TD Life Insurance Review
Learn more about TD life insurance in Canada. Talk to one of our experienced advisors, today!
6 Minute read
Originally published: February 1, 2022
Updated: April 22, 2024
TD Life Insurance Review.
Learn more about TD life insurance in Canada. Talk to one of our experienced advisors, today!
6 Minute read
Originally published: February 1, 2022
Updated: April 22, 2024
TD Insurance offers general life insurance products that are suitable for people who want a simple plan. They only have a limited amount of term life and permanent life options, which might not fit specific needs. As their term life insurance policies range from only 10 or 20 years, while there are only two options for permanent life insurance. Their rates are higher on average compared to competing life insurance companies. Although they lack beneficial riders that other competing life insurance companies offer, TD does have accidental benefits for family coverage, thus receiving a 1½ stars out of 5 from Protect Your Wealth.
In this article:
Company Overview
TD Insurance is a member of Toronto-Dominion Bank (TD Bank), originally a product of the merger of the historic Bank of Toronto and The Dominion Bank. TD Bank was founded in 1955, and it is now the largest bank in Canada, and amongst the top ten largest banks in North America, with their total assets being $1.92 trillion.
Headquartered in Toronto, Ontario, TD Bank currently serves over 13.5 million Canadian customers in over 1000 Canadian Branches. TD Bank has over 27.5 million customers worldwide, with a team of 95,000 employees. TD Insurance provides many insurance services, such as auto insurance, home insurance, life insurance, travel insurance, sickness insurance, accident insurance, and protection plans. TD offers a handful of life insurance options that include both term and permanent life insurance options.
Find out everything you need to know about Life Insurance companies in Canada in our article about the Best Life Insurance Companies in Canada.
TD Life Insurance Pros
Offers a coverage amount of $10 million, typically higher than other insurance providers
Potential instant approval for up to $1 million if aged 50+ (no medical exam required)
Conversion options for term life insurance policies
Easy to use online services, and easy to navigate website
Discounts for New 10-Year and 20-Year Term Life Plans:
- 10% off if you complete your application online OR for existing TD customers
- 5% off for if spouse is a graduate of an eligible Canadian post-secondary institution or a member of an eligible professional association
Affordable critical accident recovery plan for the entire family
Fixed premiums throughout term duration
30-Day review period to decide if the policy is for you, any premiums paid in this time will be refunded
TD Life Insurance Cons
Premiums are more expensive than competing life insurance companies
Coverage expires at 80 years old, while most competing life insurance policies expire at 85 years old
Limited options for both term and permanent life insurance
TD Insurance Life Insurance Products
TD Insurance Term Life Insurance
TD Insurance offers 2 term life insurance policies, the 10-Year Term Life and 20-Year Term Life. These are similar in the benefits that are provided, with the term length being the major difference.
The TD Insurance 10-Year Term Life policy is crafted for individuals seeking a safety net for short-term financial obligations, ideal for those nearing the culmination of their mortgage, managing car payments, or approaching retirement. It’s also an excellent choice for those dealing with student loans, car loans, or short-term mortgages, allowing a focus on life without the constant worry about unforeseen financial hits.
Key Highlights
- Coverage Spectrum: From $50,000 to $10 million
- Stable Premiums: Assurance with no surprises and fixed premiums
- Medical Examination: May be required, but for instant approval up to $1,000,000 coverage, no medical exam is required if you are 50 and under
- Renewable Convenience: Automatically renewable with no medical questionnaire or exam required until age 70
- Waiver of Premium rider: Waives off your premium payments if you acquire disability
Optional Benefits
- Preferred rates available: Specific to you
- Exclusive Discounts: 10% or 5% Discounts available for existing TD customers outlined above in TD Life Insurance Pros.
- Review Flexibility: Allows for cancellation within 30 days of effective date
- Convertibility: Switch to a Term 100 plan until the age of 69
- Living Benefits: are available in the case of critical illness diagnosis
Eligibility to Apply:
- Must be a Canadian resident between 18 years old to 69 years old
- Coverage in effect until 80, and automatically renews at the end of each decade without the need for medical and questionnaire
- Convertible to Term 100 policy up to 6 months past 69 birthday
The TD Insurance 20-Year Term Life policy is ideal for those who are looking for a longer extensive coverage over a prolonged period, making it an optimal choice for those who are stepping into new phases of life such as marriage, parenthood, or those who have recently purchased a home/looking to secure one in the coming years.
Key Highlights
- Coverage Spectrum: From $50,000 to $10 million
- Stable Premiums: Guaranteed fixed premiums
- Medical Examination: May be required, but no medical exam required for instant approval up to $1,000,000 coverage if you are 50 and under
- Renewable Convenience: Automatically renewable with no medical questionnaire or exam required until age 60
- Waiver of Premium rider: Waives off your premium payments if you acquire disability
Optional Benefits
- Preferred rates available: Specific to you
- Exclusive Discounts: 10% or 5% Discounts available for existing TD customers outlined above in TD Life Insurance Pros.
- Review Flexibility: Grace period allows for cancellation within 30 days of effective date, and automatically renews at the end of each 20 year term to age 80 without medical or questionnaire
- Convertibility: Can be converted to Term 100 plan until the age of 69
- Living Benefits: Available in the case of critical illness diagnosis
Eligibility to Apply:
- Must be a Canadian resident who is 18 years old to 59 years old
Why Choose TD 20-Year Term Life Insurance?
Selecting the TD 20-Year Term Life Insurance isn’t only about navigating long-term commitments; it’s about securing your legacy and the wellbeing of your loved ones, allowing you to pursue life’s endeavors with confidence and peace of mind. The expansive coverage selections, steadfast premiums, and additional perks synergize to deliver a customized experience, instilling a sense of enduring tranquility and protection for those pivotal two decades and beyond.
TD Insurance Permanent Life Insurance
TD Insurance only offers two permanent life insurance products: Term-100 life and TD Guaranteed Acceptance Life Insurance.
The TD Insurance Permanent Life Policy provides a lifetime of coverage, serving as a steadfast solution for those who desire enduring protection with predictable premium prices. It’s an optimal choice for those looking to cover end-of-life expenses or to leave a lasting legacy, constructed meticulously for individuals seeking coverage that remains steadfast, at a cost that’s guaranteed to remain constant.
Key Highlights
- Coverage Spectrum: From $50,000 to $10 million
- Stable Premiums: Guaranteed fixed premiums
- Medical Examinations: May be required
- Waiver of Premium rider: Waives off your premium payments if you acquire disability
- No cash value
Optional Benefits
- Review Flexibility: Review period allows for cancellation within 30 days of effective date
- Living Benefits: Are available in the case of critical illness diagnosis
Eligibility to Apply:
- Must be a Canadian resident who is 18 years old to 69 years old
With this policy, you have the assurance of a lifetime, allowing you peace of mind from early adulthood to the days beyond your 70th birthday, ensuring your legacy is safeguarded and your loved ones are protected.
The TD Guaranteed Acceptance Life Insurance is tailor-made for individuals who seek life insurance coverage in their later years, particularly those residing in Canada. This plan is optimal for those finding it hard to secure life insurance, especially those with declining health conditions, providing a safety net to cover final expenses like funeral costs. Below is a concise breakdown of the plan’s features and how it can benefit prospective policyholders.
Key Highlights
- Coverage Spectrum: From $5,000 to $25,000
- Stable Premiums: Assurance with no surprises and fixed premiums Guaranteed fixed premiums
- Medical Examination: Availing of this plan requires no medical assessment
- Guaranteed Approval: Eligible applications are assured acceptance
- Lifelong Coverage: Your policy stays active with no end date, ensuring prolonged coverage
Optional Benefits
- Tax-Free Lump Sum: Beneficiaries receive the coverage amount free of tax
- Renewable Convenience: Renewal of the policy requires no additional health check-ups.
- Accidental Death Benefit Rider: In case of accidental death, beneficiaries receive five times the death benefit post two years of coverage.
- Living Benefits: Policyholders diagnosed with a terminal illness can choose to receive 50% of the death benefit in advance, post two years of active coverage.
Eligibility to Apply:
- Must be a Canadian resident who is between 50 years old and 75 years old
Other TD Life Insurance Products
TD Insurance offers a handful of other life insurance products, which can be beneficial as standalone insurance products or riders to create a life insurance package. TD Insurance offers the TD Critical Accident Recovery Plan, TD Critical Illness Recovery Plan, TD Accidental Death Insurance Plan and the TD Accident Disability Insurance Plan.
The TD Critical Accident Recovery Plan can supplement your health insurance coverage, giving you benefits to help in the recovery of a covered critical accident. This plan allows you to receive a tax-free lump sum when you or your riders have a critical accident or injury such as: burns, specific bones broken, brain damage, coma, total loss of eyesight, total paralysis, and much more. This plan can also help by providing a benefit for hospital stays for up to 365 days.
Key Highlights
- A tax-free lump sum benefit between $3,000 to $150,000 depending on critical accident or injury
- No medical examination or health related questions
- Up to $200 a day benefit while in a hospital for a covered accident
Monthly Premiums of
- Ages 18-54: $7.95 single, $11.95 joint policy
- Ages 55-74: $9.95 singe, $14.95 joint policy
- Child rider adds $1.00 per month
Optional Benefits
- Can add spouses and children as riders
- Review period allows for cancellation within 30 days of effective date
Eligibility to Apply:
- Canadian resident
- TD customers between the ages of 18 and 64
- Spouses between the ages of 18 and 64
- Child or children must be dependent
The TD Critical Illness Recovery Plan insurance plan protects those who are in good health at the time of their application but become diagnosed with a critical illness and need coverage to aid in their recovery.
Key Highlights
- Coverage from $5,000 to $50,000
- Medical examination required
- Premiums are fixed for 10 years
- Competitive and affordable rates
Eligibility to Apply:
- Canadian citizen
- Between the ages of 18 and 54
- Can not have or have been told you have cancer, heart attack, or stroke.
Optional Benefits
- Premium prices decrease after 60 years old, and premium payments end at 70 years old
- Tax-free lump sum benefit
The TD Accidental Death Insurance Plan provides a tax-free lump sum in the event of your death caused by a covered accident. This plan allows you to enroll your spouse and dependent children giving a handful of benefits for you and your family.
Key Highlights
- Tax-free lump sum $50,000 to $250,000 in case of death caused by covered accident
- Insurance coverage increases by 1% (up to $2,500) for every year you keep your coverage
- No medical examination
- Family coverage allowing you to enroll your spouse and children as riders
Monthly Premiums of
- Single: $5 per month for every $50,000 of coverage wanted (ex. $25/month for $250,000 coverage)
- Enrolling your spouse adds $5 per month
- Child rider adds $1.00 per month
Optional Benefits
- Coverage includes daily hospital indemnity benefit, up to $18,250
- Benefits double up to $500,000 if the covered accidental death happens while traveling on a common carrier, like an airplane.
- Review period allows for cancellation within 30 days of effective date
Eligibility to Apply:
- Canadian citizen
- TD Canada customer between the ages 18 and 65
- Spouses between the ages 18 and 65
- Child or children must be dependent
The TD Accident Disability Insurance Plan is to protect those who are in good health at the time of their application but become disabled from an accident. The coverage is to help with living costs and expenses because of their disability.
Key Highlights
- Receive benefits from $500 to $1500 monthly
- No medical examination required
- Low premiums costs (starting from $15 per month)
- TD Canada Trust pays your first month’s premium
Optional Benefits
- Tax-free benefits for up to 24 months
- Review period allows for cancellation within 30 days of effective date
Eligibility to Apply:
- Must be a Canadian resident between the ages of 18 and 60
- Must work at least 30 hours a week
- Not available if you are a bridge worker, blaster or explosive handler, homemaker, military personnel, offshore oil worker, pilot, professional diver, structural or ironworker, steeplejack, student, underground mining worker, or quarry worker.
TD Insurance Customer Reviews
Many TD Insurance clients are satisfied with their experience with the company:
Customer service resources which are available anytime
Easy application processes and easy to use website
On the other end, TD clients sometimes find that:
Rates are too high and not comparable to competitors
Delays for insurance claims lead to lengthy wait times
Get In Touch With Us Today
If you’re not sure of what the best insurance product or company is for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada at no cost to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need at no cost.
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.
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