by SHANA MCNALLY

Having a life insurance policy is a key part in caring for your loved ones. Should something happen to you, a policy can protect them from added financial concerns, including income replacement, home mortgage payment, children's college tuition, care for elderly parents and payment of debt. Life insurance funds go directly to your beneficiaries to cover these concerns.

You can help protect your family by investing in a life insurance policy from Costco Services provider Protective Life, which offers 10-, 20- and now 30-year level term policies.

"Our goal is to always provide the value members expect from Costco," says Dave Sheridan, head of independent life distribution for Protective Life.

Prudent times to purchase life insurance include when you take on a 30-year mortgage where the death benefit would cover the mortgage, when you get married or become new parents.

Coverage ranges from $100,000 to $5 million. Rates are among the most competitive in the industry (subject to meeting underwriting requirements). All members save on a quality life insurance product; however, Executive Members may receive additional savings.

Members can convert to a permanent policy during a specific period of the contract and can decrease the benefit after the third policy year as needs change. Premiums can be paid by credit card monthly, quarterly, semiannually or annually for the duration of the term.

Protective term life insurance products feature a lower premium in the first five years, then a moderate increase at year six through the duration of the term. Cancel anytime at no charge.

"We offer members a quick and convenient online application process with the potential for no medical exam for members that meet certain risk and eligibility requirements," Sheridan says.