TD Life Insurance Review

TD Insurance provides life insurance options that cater to individuals seeking a straightforward and uncomplicated policy. While their offerings are more limited and their rates tend to be higher compared to other insurers, TD Insurance remains a reliable choice. Based on these considerations, Protect Your Wealth rates TD Insurance at 3 out of 5 stars. Continue reading to explore the advantages, drawbacks, and specific life insurance products available through TD Insurance.

In this article:

• Company Overview
• Pros and Cons
• TD Term Life Insurance
• TD Permanent Life Insurance
• Other TD Life Insurance Products
• TD Customer Reviews
• Frequently Asked Questions (FAQs) About TD Insurance

Company Overview

TD Insurance is a subsidiary of the Toronto-Dominion Bank (TD Bank), the largest bank in Canada and one of the ten largest banks in North America. Founded in 1955 and headquartered in Toronto, Ontario, TD Bank boasts total assets of $1.95 trillion. Serving over 13.5 million customers in Canada and 27.5 million globally, TD Bank operates with a team of 95,000 employees. Recognized as one of Canada’s leading life insurance providers, TD Insurance offers a wide range of services including auto insurance, home insurance, life insurance, travel insurance, accident insurance, and more.

Here is a quick overview of what TD Insurance offers:

TD Life Insurance Pros

TD Life Insurance Cons

TD Insurance Term Life Insurance

Term life insurance offers coverage for a specified period of time, typically ranging from 10-30 years. This type of coverage is the most affordable and is ideal for those with changing financial needs and those interested in straightforward coverage.

TD Insurance offers two term life insurance policies, here is a quick overview of each plan:

10-Year Term Life

Coverage amount: $50,000 – $10,000,000

Length of coverage: 10 Years

Issue ages: 18 – 69 years old.

Additional options:

• Automatically renews at the end of each term with no questionnaire or medical exam required, up to age 70.
• Convertible to permanent insurance before the age of 69.
• Instant approval for up to $1,000,000 coverage with no medical exam required for those age 50 and under.
• A discount of 10% is available for existing TD customers and of 5% if you or your spouse is a graduate of an eligible post-secondary institution or member of an eligible professional association.

20-Year Term Life

Coverage amount: $50,000 – $10,000,000

Length of coverage: 20 Years

Issue ages: 18 – 59 years old.

Additional options:

• Automatically renews at the end of each term with no questionnaire or medical exam required, up to age 60.
• Convertible to permanent insurance before the age of 69.
• Instant approval for up to $1,000,000 coverage with no medical exam required for those age 50 and under.
• A discount of 10% is available for existing TD customers and of 5% if you or your spouse is a graduate of an eligible post-secondary institution or member of an eligible professional association.

TD Permanent Life Insurance

Permanent life insurance provides lifelong coverage that never expires due to age. This type of policy is typically more expensive, but is ideal for older individuals and those who want to lock in a fixed premium rate while they are still young.

TD Insurance offers two permanent life insurance policies, one of which is a no medical policy. Here is a quick overview of each plan:

Term 100 Lifetime Coverage

Coverage:  $50,000 – $10,000,000

Length of coverage: Permanent

Issue ages: 18 – 69 years old

Premium payment options:

• Monthly or annual payments until age 100.

Additional options:

• Fixed premiums that don’t increase with age or medical status.
• Instant approval for up to $1,000,000 coverage with no medical exam required for those age 50 and under.
• A discount of 10% is available for existing TD customers and of 5% if you or your spouse is a graduate of an eligible post-secondary institution or member of an eligible professional association.

TD Guaranteed Acceptance Life Insurance

Coverage:  $5,000 – $25,000

Length of coverage: Permanent

Issue ages: 50 – 75 years old

Premium payment options:

• Monthly or annual payments until age 100.

Additional options:

• Fixed premiums that don’t increase with age or medical status.
• Guaranteed approval with no medical exam required.
• After two years, if the policyholder passes away due to accidental death beneficiaries receive five times the death benefit amount.
• After two years, policyholders with a terminal illness can choose to receive 50% of the death benefit in advance. The remaining 50% is paid directly to the beneficiary upon the policyholder’s death.

Other TD Life Insurance Products

Other life insurance products offered through TD Insurance include critical illness insurance, disability insurance, accidental death insurance, and accident insurance. These policies can be purchased as either a life insurance rider or a standalone policy.

Here is a quick overview of these four policies:

TD Critical Illness Recovery Plan

This plan provides a tax-free lump sum benefit to healthy individuals who are newly diagnosed with a covered critical illness.

Coverage:  $10,000 – $100,000

Length of coverage: Coverage is reduced to 50% at age 65 and terminates at age 70.

Issue ages: 18 – 54 years old

Additional options:

• Fixed premiums for the first 10 years.

TD Accident Disability Insurance Plan

This plan provides a tax-free monthly benefit in the event that a policyholder develops a covered disability from an accident. The coverage can help with living costs and expenses related to the disability.

Coverage:  $500 to $1500 / month

Length of coverage: Coverage until age 70.

Issue ages: 18 – 60 years old

Additional options:

• No medical examination or health related questions are required to qualify, however pre-existing conditions will be excluded from coverage.
• Must work at least 30 hours a week and not be in any specified dangerous occupations such as military personnel, offshore oil worker, pilot, professional diver, and so on.
• At the end of the disability period, policyholders receive an additional one month recovery benefit.

TD Accidental Death Insurance Plan

This plan provides a tax-free lump sum payment in the event of death when caused by a covered accident.

Coverage:  $50,000 – $250,000

Length of coverage: Coverage is reduced to 50% at age 65 and terminates at age 70.

Issue ages: 18 – 65 years old

Additional options:

• No medical examination or health related questions are required to qualify.
• Benefits are doubled, up to $500,000, if the covered accidental death happens while you are travelling on a common carrier, such as an airplane.
• Each year you keep your coverage, your Accidental Death Insurance coverage increases by 1% of the original coverage issued (up to $2,500).
• Coverage includes a daily hospital indemnity benefit, up to a total of $18,250.

TD Critical Accident Recovery Plan

This plan provides a tax-free lump sum benefit if you were to suffer a critical accident that is covered by the policy including: burns, broken bones, coma, loss of eyesight, paralysis, and more.

Coverage:  $7,000 – $100,000

Length of coverage: Coverage is reduced to 50% at age 65 and terminates at age 75.

Issue ages: 18 – 64 years old

Additional options:

• No medical examination or health related questions are required to qualify.
• Benefit of up to $100 a day while in a hospital for a covered accident.

TD Insurance Customer Reviews

Customers who purchase life insurance through TD Insurance typically have the following to say:

Frequently Asked Questions (FAQs) About TD Insurance

Find the Right Insurance Provider for You and Your Family.

If you’re not sure of which insurance provider is right for you, consider working with a life insurance expert. At Protect Your Wealth, we compare policies and quotes from the best life insurance companies in Canada to help clients find the right policy for their unique needs, at no cost to them! We provide expert life insurance solutions and are committed to helping clients understand their options and find the best policy.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, Alberta, and Manitoba including areas such as Oakville, Lethbridge, Richmond and Winnipeg.