TD Insurance is one of the largest and most trusted life insurance providers in Canada. For many Canadians, buying insurance from their primary bank feels convenient and secure. This detailed review will examine TD’s life insurance products to help you determine if TD is the right fit for your family’s financial protection.
An Overview of TD Insurance
- Founded: 1955
- Headquarters: Toronto, ON
- Parent Company: TD Bank Group
- LifeBuzz Rating: 4⭐
TD Insurance is the insurance division of the Toronto-Dominion (TD) Bank, a cornerstone of Canadian banking and one of the country’s renowned “Big Five” banks. This backing is TD Insurance’s primary strength, providing immense financial stability and brand recognition.
TD Insurance provides a variety of insurance products exclusively to Canadians, including:
- Life insurance
- Accident & Health insurance
- Auto & Home insurance
- Travel Insurance
- Business Insurance
This combination of size, experience and financial backing makes TD Insurance a leading choice for life insurance among Canadian providers.
What Life Insurance Products Does TD Offer?
TD Insurance offers both individual term policies and permanent life insurance plans. Let’s take an in-depth look at the options.
TD Term Life Insurance
Term Life Insurance is the company’s most popular and straightforward life insurance solution. This type of insurance covers a set period of time. TD offers three main term plans:
TD 10-Year Term Life
This plan provides coverage with a premium that is locked in for 10 years. It automatically renews every 10 years until age 80, and the premium increases at each renewal based on your new age.
- Issue Ages: 18 to 6 months after 70th birthday
- Coverage Amount: $50,000 to $10,000,000
- Convertible to a permanent plan up to age 69.
- Best for: Short-term needs, such as covering a personal loan, bridging the final decade to retirement, or for those who want maximum flexibility.
TD 20-Year Term Life
Similar to the 10-year plan, but the premium is guaranteed for a 20-year period. This is one of the most popular types of life insurance.
- Issue Ages: 18 to 6 months after 60th birthday
- Coverage Amount: $50,000 to $10,000,000
- Convertible to a permanent plan up to age 69.
- Best for: Longer-term obligations, such as covering a 20- or 25-year mortgage, replacing income until children are financially independent, or funding future education costs (RESPs).
TD 30-Year Term Life
- Issue Ages: 18 to 6 months after 50th birthday
- Coverage Amount: $50,000 to $10,000,000
- Convertible to a permanent plan up to age 69.
Term 30 is an excellent choice for younger individuals or families looking for long-term, stable protection. It can cover the entire length of a 25- or 30-year mortgage or provide security until children are fully independent and established in their own careers. Locking in a rate for 30 years provides significant peace of mind and budget stability.
Included Features with TD Term Policies:
- Living Benefit: Allows you to access a portion of your death benefit early if you are diagnosed with a terminal illness with a life expectancy of 12 months or less.
- Renewability: All term policies are guaranteed to renew until age 80, meaning you cannot be denied coverage at your renewal date, though rates will increase.
What’s Missing? TD’s term products are straightforward but lack the extensive customization options (known as riders) that some competitors offer. For example, they do not prominently feature a child-term rider or a disability-specific waiver-of-premium rider (see TD Term Life Insurance for more information).
TD Permanent Life Insurance
Permanent life insurance provides lifetime protection as long as you pay the premiums. Let’s review TD’s permanent life options.
TD Term 100 Life Insurance
The TD Term 100 policy provides permanent coverage with level premiums guaranteed.
- Available for ages 18-70
- Coverage amounts up to $10 million, minimum $25,00 for ages 60-70
- Premiums remain fixed
- Lifetime protection as long as premiums are paid
Term 100 is a permanent life insurance policy combining lifetime coverage with the affordability of term insurance. It’s a great way to lock in insurability and fixed premiums.
TD Guaranteed Life Insurance
TD Guaranteed Acceptance Life Insurance is available to Canadian residents aged 50-75, and NOT available to residents of Quebec.
- Coverage amounts from $5,000 up to $25,000
- No medical exam or health questions
- Level premiums will never increase
- Lifetime coverage guaranteed
If death occurs within the first 2 years of the policy’s effective date, TD generally pays 110% of premiums paid (and pays the full death benefit if death is due to an accident). After 2 years, the full death benefit is payable.
This policy provides simple and affordable final expense protection for seniors or those with health conditions. Approval is guaranteed, and no medical underwriting is required.
Additional Benefits
TD’s permanent policies also offer added features, including:
- Tax-free payout – The death benefit passes tax-free to beneficiaries.
- Probate bypass – Avoid the delay and probate fees.
- Beneficiary options – Customize payouts based on needs.
Additional TD Life Insurance Products
Alongside regular life insurance, TD Insurance also provides specialty products, including:
- Accidental death insurance – Extra payout if death is accidental.
- Critical illness insurance – Living benefit if diagnosed with a covered illness.
- Disability insurance – Replaces income if you can’t work due to illness/injury.
These policies can supplement regular life insurance or provide additional financial protection.
How Much Does TD Life Insurance Cost?
The cost of TD life insurance depends on several factors, such as:
- Age – Rates increase as you age.
- Gender – Females often qualify for lower rates.
- Health – Better health leads to cheaper premiums.
- Lifestyle – Habits like smoking raise costs.
- Coverage amount – More coverage means higher premiums.
Here are sample monthly rates for TD 20-year term life insurance. This is for $250,000 of coverage for healthy, non-smoking applicants:
| Age | Male | Female |
|---|---|---|
| 25 | $19.80 | $15.30 |
| 35 | $23.40 | $19.80 |
| 45 | $51.30 | $36.90 |
| 55 | $144.00 | $98.10 |
Discounts:
- Existing Customers: TD often provides a 10% discount on life insurance for existing clients who have other TD products.
- Alumni/Associations: A 5% discount may be available for members of affiliated professional associations or university alumni groups.
How Can You Qualify for and Apply for TD Life Insurance?
TD makes it simple and convenient to qualify and apply for life insurance coverage.
Eligibility
To qualify for TD life insurance, you must:
- Be a Canadian citizen or permanent resident
- Meet the age requirements for the policy selected
- Go through medical underwriting (unless there is no medical exam policy)
Applying Online
TD allows you to get quotes, apply, and even be approved entirely online. The easy application process includes:
- Visit the TD Insurance website and begin the application
- Answer background and medical questions
- Get a decision in as little as 24 hours
- Have the policy emailed if approved
Applying by Phone
You can also apply over the phone by calling 1-888-788-0839 and speaking with a licensed advisor. Benefits include:
- Get personalized quotes for your situation
- Have an expert guide you through the application
- Assist with forms and paperwork
- Expedite the underwriting process
How To Manage Your TD Life Insurance Policy
TD Insurance makes ongoing policy management simple through digital resources.
Online Customer Portal
The MyInsurance portal lets you:
- View policy documents and statements
- Check coverage details
- Change personal information
- Pay premiums
- Download forms
- File claims
TD Insurance Mobile App
The TD Insurance app allows you to access your policy anywhere from your mobile device. Features include:
- Secure login with fingerprint or face recognition
- Manage payments and billing
- Update personal details
- View electronic ID cards
- Submit claims
- Contact customer support
Customer Support
TD Insurance also provides the following policy support:
- TD Life Insurance Phone Number: TD Life Insurance Company, 1-877-397-4188
- Mail: TD Life Insurance Company, PO Box 1, TD Centre, Toronto, ON M5K 1A2
How to File a Life Insurance Claim with TD
TD has a structured process for beneficiaries filing a claim:
- Report the Loss: The first step is to call the TD Insurance claims department at 1-877-397-4188.
- Receive Claim Forms: The necessary forms will be mailed to you or made available through the online portal.
- Complete and Submit Paperwork: This includes the claimant’s statement and an original copy of the death certificate.
- Claim Review: TD’s team will review the documentation to ensure everything is in order. They may request additional information if needed.
- Receive Payout: Once approved, the tax-free death benefit is paid directly to the named beneficiaries.
Calling TD with any questions during the claim process is also recommended for a smooth experience.
Is TD the Right Insurer for You?
TD Insurance offers excellent life insurance options for Canadians seeking stability from an established provider.
What We Like About TD Insurance
- Wide range of term lengths and permanent policies
- Coverage up to $10 million available
- Renews policies automatically
- No medical exam simplified issue
- Guaranteed issue policies for older adults
- Strong financial backing and ratings
- Discount for existing TD Bank customers
- Easy to apply online or over the phone
What Could Be Improved
- More expensive premiums than some competitors
- Fewer customization options and riders
- Mixed reviews for customer service
- Limited specialty insurance offerings
While not the cheapest provider, their financial strength offers added peace of mind when protecting your family. Their brand name and recognition provide further assurance when buying insurance coverage. You might prefer TD Life Insurance if:
- You are an existing TD Bank customer and want to keep all your finances under one roof while benefiting from a 10% discount.
- You value convenience and speed and want a simple, straightforward policy you can apply for online in minutes.
- You are healthy and under 50 and want to apply for up to $1 million of coverage without a medical exam.
- You need guaranteed coverage for final expenses and have been declined for insurance elsewhere.
While TD is one of the largest and most reputable insurers, looking at the variety of options from leading life insurance companies allows you to find the best fit for your coverage needs and budget. Keep reading to see how Canada’s top insurers compare: Manulife, RBC Insurance, Canada Life, Costco Life Insurance, BMO Insurance, American Income Life Insurance Company, Canadian Premier Life Insurance, etc.
FAQs on TD Life Insurance
How long do I have to wait before I can get my full life insurance benefit from TD?
For most TD life insurance policies, there is a contestability period of 2 years from the policy's effective date. After your policy has been in force for two years, you will be eligible to receive the full life insurance benefit amount.
What is a guaranteed issue life insurance policy from TD?
A guaranteed issue life insurance policy from TD means you are guaranteed approval for coverage regardless of your health or medical history. TD offers guaranteed issue policies for applicants ages 50-75 with no medical underwriting required.
Can I get a quote for TD life insurance over the phone?
Yes, you can get a quote tailored to your needs for TD life insurance products by calling 1-877-397-4188 and speaking with a licensed life insurance advisor. They can provide quotes based on your age, health, lifestyle and desired coverage amount.
Is TD term life insurance renewable?
TD term life insurance policies are guaranteed renewable until age 80. This means at the end of each 10 or 20 year term period, the policy will automatically renew for another term without requiring additional medical underwriting.
Does TD Insurance offer whole life insurance?
No, TD Insurance does not currently offer traditional whole life insurance. The TD Term 100 plan, however, does provide permanent, lifetime coverage similar to whole life.
Are there any extra costs associated with paying premiums for my TD life insurance?
There are no fees for standard payment methods like check, pre-authorized bank withdrawal or credit card. Mailed payments may have check processing fees deducted from the payment amount before applying it to your policy.
Can I adjust my TD life insurance coverage after getting a policy?
Yes, most TD life policies allow you to increase or decrease your death benefit amount after issue, subject to underwriting approval. Certain options may also be convertible to a different insurance product from TD.
Does TD sell mortgage life insurance?
TD does not offer specific mortgage life insurance, but their term life insurance policies can provide affordable coverage tailored to the amount and length of your mortgage.
At what age does term life insurance from TD expire?
TD term life policies will expire at age 80 when coverage ends. However, the Term 100 policy from TD is permanent and provides lifetime coverage as long as premiums are paid.
Can I access my life insurance death benefit before I die?
If terminally ill, TD policyholders can access a portion of their death benefit early as an accelerated living benefit. This money can help cover medical bills or other costs.
Does TD Insurance offer a return of premium on life insurance?
TD life insurance is pure term insurance, so there is no return of premium feature. Consider permanent life insurance from TD if you want a cash-value savings component.
Is the claims process difficult with TD life insurance?
TD Insurance focuses on making the claims process as smooth and simple as possible. Their claims team will assist you in submitting the right documentation and forms to receive your payout quickly.
Can I insure my spouse or family members with TD?
Yes, TD allows you to purchase individual life insurance policies for your spouse, children, or other family members. Rates will be based on each person's individual age and risk factors.
What is the phone number for cancelling my TD life insurance policy?
To cancel a TD life insurance policy you can call 1-877-397-4188 and speak with a representative. They will give you a guide to process the cancellation and any alternatives to dropping your coverage.
How long does it take to get approved for TD life insurance?
Simplified issue TD life insurance can provide nearly instant approval results. For full underwriting, approval can take 2-6 weeks. Your agent will keep you updated on the application status.
What is the maximum coverage amount for TD term life insurance?
The maximum amount of coverage offered on TD term life insurance policies is $10 million. The coverage amount range from $50,000 up to the $10 million maximum.
How often do I need to pay premiums for my TD permanent life insurance?
TD permanent life insurance policies allow you to pay premiums monthly, quarterly, semi-annually or annually. Paying annually results in lower total costs compared to monthly payments.
The Bottom Line
TD life insurance stands as a top choice for many Canadians thanks to its brand recognition, quality offerings, and seamless experience. By reviewing TD’s products and corporate strengths, you can determine if they are the right life insurance provider for your needs. Discuss your specific situation with an advisor to decide if TD life insurance fits your financial protection objectives.
