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What is Life Insurance?
Life insurance is essentially a contract between you and an insurance company, in which you agree to pay a premium. The purpose of the policy is to help provide financial security in the form of a lump-sum, tax-free amount, paid to a designated beneficiary when you pass away. You're eligible to apply if you’re a Canadian citizen or resident1 and fall within the age requirements for the TD Insurance life insurance plan you choose.
Why Should I Buy Life Insurance?
In the event of your death, life insurance provides a death benefit payment to your designated beneficiaries, which they can use to help cover any of your family’s financial obligations. Your designated beneficiaries can use the money however they wish, for example:
- Paying for your funeral expenses
- Paying towards outstanding debts or mortgage
- Maintaining their standard of living
- Donating to charity
- Replacing income lost
Our Life Insurance Offerings
TD Insurance offerings include coverage from $5,000 to $10,000,000, depending on the plan you choose.
Take a look at the options below.
What’s included?
What type of life insurance may be right for me?
Want to Learn More About Life Insurance?
You know that life insurance is important but you’re not sure where to begin. This article explains the basics.
Here’s how you can get coverage without a medical exam with TD Guaranteed Acceptable Life Insurance.
Do you have questions about life insurance? Find out how much you may need, and what to consider when you’re calculating coverage amounts.
FAQ
In general, a life insurance policy is a contract between you and an insurance company. You agree to make regular premium payments and in return, the insurance company agrees to pay out a tax-free lump sum amount to your beneficiary upon your death, subject to the claim meeting the terms of the policy. You choose the amount that will be paid out to your beneficiary during the application process.
The right time to get life insurance can be different for different people. One factor to consider when thinking about getting life insurance is whether you have dependents or others who rely on you for their financial security.
Some people inquire about life insurance during major life events, such as:
There are also a number of reasons to consider purchasing life insurance at a young age.
We understand that different life stages present their own unique needs. TD Insurance offers several Term Life Insurance plans.
Learn more about your life insurance options with TD Insurance.
There are 4 types of Life insurance offered by TD Insurance. S
· TD 10-Year Term Life
· TD 20-Year Term Life
· TD Term-100
· TD Guaranteed Acceptance Life Insurance
TD 10-Year and 20-Year Term Life insurance policies automatically renew every 10 and 20 years, respectively, at which time premium costs increase to reflect your age at the time of renewal. For TD 10-Year and 20-Year Term Life insurance policies, premiums are guaranteed not to change for each 10-year or 20-year period. Both term life policies expire on the life insured person’s 80th birthday.
For TD Term-100 life insurance, policy premium costs are guaranteed to remain the same. They are payable until the insured person turns 100 years old. Although coverage continues, there are no premium payments after the age of 100. The policy will remain active until the insured person passes away.
You can choose to convert a TD 10-Year or 20-Year Term Life insurance policy to a TD Term-100 life insurance policy at any time, up to and including the policy anniversary closest to your 69th birthday, with no further questions or medicals required.
Guaranteed Acceptance Life Insurance is a permanent life insurance policy you can obtain regardless of your health. The premium costs are guaranteed to remain the same. To be eligible you must be a Canadian resident. You must also be within the ages of 50 and 75. When you reach age 100, your premium payments cease, and the coverage continues until a death benefit is paid. Coverage is available from $5,000 to $25,000.
Learn more about TD Guaranteed Acceptance Life Insurance for Canadians or get a quote.
The amount of coverage you need is based on your specific circumstances. If you're not sure how much coverage you need, try the TD Life Insurance Calculator .
In general, a life insurance policy is a contract between you and an insurance company. You agree to make regular premium payments and in return, the insurance company agrees to pay out a tax-free lump sum amount to your beneficiary upon your death, subject to the claim meeting the terms of the policy. You choose the amount that will be paid out to your beneficiary during the application process.
The right time to get life insurance can be different for different people. One factor to consider when thinking about getting life insurance is whether you have dependents or others who rely on you for their financial security.
Some people inquire about life insurance during major life events, such as:
There are also a number of reasons to consider purchasing life insurance at a young age.
We understand that different life stages present their own unique needs. TD Insurance offers several Term Life Insurance plans.
Learn more about your life insurance options with TD Insurance.
TD Term Life Insurance and TD Guaranteed Acceptance Life Insurance are individual life insurance plans underwritten by TD Life Insurance Company. See each plan's Insurance Policy for coverage details, including limitations and exclusions.
1A Canadian resident is any person who:
• is legally entitled to reside in Canada for at least the next year, and
• has been a resident in Canada for 183 of the past 365 days. Days do not need to be consecutive.
2Instant approval is subject to the responses you provide to certain health and lifestyle questions in your application and is available for coverage up to $1,000,000 if you are under 50, up to $500,000 if you are under 54, or up to $250,000 if you are under 60.
3 Premiums do not increase for the duration of the policy's term. The premium will increase when your term renews.
4This option is available up to the policy anniversary nearest the Insured’s 69th birthday, and premiums will be based on the Insured person’s attained age at the conversion date.
5Based on user ratings on Google, as of October 10, 2023