{"id":1266,"title":"Costco Life Insurance in Canada: A Practical Guide for Members Comparing Term Coverage","slug":"costco-life-insurance-in-canada-a-practical-guide-for-members-comparing-term-coverage","lang":"en","description":"Read more about Costco Life Insurance for Members in Canada, including term coverage options, family protection factors, senior eligibility considerations, and practical points to review when comparing affordable life insurance.","content":"

For Canadian shoppers who come across the phrase Costco life insurance for members, the main question is usually simple: what is actually being offered, who provides it, and how should it be compared with other term life options?

In Canada, Costco’s services page currently lists Term Life Insurance among its member services, and the offering is presented through Manulife rather than as insurance underwritten by Costco itself. Costco’s site describes term life insurance as a way to help protect a family’s financial future, while related Costco and Manulife pages show that the program is structured as member-focused term coverage with multiple term lengths.

That matters for readers who are researching affordable term life insurance, the best life insurance for families, or the best term life insurance companies in Canada. A Costco-branded offer may sound like a standalone insurer at first glance, but the practical comparison is really between a member-linked Manulife term policy and other insurers’ term products available in the Canadian market.

This guide explains how Costco life insurance for members appears to work in Canada, where it may fit for families and budget-conscious households, and what seniors should notice when searching for life insurance for seniors over 60 no medical exam. It is written to match the image message—“Read More About Costco Life Insurance For Members”—while keeping the discussion neutral and practical.

What “Costco Life Insurance for Members” Means in Canada

On Costco Canada’s services page, Term Life Insurance is listed as a member service and links to Manulife insurance pages. Costco’s own member content also says that Costco provides members with exclusive insurance offerings through Manulife, including term life.

Manulife’s Costco landing pages indicate that eligible members can generally choose from 5-year, 10-year, or 20-year term options. Manulife also states that these plans are designed for Costco members, and its Costco-specific term pages describe features such as guaranteed rates for the term period and eligibility for Canadian residents in certain age ranges.

So, in practical terms, “Costco Life Insurance For Members” in Canada is not a separate Costco insurance company. It is a member-linked distribution arrangement in which Costco members can access life insurance options offered and underwritten through Manulife. That distinction is useful when comparing coverage, price, underwriting, and renewal terms with other insurers in the Canadian market.

Why Term Life Insurance Gets Attention From Families

For many households, term life is the starting point when comparing protection. It is often used to help cover temporary but significant financial obligations such as mortgage years, dependent children, education funding, or income replacement during working years. That is one reason it often comes up in searches for best life insurance for families and affordable term life insurance.

Canadian industry data shows how common life coverage is. According to the Canadian Life and Health Insurance Association’s 2025 facts release, 23 million Canadians owned $6 trillion in life insurance coverage in 2024, and the average life insurance protection per household was about $509,000.

For a family comparing options, that does not mean every household needs the same amount. It does suggest that many Canadians use life insurance as part of broader financial planning, especially when there are shared debts, children, or a need to protect a partner’s long-term financial stability. The Financial Consumer Agency of Canada also notes that insurers assess eligibility, exclusions, and premiums through underwriting, which is why two households can receive different offers for apparently similar policies.

Costco Life Insurance for Members: Key Features Shoppers May Notice

Below is a simple summary of the member-linked term life structure described on Costco and Manulife pages in Canada.

Feature	What the current Canada pages indicate
Provider relationship	Costco member service; life insurance is offered through Manulife, not underwritten by Costco itself.
Main product type	Term life insurance.
Available terms	5-year, 10-year, and 20-year options are shown on Manulife’s Costco pages.
Example eligibility	Some pages say Canadian residents ages 18 to 70 may apply for certain term plans.
Coverage examples	The 20-year term page shows coverage from $50,000 to $2 million; other plan pages show different limits by product.
Member pricing notes	Manulife states that Executive Members may save up to 5% more on some plans, and the 5-year plan page notes discounts in certain coverage bands.
Senior comparison point	Searchers looking for no-medical-exam options should review age rules and underwriting carefully rather than assuming all senior applicants will qualify without exams.

Sources: Costco Canada services page and Manulife Costco term life pages.

This table helps show why Costco life insurance for members may attract attention from readers who want a familiar brand entry point but still need to compare the actual insurer, policy details, and underwriting standards.

Is It Likely to Be Affordable Term Life Insurance?

For many shoppers, “affordable” does not mean the cheapest advertised monthly figure. It usually means a policy that offers a manageable premium, suitable coverage length, and conditions the household can realistically keep in force.

Manulife’s Costco pages frame the 5-year plan as a lower-initial-premium option for short-term needs and budget-conscious individuals, while the 20-year plan is positioned for longer protection with level rates over the full term. That basic structure is consistent with how term life usually works: shorter terms may start lower, while longer guaranteed-rate periods can be more appealing for families who want cost predictability.

Still, affordability depends on more than the headline term length. The FCAC explains that insurers use underwriting to determine eligibility, premium, and any exclusions. Health, age, smoking status, requested coverage amount, and other risk factors can all affect the final price.

That is why readers comparing affordable term life insurance should be careful not to assume a member-branded offer is automatically the lowest-cost option. It may be competitive for some applicants, especially if they value a Costco-linked member program, but a proper comparison should include coverage amount, renewal structure, riders or built-in features, and age-related underwriting rules.

How Families Might Evaluate Costco Member Coverage

Searches for the best life insurance for families usually reflect a practical concern: replacing income, supporting children, and protecting the household from financial disruption if one partner dies.

Manulife’s Costco term pages suggest different family-use cases by term length. The 10-year option is described around key financial milestones, while the 20-year option is presented as a longer-term protection choice for families with children, homeowners, and people who want to lock in rates for a longer period.

For families, the more useful comparison questions are often:

How long will dependents rely on that income?
Would a surviving partner still be able to carry the mortgage or rent?
Is the goal debt protection, income replacement, education funding, or a mix of all three?
Would a shorter and cheaper term be enough, or would a longer fixed-rate period better match the family timeline?

These questions matter because the best term life insurance companies for one family may not be the same for another. A policy that looks inexpensive at first may be less practical if the term is too short, the renewal structure becomes costly later, or the coverage amount is not sufficient for the family’s obligations. That is an inference based on how term structure and underwriting work, supported by FCAC guidance on premiums and insurer assessment.

What Seniors Over 60 Should Know About No-Medical-Exam Searches

One of the more specific keyword themes in this topic is life insurance for seniors over 60 no medical exam. This is where careful reading matters most.

The FCAC states that insurance companies may require a medical questionnaire or exam before approving a life or health insurance policy, because this forms part of the evidence of insurability.

Canada Life’s explanation of no-medical-exam life insurance adds more context: these policies do not require a medical exam, but they often still involve health questions, and they may come with higher premiums or lower coverage limits than medically underwritten life insurance in some cases. Canada Life also says no-medical-exam coverage can be especially relevant for older applicants or people with certain health conditions.

For Costco member-linked coverage specifically, Manulife’s 5-year term page says that no medical tests are normally required for applicants age 50 or under for any amount of coverage, and for those age 51 to 55 applying for up to $250,000. By contrast, Costco-related term life eligibility pages show applicants can be up to age 70 for some plans, but they do not suggest that all applicants over 60 will receive no-exam approval.

That means seniors researching life insurance for seniors over 60 no medical exam should not assume Costco life insurance for members is a guaranteed no-exam path. A more accurate reading is that Costco members in Canada may have access to term life options through Manulife, but underwriting requirements can vary by age, amount requested, and product design.

Costco Life Insurance for Seniors: What Older Members May Want to Review

When readers search for Costco life insurance for seniors, the most useful starting point is to understand that the decision is usually less about the Costco name itself and more about whether the available term coverage fits an older applicant’s age, budget, and insurance goals. For many seniors, life insurance is often reviewed as part of a broader financial planning discussion that may include final expenses, support for a spouse, remaining debts, or leaving a financial cushion for family members.

This is where a careful comparison becomes especially important. A senior looking at a member-linked term life option may want to review not only the monthly premium, but also the coverage period, renewal structure, age eligibility, and whether the plan still feels practical over time. In some cases, a smaller and more manageable policy may be more realistic than choosing a larger amount that becomes difficult to maintain later.

For older applicants, underwriting is also an important part of the process. Some people search specifically for life insurance for seniors over 60 no medical exam, but that does not necessarily mean every senior applicant will qualify for a no-exam option. Depending on the insurer and the policy structure, eligibility may still depend on age, health questions, coverage amount, and other application details. That is why seniors often benefit from comparing policy terms carefully rather than focusing only on one advertised feature.

From a practical standpoint, Costco life insurance for seniors may be most relevant for members who want to explore whether a term-based option still makes sense for their stage of life. Some seniors may be looking for short- to mid-range coverage to support a spouse or protect against specific financial obligations, while others may decide that a different type of policy is more appropriate. The right fit often depends on the purpose of the coverage, not just the brand attached to it.

How to Compare Costco Member Coverage With Other Term Options

A neutral comparison often works better than chasing labels like “best” too early. When reviewing best term life insurance companies, Canadian shoppers may want to compare:

Who actually underwrites the policy
In this case, the Costco-linked offer is through Manulife.
Available term lengths
Costco member pages currently point to 5-, 10-, and 20-year terms.
Coverage range and renewal mechanics
For example, the 20-year term page lists coverage from $50,000 to $2 million and says renewal can continue up to age 90, with no new medical questions or exams at renewal.
Age and underwriting rules
Eligibility ranges and no-exam shortcuts are not the same thing.
Whether the product fits the household goal
A family with young children may value a longer guaranteed-rate period, while a borrower covering a shorter debt timeline may evaluate a shorter term differently. This is an inference based on how the plans are described.

Conclusion

For Canadian readers who see the message “Costco Life Insurance For Members”, the practical takeaway is that Costco currently promotes member-linked term life insurance through Manulife in Canada, with 5-year, 10-year, and 20-year options shown on related pages.

That can make Costco life insurance for members worth reviewing, especially for households comparing affordable term life insurance or trying to identify strong options among the best term life insurance companies. But the strongest comparison usually comes from looking beyond the Costco name and focusing on the actual insurer, term length, coverage range, renewal terms, underwriting rules, and how well the policy fits family needs.

For seniors, especially those searching life insurance for seniors over 60 no medical exam, the safest assumption is not that a member-linked plan will bypass underwriting, but that requirements may vary and should be checked carefully before drawing conclusions.

Disclaimer

This article is for general informational purposes only and is not financial, legal, or insurance advice. Product details, availability, pricing, underwriting, savings, and eligibility may vary by provider, province, applicant profile, membership status, and policy terms. Always review official policy documents and licensed guidance before making insurance decisions.

References

Costco Canada, Costco Services.
Costco Canada, Member Services / Costco Connection insurance articles.
Manulife Insurance for Costco Members, Life Insurance overview and term plan pages.
Financial Consumer Agency of Canada, Getting an insurance policy.
Canada Life, What is no medical exam life insurance?
Canadian Life and Health Insurance Association, Canadian Life and Health Insurance Facts, 2025 Edition.

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