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Frequently asked questions

Most people have questions when it’s time to consider life insurance. Here are a few we’re asked a lot.

Understanding the plan and product

Costco and Protective Life worked together to align on an exclusive product for Costco members. The new Member Advantage LifeSM term offers members streamlined life insurance protection with an easy-to-understand policy, with the Costco-member only value you’ve come to expect.

Term life insurance is the most common life insurance product type purchased in the industry.* Term life insurance provides pure death benefit coverage for a specific period of time. For more information about the new term product, you can view our product guide.
No. The available Member Advantage Life term plans for Costco members are 10- and 20-year level premium term policies, with a reduced premium for the first five years.
When purchasing Member Advantage Life term, there is a $100,000 minimum per contract and $5,000,000 maximum per contract.
Yes. This term policy is competitively-priced and provides you with streamlined coverage.
The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.
After the initial level benefit period ends, you have the option to keep your policy in force at an increased price point. To extend your coverage, you have the opportunity to convert your term policy to a permanent Protective Life policy. Conversions are able to be processed until year eight on the 10-year policy, and year 18 on the 20-year policy.
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. Policyowners have the option to convert their Member Advantage Life term policy into a select permanent Protective policy until year eight on a 10-year policy and year 18 on a 20-year policy. Product availability may vary at the time of conversion. 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.
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.

Understanding eligibility

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.
  • The 10-year period allows for ages 18-75.
  • The 20-year period allows for ages 18-65 (18-62 for tobacco users).
Current Costco members with valid memberships, as well as their spouses and children living at home or away at college, are eligible to purchase Member Advantage Life term.

The application process

  • Submit an application online or by phone.
  • Complete the TeleLife® phone interview (20-30 minutes).
  • Complete a paramedic exam at the expense of Protective Life.
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.
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.

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 Opens phone handler
Fax Number: 888-615-9619
Email Address: Opens an Email handler
Hours of Operation: M-F 7 a.m.-8 p.m. CDT, Sat. 9 a.m.-2 p.m. CDT

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.
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.
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.
There are several ways to check the status of your application. You can use the Application Tracker available here. You can also call our Resource Center at (800) 265-1545 Opens phone handler or email Opens an Email handler.


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.
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.
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.
Please call our Resource Center at (800) 265-1545 Opens phone handler. 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 Opens an Email handler.
Yes. You can change the death benefit prior to having the policy issued with underwriting approval (subject to product minimum and maximum death benefits).
To change your credit card information on an inforce policy visit Opens in a new window and login to update your payment information.
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Still have questions?

We’re happy to help. Speak to one of our Member Advisors today. Call 1-844-740-5433 Opens phone handler or email Opens an Email handler.
Acceptance for coverage and pricing is subject to eligibility and underwriting criteria. Member Advantage Life (ICC16-TL21/TL-21), is a term life insurance policy issued exclusively to Costco members by Protective Life Insurance Company (PLICO), Nashville, TN. Not available in New York. Policy form numbers, product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. Coverage and pricing is subject to eligibility and underwriting criteria. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. Any quote that is present is only an estimate and the actual premium and rate class will be determined after the underwriting process is completed. Costco Insurance Agency, Inc. and Costco Wholesale do not issue, underwrite insurance or pay claims under PLICO policies. Insurance is underwritten by PLICO.

Costco Insurance Agency, Inc. (CIA), a licensed insurance agent, may receive compensation from PLICO and/or its affiliates. CIA and its affiliates do not guarantee the services of any insurance company. PLICO and its affiliates are separate, independent of and distinct from CIA. CIA is not responsible for the financial condition or obligations of PLICO. The California license number for Protective is 07726. The California license number for Costco Insurance Agency is 0D08407.

Actual savings may vary by customer and coverage.

1 Percentage is based on first-year premium comparisons between Protective’s Classic Choice term product and the Member Advantage Life term product. The guaranteed premium will increase in policy year 6 and then remain level for the remaining level period (5 or 15 more years) and after the full level period (10 or 20 years) the premiums will increase annually immediately following the full level period. Rates are as of August 12, 2021 and subject to change without notice.

2 Coverage amounts and express application processing may be available to applicants from ages 18 – 45 for up to $1,000,000 and 46 – 60 for up to $500,000 of coverage that meet certain risk and eligibility requirements of Protective Life. Full medical underwriting may be required for applicants that do not meet Protective’s eligibility criteria.

3 After the initial level premium period ends, customers can choose to continue receiving term coverage with increasing premium rates.