{"id":2182,"title":"Costco Life Insurance for Seniors in Canada: Age, Coverage and Eligibility Guide","slug":"understanding-costco-life-insurance-for-seniors-in-canada-age-coverage-and-eligibility","lang":"en","description":"As people move through their late 50s and 60s, life insurance needs may change. A mortgage may be smaller, children may be less financially dependent, while supporting a spouse, covering remaining debts, planning for final expenses, and deciding how long coverage is still needed may become more important. For people researching Costco Life Insurance for Seniors in Canada, age is an important factor, but not the only one. Policy term, life insurance coverage, health, underwriting, and eligibility requirements can all affect which options may be available.","content":"

Understanding Costco Life Insurance in Canada

Term life insurance plans available to eligible Costco members in Canada are underwritten by Manulife. These products provide coverage for a defined period rather than lifetime protection.

Costco is not the insurer underwriting the policies. Manulife is responsible for the insurance contract, underwriting, and applicable coverage terms. Costco membership is connected to access to the program and applicable member pricing.

Independent Information Notice: This is an independent informational resource. It is not a Costco or Manulife website and does not represent or act on behalf of either company.

Current Costco Life Insurance Canada term options include:

Costco Term Option	Coverage Amount	New Applicant Age	Coverage Expiry
5-Year Term	$50,000–$750,000	18–65	Age 75
10-Year Term	$50,000–$1 million	18–70	Age 80
20-Year Term	$50,000–$2 million	18–70	Age 90

The 5-Year, 10-Year, and 20-Year Terms each provide guaranteed rates during their respective initial periods. Maximum coverage varies by plan, but the highest amount available is not necessarily the amount a senior needs.

How Costco Life Insurance Options Change by Age: Key Considerations for Seniors

Ages 55–59: Reviewing Coverage Before Retirement

People ages 55–59 currently fall within the new-application age range for all three main term options.

When considering Life Insurance Over 55, useful questions may include:

How much of the mortgage remains?
Does a spouse still depend on current income?
Are any family members financially dependent?
Is employer or personal life insurance already in place?
Is coverage likely to be needed for another 5, 10, or 20 years?

This can also be a useful time to reassess coverage rather than automatically keeping an amount selected years earlier.

Underwriting requirements can also vary by age and requested coverage, so applicants should not assume the application process will be identical at every age.

Ages 60–64: Adjusting Coverage as Retirement Approaches

For people researching Life Insurance Over 60, the purpose of life insurance may begin to change as retirement approaches.

Long-term income replacement may become less important for some households, while a remaining mortgage, debts, spouse support, and final expenses may still matter.

People ages 60–64 currently remain within the age range for the 5-Year, 10-Year, and 20-Year Terms. However, term length should be considered alongside how long major financial obligations are expected to remain.

A longer term is not automatically more suitable, and a shorter term may not be enough if coverage will still be needed after the initial period ends.

Ages 65–70: Eligibility and Term Options Become More Important

Eligibility becomes particularly important when researching Life Insurance Over 65.

The current 5-Year Term accepts new applicants through age 65 inclusive. The 10-Year and 20-Year Terms currently allow eligible applicants to apply through age 70 inclusive.

This means a 67-year-old, for example, would be above the current new-application age limit for the 5-Year Term, while the 10-Year and 20-Year Terms may still fall within the age requirement if other conditions are met.

At this stage, it is useful to check:

How many more years coverage is needed
How premiums may change at renewal
The policy's coverage expiry age
Existing insurance and retirement assets
Whether coverage is mainly for spouse support, debts, or final expenses

It is also important to distinguish between maximum application age and coverage expiry age. A person may no longer qualify to start a new policy while an existing policy may continue under renewal provisions.

Age 71+: New Costco Term Options Become More Restricted

For people researching Life Insurance Over 70, new application eligibility and existing coverage should be considered separately.

The current 5-Year Term limits new applications to age 65, while the 10-Year and 20-Year Terms limit new applications to age 70 inclusive. Someone age 71 or older therefore does not meet the current new-application age requirement for these three products.

This does not mean an existing policy automatically ends at age 71. Existing coverage may continue under the applicable renewal and expiry provisions of the policy.

People over 70 looking for new coverage may therefore need to consider other options in the Canadian life insurance market rather than assuming these Costco term plans still accept new applicants.

How Much Life Insurance Coverage Might a Senior Need?

There is no single life insurance coverage amount that is suitable for every senior.

Coverage needs may depend on:

Remaining mortgage and debts
Final and funeral expenses
Financial support for a spouse
Dependants who still require support
Existing savings and investments
Employer, pension-related, or personal life insurance

A simple framework is:

Estimated financial obligations − available assets and existing insurance = potential coverage gap

This is only a way to organize coverage needs and is not a recommendation for a specific amount.

Premium Factors for Costco Life Insurance Options

Life insurance premiums are not determined by age alone. Factors may include:

Age
Coverage amount
Term length
Smoking status
Health and medical history
Underwriting results
Applicable Costco member pricing

Current product information includes member-specific pricing features, including potential additional savings for Costco Executive Members under certain terms.

These savings do not mean Costco coverage is always less expensive than coverage from other insurers. Actual premiums depend on the applicant and policy selected.

Initial rates may be guaranteed for 5, 10, or 20 years, but renewal premiums can change after the initial term ends.

Medical Underwriting for Costco Members

Medical requirements are an important consideration for Term Life Insurance for Seniors.

Manulife uses age and coverage thresholds under which some applicants may not routinely require medical tests. However, the insurer may still request health questions, tests, or additional information when assessing an application.

For this reason, Costco Life Insurance for Seniors should not be assumed to mean “no medical exam life insurance.”

Health history, smoking status, requested coverage, and underwriting results can still affect approval, policy terms, and premiums.

Renewal, Conversion and Other Costco Plan Features

The three term options also differ in how long coverage can continue and what features may apply.

5-Year Term renews in five-year periods and expires at age 75. It includes conversion provisions under specified conditions.

10-Year Term renews in 10-year periods, expires at age 80, and includes conversion provisions and a Living Benefit subject to policy conditions.

20-Year Term has a longer initial period, higher maximum coverage, expires at age 90, and also includes a Living Benefit subject to applicable conditions.

Renewal premiums, conversion deadlines, benefit conditions, and expiry ages should be checked in the current policy documents.

What Costco Members Should Check Before Choosing Coverage

Before considering a Costco Life Insurance for Seniors option, it may help to check:

Costco membership and applicant eligibility
Maximum application age
5-Year, 10-Year, or 20-Year Term
Coverage amount actually needed
Initial guaranteed premium period
Renewal premiums
Coverage expiry age
Conversion provisions
Medical underwriting requirements
Smoker or non-smoker classification
Living Benefit conditions
Existing insurance and retirement assets

Conclusion

Eligible Costco members in Canada currently have access to several term life insurance options underwritten by Manulife, but availability changes with age. People ages 55–64 remain within the age range for all three main term options, while eligibility becomes more limited from age 65 onward.

Rather than focusing only on maximum coverage, seniors can consider remaining financial obligations, existing assets, member pricing, underwriting requirements, and how long protection is actually needed.

Disclaimer: This content is provided for general informational purposes only and is not insurance or financial advice. This site is not Costco or Manulife and does not represent either company. Eligibility, premiums, benefits, and policy terms may change. Check current information directly with the insurer or a licensed insurance professional.

References

Manulife — 5-Year Term Life Insurance for Costco Members.
Manulife — 10-Year Term Life Insurance for Costco Members.
Manulife — 20-Year Term Life Insurance for Costco Members.
Manulife — Sample Costco Term Life Insurance Policy.

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