Does Costco sell insurance?
UPDATED: May 19, 2015
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Asked May 19, 2015
Costco is an American chain of big-box stores that offer a wide array of products at wholesale prices. This warehouse club operates on a membership basis, and it also has stores in Canada, Mexico and other nations other than the United States. One aspect of Costco that makes it very appealing to its numerous members is the sheer diversity of goods that can be purchased at very low costs, and insurance policies are included in this company's vast catalog of products.
Does Costco Sell Insurance?
Costco has been offering insurance policies in their U.S. warehouses and from their websites over the last few years. The company does not sell each and every type of insurance in the market, but shoppers have a lot to choose from. It is important to remember that the insurance marketplace is subject to a number of state regulations, and thus Costco may not be able to offer certain insurance lines or policies in all jurisdictions.
In the home and auto lines of insurance, Costco offers policies underwritten by insurance giant Ameriprise. To this effect, Costco acts as an insurance agent that is duly licensed with a state regulatory agency and formally appointed by the insurer. This means that Costco gets a commission each time a policy is sold, but the warehouse store giant does not collect premium payments and will not be the one writing a check in case of a house fire or an auto accident.
When it comes to life insurance, Costco offers policies through Protective, an insurance carrier that extends special benefits and policy discounts in accordance to the type of membership. This means that Executive members will receive different benefits and discounts than shoppers who have Business or Gold Star membership.
Costco also offers health insurance policies compliant with the Affordable Care Act. Members can get information and advice on the different health plans available for individuals and small businesses, and seniors can also evaluate their Medicare options and how they can benefit with Costco's large network of drugstores across the U.S. There are numerous insurance companies that offer their policies through Costco; two of them are MetLife and AETNA, but different companies will be available in various states.
Answered May 19, 2015 by Anonymous