They offer life insurance through Manulife<\/a>, one of Canada\u2019s best companies. I genuinely love Costco AND Manulife, but that’s not enough.<\/p>\n Costco’s coverage has limitations its members should be aware of before purchasing it.\u00a0<\/strong><\/em><\/p>\n Let’s take a closer look!<\/p>\n Costco Wholesale Corp has operated in Canada for roughly 35 years, filling a unique niche.<\/strong><\/p>\n Their story began with the founding of Price Club in the mid-70s in the US. They pioneered a new strategy of offering small businesses unmatched discounts on high-quality goods.<\/p>\n Costco opened its first warehouse in Canada in 1986, and in 1993, the two mega-stores merged.<\/b><\/p>\n Today, Costco is one of Canada\u2019s largest retailers, with 10 million members. Each member pays an annual fee of approximately $60 – $120, and Costco Canada makes\u00a0about $25 billion in sales annually.<\/em><\/p>\n “Just like in a lavish nightclub, you can\u2019t actually get in without a cover. Costco Canada holds a cover policy too, only it\u2019s in the form of a membership fee and lets you shop all year long as you please.”<\/p>\n All About The Amazing Costco Canada Membership, IcyCanada.com\u00a0<\/a><\/p>\n<\/blockquote>\n Costco offers members lower prices on goods & services by purchasing in bulk and passing the savings on to its members. They operate on very thin margins but can do so because they have high customer confidence and loyalty. <\/strong>Members may purchase various services through Costco, including phone & internet plans, vacation packages, rental cars, heating & cooling installations, and more.<\/p>\n They also offer many insurance products, including auto, home, health, dental, travel, and Costco life insurance. <\/b>Again, we all know Costco is a great place to buy various products, including groceries. But is it the best place to shop for term life insurance?<\/p>\n Costco offers term life insurance<\/a> to its members through Manulife Canada.<\/strong> Sounds good. Who wouldn\u2019t like the opportunity to save money on insurance from one of Canada\u2019s top life insurance companies?<\/p>\n Well, there\u2019s a catch.<\/em><\/p>\n The Manulife term life insurance you purchase through Costco is NOT the same product you can buy through an independent broker. <\/strong><\/p>\n Many large life insurance companies in Canada, including Manulife, offer two different term insurance products. <\/strong><\/p>\n One is sold individually through a network of insurance brokers, and the other through an affiliate channel. This second product is available through various associations, including Canadian universities and colleges, professional associations, and places like Costco.<\/p>\n It is known as Manulife Alumni Term Insurance.<\/strong><\/p>\n I love Manulife, but I wouldn\u2019t recommend a client purchase Manulife association coverage.<\/p>\n This is especially true when they could buy a Manulife Family term life insurance policy with better options and guarantees through an independent broker at a much better price. <\/strong><\/p>\n Costco Manulife term insurance is available to all members. <\/strong>Executive members receive an additional 5% discount! These life insurance policies have the following features:<\/p>\n Costco Term Insurance doesn’t offer a conversion option, which is reason enough to avoid their life insurance coverage altogether.<\/strong> So, what is a term life insurance conversion option anyway?<\/p>\n A policy conversion option is like a \u201cget out of jail free\u201d card. You\u2019re likely never to need it, but when you do, it\u2019s vital.<\/p>\n Essentially, it allows you to exchange all or a portion of your term coverage for permanent protection, which lasts the rest of your life.<\/b> You can execute this option without providing one iota of medical evidence or underwriting.<\/p>\n Why is this important? If you ever become uninsurable due to an injury or change in your health, this option guarantees your insurability moving forward.<\/p>\n Converting to a permanent plan<\/a> means your coverage can never be canceled due to any change in your age or health. Also, you can lock in rates that never increase over the policy’s life.<\/strong><\/p>\n “There are no fees to convert a term policy to a permanent policy, Spealman says. However, the rate you pay for coverage\u2014your premium\u2014will increase. How much it increases depends on several factors.”<\/p>\n![\"\"](\"https:\/\/policyarchitects.com\/CN\/wp-content\/uploads\/2018\/06\/actionbutton_new1.gif\")
<\/a><\/p>\nA Brief History of Costco <\/strong><\/h2>\n
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So, How Does Costco Work? <\/strong><\/h3>\n
Costco Manulife Term Insurance<\/strong><\/h2>\n
What Do You Mean?<\/strong><\/h3>\n
Costco Term Life Insurance – What Do They Offer?<\/strong><\/h2>\n
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<\/a><\/p>\nCostco Life Insurance Canada \u00a0– No Term Life Insurance Conversion<\/strong><\/h2>\n
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