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OCTOBER 2021
Future-proof your finances
No one knows what the future will bring. But with three essential Costco insurance benefits, you can make plans today to take care of your loved ones, no matter what happens.
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Protect your financial well-being
Through your Costco benefits, you’ve got help to meet your financial needs — and provide for those you love — when the unexpected happens. Get to know these important Costco benefits administered by Unum.
Life insurance is there when you aren’t, to keep your family’s finances healthy. It pays a cash benefit in case of your death to a person (or persons) you choose as your beneficiary. If you’re enrolled in a Costco medical plan or Costco Long-Term Disability insurance, you and your family members are automatically covered by Basic Life Insurance at no cost to you.
Want more? You can elect additional coverage with Supplemental Life for yourself, your spouse or domestic partner, and/or your child(ren). You can do this when you first become benefits eligible, during Annual Enrollment, or during a qualified mid-year event.
Accidental death & dismemberment (AD&D) insurance pays a benefit if you are injured or die as the result of an accident. Depending on your injury, the benefit is a percentage of the total benefit amount you’re eligible for. It’s paid in addition to any life insurance benefit. If you’re enrolled in a Costco medical plan or Costco Long-Term Disability insurance, you and your family are automatically covered by AD&D insurance at no cost to you.
Disability insurance helps replace income lost when you’re not able to work because of an illness, injury or other medical condition (such as pregnancy).
- You’re automatically enrolled for Voluntary Short-Term Disability* (STD) insurance. You pay a small payroll contribution, which is based on the amount of your earnings.
- If you’re enrolled in a Costco medical plan, or you are declining health coverage because you’re enrolled in a plan outside of Costco, you’re automatically enrolled for Long-Term Disability (LTD) insurance — at no cost to you.
*In most states.
Check your benefits: Log in at Costcobenefits.com to view your life, AD&D and disability amounts.
Do you have a beneficiary?
Your beneficiary is the person (or persons) you choose to receive the benefits from your Costco benefits (life insurance, AD&D and retirement plans) in case of your death. It’s important to keep your beneficiary designation(s) up to date so you can be sure the right people receive your benefits.
If you don’t name a beneficiary, your estate becomes the beneficiary. This means your benefits go into probate, and the people who end up with your benefits may not be those you would have chosen. Keeping your beneficiary designation(s) up to date is important, too, as needs, preferences and family situations change.
To designate or change your life insurance beneficiary, log in to the Enrollment Website at Costcobenefits.com. You can name anyone you want as your beneficiary — and you can name more than one person.
To designate or change your retirement plan beneficiary, log in to the T. Rowe Price website. If you’re married, your beneficiary must be your spouse unless your spouse consents to another choice.
The following resource is available to you through your Costco benefits to help you take control of your financial well-being.