Ben Nguyen 
TD Life Insurance is one of the largest and most trusted life insurance providers for Canadians. In this detailed review, we will examine TD’s complete range of life insurance products to help you make an informed decision about protecting your loved ones.
A Closer Look at TD Insurance
TD Insurance operates as a subsidiary of The Toronto-Dominion Bank (TD), one of the top 10 largest banks in North America. With $1.95 trillion in assets, the backing of TD provides financial strength and stability. (source: https://www.statista.com/statistics/591280/total-assets-of-td-bank/)
Founded in 1955 and headquartered in Toronto, Ontario, TD Insurance provides a variety of insurance products exclusively to Canadians, including:
- Life insurance
- Health insurance
- Home Insurance
- Auto insurance
- Travel Insurance
- Wealth Insurance
Company Facts
- Part of the TD Bank Group
- Headquarters in Toronto, Ontario
- Founded in 1955
- Over 4,000 employees (source: https://rocketreach.co/td-insurance-profile_b4b9d1f1fb0fb2e5)
Financial Strength
- TD Bank has $1.95 trillion in assets
- Market capitalization of over $100 billion
- ‘AA’ rating from DBRS and Standard & Poor’s
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 Plans
TD provides two main term life insurance policies. This type of insurance covers a set period of time, such as 10 or 20 years.
TD 10-Year Term Life Insurance
TD’s 10-Year Term Life policy provides shorter-term coverage that is ideal for temporary needs or for replacing income for a specific period.
Key Features:
- Available for ages 18-69
- Coverage amounts from $50,000 up to $10 million
- Level premiums are guaranteed for ten years
- Renews automatically every ten years until age 80
- Convertible to permanent life insurance until age 69
The 10-year term life insurance policy is well-suited for situations like:
- Replacing income while children are young
- Covering the remaining mortgage balance
- Providing income during peak earning years
- Bridging the gap until retirement assets generate income
TD 20-Year Term Life Insurance
For longer-term needs, the 20-Year Term Life policy from TD provides affordable coverage.
Key Features:
- Available for ages 18-59
- Coverage from $50,000 up to $10 million
- Level rates locked in for 20 years
- Renews automatically every 20 years until age 80
- Can convert to permanent policy until age 69
The 20-year term life insurance policy may make sense when you need income protection for situations such as:
- Young family with a new mortgage
- Saving for children’s education
- Paying down debts
- Building retirement savings
Added Features
TD term life insurance policies also include:
- Living benefits – Can access a portion of the death benefit early if terminally ill.
- Waiver of premium – This stops premium payments if they are disabled.
- Portability – Take the policy with you if you change jobs or retire.
- Conversion – Switch to permanent life insurance down the road.
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.
Highlights include:
- Available for ages 18-69
- Coverage amounts from $50,000 up to $10 million
- Premiums remain fixed
- Lifetime protection as long as premiums are paid
- Builds up cash value on a tax-deferred basis
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.
Full review: Term 100 Life Insurance
TD Guaranteed Life Insurance
TD also offers a guaranteed issue permanent life insurance product for those between the ages of 50-75.
With TD Guaranteed Life Insurance:
- Available for ages 50-75
- Coverage amounts from $5,000 up to $25,000
- No medical exam or health questions
- Level premiums will never increase
- Lifetime coverage guaranteed
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.
Key Differences
The main differences between TD’s permanent life insurance options:
| Term 100 | Guaranteed Life |
|---|---|
| Up to $10 million coverage | Up to $25,000 coverage |
| Requires medical underwriting | No medical exam |
| Available ages 18-69 | Available ages 50-75 |
| Builds cash value | No cash value |
Additional 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.
What Features and Benefits Do TD Life Policies Offer?
TD life insurance provides extensive coverage along with many advantages:
Highly Customizable Coverage
- Term lengths from 10 or 20 years
- Permanent coverage is also available
- Amounts from $50,000 up to $10 million
No Medical Exam Option
- Simplified issue up to $1 million of coverage
- Available for qualifying applicants 18-50
- Rapid decision in as little as 24 hours
Guaranteed Policies Available
- Guaranteed issue life insurance up to $25,000
- No medical exam or health questions
- Approval is guaranteed for ages 50-75
Discounts
- 10% discount for existing TD customers
- 5% discount for alumni and association members
Living Benefits
- Access death benefits while alive if terminally ill
- Cover medical and other expenses
Automatic Renewal
- Policies renew without re-applying
- Continued coverage without lapses
Strong Financial Backing
- TD Insurance has over $200 billion in assets
- Providing insurance for over 50 years
- ‘AA’ rating from DBRS and Standard & Poor’s
TD also provides easy online applications, customer support, and claims resources.
How Much Does TD Life Insurance Cost?
The cost of TD life insurance depends on several factors like:
- 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 |
Premiums start higher for permanent life insurance, depending on the policy type selected.
Get an online quote from TD Insurance to see customized rates based on your individual details. Applying with a TD advisor allows you to confirm pricing and eligibility.
Full review: Life Insurance Rates By Age Chart in Canada
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 decision in as little as 24 hours
- Have 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
No Medical Exam
TD offers simplified issue policies with up to $1 million of coverage without taking a medical exam when you qualify. This is available for:
- Ages 18-50
- Coverage under $1 million
- No major health conditions
Getting an exam can provide cheaper rates if you have excellent health.
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 number Phone: 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
Filing a life insurance claim with TD involves following 5 steps:
Step 1: Reporting the Loss
- Call TD Insurance at 1-877-397-4188
- Available Mon-Fri 8 a.m. – 10 p.m. ET, Sat 10 a.m. – 6 p.m. ET
Step 2: Obtain Claim Forms
- Will be mailed or accessible through the online portal
- The forms required will depend on the policy type
Step 3: Complete and Submit Forms
- Forms to complete will include proof of loss claim and other documentation
- Must be physician-approved and signed
- Return originals to TD Insurance
Step 4: Claim Processing
- TD will review the claim forms and submit evidence
- It may require additional medical records or statements
- Will determine if claim meets approval criteria
Step 5: Claim Decision
- Approved claims will lead to a lump-sum payment to the listed beneficiaries
- Denied claims can be appealed with supplemental information
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.
Reasons to Choose TD
- 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
Drawbacks
- More expensive premiums than some competitors
- Fewer customization options and riders
- Mixed reviews for customer service
- Limited specialty insurance offerings
For Canadians who value reputation, smooth purchasing, and digital account management, TD Insurance is an outstanding choice for life insurance. 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.
TD Insurance makes it simple to apply online and manage your policy through their digital portal and mobile app. For those seeking straightforward policies with minimal hassle, TD Life delivers.
Now that you have an in-depth understanding of TD Insurance and the life insurance products they offer, it’s important to also consider Canada’s other top life insurance providers. 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 when it comes to financial strength, range of policies offered, pricing, and more: Manulife, RBC Insurance, Canada Life, Costco Life Insurance, BMO Insurance, American Income Life Insurance Company, Canadian Premier Life Insurance, etc.
Who Should Consider TD Life Insurance?
TD life insurance stands as a top choice for many Canadians based on their brand recognition, quality offerings, and seamless experience.
Their life insurance solutions can make sense for:
- Existing TD Bank customers who qualify for added discounts
- Individuals prioritizing a reputable and trusted national insurer
- Those wanting an easy and convenient digital application process
- Anyone seeking lifetime permanent coverage into old age
- People needing simplified issue insurance without medical exams
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.
Frequently Asked Questions (FAQs)
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.
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