• Frequently Asked Questions

    General questions about Life Insurance Plans for Costco Members. Click on a question to drop down to the answer or you can also view our Product Guide for more information.

    The Plan

    Do you offer anything other than 10 or 20 year plans?

    No. The available Costco Member Advantage Life plans are 10- and 20-year policies.

    What are the minimum and maximum amounts of coverage you offer?

    The product limits for Members Advantage Life are $100,000 minimum per contract and $5,000,000 maximum per life.

    Is this term life insurance?

    No. This is a universal life insurance policy with no cash value. This policy has a fixed death benefit with a fixed price for the first five years and an increased fixed price for the rest of the initial benefit guarantee period.

    What is a death benefit?

    The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.

    What happens after my initial benefit guarantee period is up?

    You have the option to keep the policy after the initial benefit guarantee period. After your initial level benefit period ends, your guaranteed death benefit will begin to decrease while your premium payment amount remains level. The death benefit amount will decrease each year until it reaches the minimum of $10,000. At that point, your premiums will increase each year.

    What is the conversion or exchange option?

    This is a policy feature that allows the owner to move a portion or all of the existing death benefit to a new policy without taking a physical exam. The owner can convert an existing policy into any prevailing policy we offer. This is usually best suited for those who have medical problems that have developed since their policy opened. We use the customer’s current age to determine price. The owner would have the option to keep the remaining death benefit from the original policy after some of it was converted to the other plan, or cancel the remaining death benefit.

    Does the policy have any exclusions?

    There is a suicide exclusion for the first two years. There is also a two-year contestability period for material misrepresentations on the application. These provisions are common clauses in the life insurance industry to protect against fraud.


    What is rate class?

    A rate class is an assigned risk valuation given to a policy based on a variety of mortality risk factors including, but not limited to, health, gender, age, weight, height, and tobacco use. Underwriters review the proposed insured's health information as well as other factors to determine what rate class is assigned to a proposed insured. The rate classification that an insured receives affects the premium amount that is to be paid on a policy. Not all companies assess the same risk in the same way.

    What are the minimum and maximum ages for purchasing this policy?
    • The 10 year period allows for ages 18 – 75.
    • The 20 year period allows for ages 18 – 65. (18 – 63 for tobacco users)
    Who is eligible to buy the product?

    Current Costco members with valid memberships, as well as their spouses and children living at home or away at college, are eligible to purchase the Member Advantage Life.

    Application Process

    What are the steps in the application process?
    1. Submit an application online or by phone.
    2. Complete the TeleLife phone interview (20-30 minutes).
    3. Complete a Paramedic exam at the expense of Protective Life.
    4. For more information, check our our guide on how to apply.
    Is the initial premium subject to change?

    After the application is received, the underwriter will review your application and medical results to determine the final pricing. Additional requirements may be necessary. If the premium increases, you will be notified by a Customer Care Consultant to discuss the various options available to you.

    What is TeleLife?

    TeleLife is a crucial step of your life insurance application process with Protective Life. During the TeleLife process, our Application Specialists will call you by phone and ask a series of questions related to your medical history, employment, beneficiaries and other insurance information.

    What information do I need for the TeleLife call?

    During the phone interview, you will be asked some routine questions (name, address, employer, income, etc.) along with several questions about your medical history. To complete the phone interview as quickly as possible, please have the following information available:

    • Personal Information
    • Social Security and driver’s license numbers.
    • Other existing or pending life insurance policies, including company names, coverage amounts, and policy numbers, if available.
    • Type of visa, visa number, and expiration date if you are not a U.S. citizen.
    • Payment information for initial or recurring premium payment(s) (checking, savings, or credit card account information), if applicable.
    • Medical Information
    • Name, address, and phone number of your doctor(s) and hospital(s).
    • Current treatment you receive by any doctor or hospital; including your medications, dosages, and reasons.
    • Reasons for past treatment, with date(s).
    • Additional tests you have been advised to take and elective exam(s) or procedure(s) that have been scheduled.

    After the information has been collected, our representative will make an appointment for an examiner to visit you and collect other medical information, including samples for lab tests.

    Protective TeleLife Processing Center Contact Information:

    Phone Number: (888) 800-6608

    Fax Number: (888) 615-9619

    Email Address: resourcecenter@protective.com

    Hours of Operation: M-F 7:00 a.m. – 8:00 p.m. CDT, Sat. 9:00 a.m. – 2:00 p.m. CDT

    What is a Paramed or Paramedical exam?

    A paramedical exam administered for Protective Life by ExamOne consists of a blood and urine specimen collection, height and weight measurement, and blood pressure reading. Depending on your case, an electrocardiogram (EKG) and a cognitive test may be required.

    During the appointment, you will review and sign the application packet provided. This signed application packet will consist of the interview that was completed over the phone and all required state forms. This signed packet will be required for the underwriting process so please make sure to sign and hand back to the examiner at the time of your exam.

    Is a medical exam required?

    Yes, a medical exam is required with every new application. The medical exam will vary depending on your age and the amount of coverage. An insurance paramedical exam includes a measurement of height, weight and blood pressure, and a sample of blood and urine to send to the lab for analysis. Additional tests may be required depending on the insured’s age.

    I just saw my doctor, can I use the results instead of having a medical exam?

    No. We require our own medical tests because we need a more comprehensive blood profile, and we test for risk factors that your doctor may not have reason to check.

    How can I check the status of my application?

    There are several ways to check the status of your application. You can use the Application Tracker available here. Also, you can call our Resource Center at (800) 265-1545 or email resourcecenter@protective.com.


    When do I make my first Payment?

    The first payment is made after you have reviewed and accepted the policy’s terms and conditions. If you are conditionally binding coverage the payment will be drafted shortly after the medical exam is completed.

    Why am I required to make a premium payment when applying online?

    We request payment to conditionally cover the insured prior to completion of the underwriting process, in accordance with the terms and conditions of the receipt. The initial payment is withdrawn once the paramedical exam is complete and Protective receives the signed application packet. Once your life insurance premium amount has been confirmed at the completion of the underwriting process, the initial payment that paid for conditional coverage will be applied to your first life insurance premium payment for the total face amount coverage.

    Can I set up my payments on recurring credit cards?

    Yes. You can set up recurring credit card payment in all states except Alaska, California, North Carolina, New York, New Hampshire, Maryland, Washington D.C. and Pennsylvania. Credit cards accepted are Visa, MasterCard, American Express and Discover.

    I have received my policy electronically and I am having problems accepting it online. What can I do?

    Please call our Resource Center at (800) 265-1545. They will be able to help answer any questions you may have about the Electronic Policy Delivery process. You may also email the Resource Center at resourcecenter@protective.com .

    Can you change the death benefit amount before accepting the policy?

    Yes. You can change the death benefit prior to having the policy issued with underwriting approval (subject to product minimum and maximum death benefits).

    How do I change my Credit Card information?

    To change your credit card information on an inforce policy visit www.myaccount.protective.com/costco and login to update your payment information. Click here for detailed instructions.

    Have a question that isn’t answered here?

    Call: (844) 740-5433

    Email: customercare@protective.com