loss of life 100%
Loss of use of both hands or both feet 100%
Loss of sight in both eyes 100%
Loss of one hand and one foot 100%
Loss of one hand or one foot and sight of one eye 100%
Loss of hearing in both ears and speech 100%
Loss of use of one arm or one leg 75%
Loss of use of one hand or one foot 67%
Loss of sight in one eye 67%
Loss of speech or hearing in both ears 67%
Loss of thumb and index finger from the same hand 33%
Loss of hearing in one ear 25%
Loss of all toes of one foot 25%

Important details


As a Costco member, you, your spouse and your eligible employees may apply for Accidental Death & Dismemberment Insurance as long as the applicant is insured under the 5-Year Term Life Insurance Plan. You must reside in Canada and be between the ages of 18 and 65, inclusive. Once enrolled, you may stay covered under the plan up to age 75.


  • In the event of a covered accidental injury, benefits will be paid based on the type of loss.
  • In the event of an accident resulting in death, benefits will be payable to the beneficiary(ies) you chose.

What is not covered

No Accidental Death & Dismemberment Insurance benefits will be paid if death or injury results from:

  • An accident that occurred before theeffective date of coverage,
  • Disease of any kind,
  • An injury with no visible wound, except where caused by involuntary asphyxiation (e.g. choking) or swallowing a foreign object,
  • Medical or surgical treatment or their complications or infection, except as a direct result of an accidental bodily injury,
  • Any event directly or indirectly related to the ingestion of alcohol,
  • Voluntary use of drugs or poison,
  • High risk activities,
  • Mental or nervous disorder,
  • Cosmetic surgery,
  • Committing a criminal offence,
  • Suicide,
  • War or insurrection.

In the event of two or more losses arising from the same accident, only the loss with the greater benefit amount will be paid

Get a free quote and apply online or download an application today!

Simply put, Income Protection Disability Insurance can help protect your income if you become disabled and cannot work.

Why would you need it?

Imagine you weren't able to work anymore because of a Total Disability. How would you pay for your mortgage, groceries, utility bills and other expenses? Not to mention expenses related to your injury or illness.

To ease these financial worries, as long as you own 5-Year Term Life Insurance for Costco members, you can add Income Protection Disability Insurance.

Choose your amount

Choose the coverage you want, up to $5,000 a month* until age 65. You can choose an amount up to 65% of your current monthly income.

Following a period of Total Disability, you may still be able to receive benefits if you remain partially disabled, up to $2,500 a month for up to 6 months.

Different coverage for different types of job

You can apply to receive benefits based on two different job types:

  • Class 1: If your work is considered professional, technical or managerial and generally restricted to office duties. Supervisory, other skilled clerical occupations and skilled technical occupations are also included.
  • Class 2: If your job consists of light manual work of a non-hazardous nature.

Depending on your job type, there are different options and details available. See the chart below.

Income Protection Disability Insurance Benefits at a Glance
Job type Max. monthly Total Disability benefit How long can you collect Total Disability benefits? Max. monthly Partial Disability benefit How long can you collect Partial Disability benefits? Optional Cost of Living Adjustment
Class 1 Up to $5,000 To age 651 50% of Total Disability Benefit Up to 180 days 3% compounded annually
Class 1 Up to $5,000 Up to 5 years2 50% of Total Disability Benefit Up to 180 days Not available
Class 2 Up to $3,500 Up to 5 years2 50% of Total Disability Benefit Up to 180 days Not available

1 If benefits begin after Age 63, they will be payable for up to 24 months.

2 If benefits begin after Age 62, they will be payable up to Age 67.

Here's what you can get:

  • Flexible coverage options. Depending on your job type, you can choose to receive benefits for up to 5 years or up to age 65. You can also choose a waiting period of 90 or 120 days.
    Tip: The longer the waiting period, the lower your premiums.
  • Optional Cost of Living Adjustment (COLA).
    • The cost of living is always rising. This option takes that into account by increasing your benefit every year.
    • Following at least 12 months of continuous Total Disability, your Total Disability benefit will be automatically increased 3% each year, compounded annually.
    • You can add this option if you have a Class 1 profession and are under age 51, as long as you choose to have benefits payable to age 65.
  • Automatic Waiver of Premium included at no extra cost. If you become disabled, you won't have to worry about making the payments for your Income Protection Disability Insurance. The premiums will not be charged for as long as you receive disability benefits under this plan.

Important details


You are eligible to apply for Income Protection Disability Insurance provided you:

  • are a Costco member insured under 5-Year Term Life Insurance;
  • have a regular monthly income of at least $1,000; and
  • reside in Canada and are between the ages of 18 and 60, inclusive.

Once enrolled, you may stay covered under the plan up to age 65. Note that you are not eligible if you are engaged in hazardous work, or work involving heavy manual labour or heavy equipment.

Limitations and Exclusions

  • In order to receive disability benefits, you must be Totally or Partially Disabled, your insurance must be in force, your chosen waiting period must be complete, and you must be receiving regular ongoing care and treatment from a physician.
  • You must make reasonable efforts to fulfill the responsibilities of your job while disabled or we will not pay benefits.
  • Disabilities that are not covered include those resulting from: an intentional self-inflicted injury while sane or insane; involvement in a criminal offence, insurrection or war; uncomplicated pregnancy, including childbirth; injuries that have no visible wound or contusion (except for injuries revealed by an x-ray or other diagnostic test).
  • Your premiums will not be waived if you attempt to claim benefits due to a disability that results from any of the exclusions listed above.
  • You will not receive benefits if you become disabled after spending more than 6 months outside of Canada or the U.S.
  • Benefits may be reduced or no benefit will be payable in some circumstances. Please review your policy for full limitations and exclusions.
  • While disabled, you must make reasonable efforts to:
    • recover from your disability, including participation in any reasonable treatment or rehabilitation program;
    • return to your regular occupation during the first 24 months that benefits are payable;
    • obtain training in order to qualify for another occupation if it becomes apparent that you will not be able to return to your regular occupation within the first 24 months that benefits are payable;
    • try to obtain work in another occupation after the first 24 months that benefits are payable; and
    • obtain benefits that may be available from other sources.

Get a free quote and apply online or download an application today!

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.