TD Life Insurance Canada

TD Life Insurance is a Canadian insurance company that offers a range of life insurance products to individuals and families. They are a subsidiary of TD Insurance, which is a part of TD Bank Group, one of Canada's largest and most well-known financial institutions.

TD Life Insurance policies can be customized to meet individual needs, and they often come with various optional riders and benefits to enhance coverage. The availability of specific products and features may vary over time, so it's important to contact TD Life Insurance directly or visit their official website for the most up-to-date information on their offerings and services. 

Additionally, individuals interested in TD Life Insurance should consult with a licensed insurance advisor to determine the best policy for their unique circumstances.

TD Life Insurance provides various life insurance options, including:

Term Life Insurance: This kind of policy covers you for a set amount of time, usually 10, 20, or 30 years. There is a death benefit that is paid to the beneficiaries if the insured person dies during the time.

Permanent Life Insurance: This type of policy provides lifelong coverage and includes options like Whole Life and Universal Life insurance. It often includes a savings or investment component, allowing the policyholder to build cash value over time.

Critical Illness Insurance: This coverage pays a lump sum benefit if the insured is diagnosed with a covered critical illness, such as cancer, heart disease, or stroke. It can help with medical expenses and financial security during recovery.

Disability Insurance: TD Life Insurance may also offer disability insurance, which provides income replacement if the insured becomes unable to work due to a disability.

Mortgage Insurance: TD Life Insurance offers mortgage insurance products that can help protect your home in case of unexpected events, ensuring your mortgage is paid off.

Accidental Death Insurance: This type of policy provides a benefit if the insured person dies due to an accident. It's typically more affordable than traditional life insurance but provides coverage for accidental deaths only.

Travel Insurance: TD Insurance also offers travel insurance, including coverage for emergency medical expenses, trip cancellation, and more.

How does life insurance work? What is it?

It's an understanding between you and the insurance company that you have life insurance. If the covered person dies, the insurance company agrees to pay a certain amount to the person or people they choose as beneficiaries. This insurance costs a certain amount of money each month. There is a fee for this. A lump-sum, tax-free death benefit amount is paid to the chosen beneficiary when a covered person dies and a valid claim is made. In the event of your death, it helps make sure that the people you care about will have money in the future.

Do you need a life insurance?

Some people in your life count on you. Life insurance can be a part of your plan to help your family and friends financially after you die. They can do whatever they want with the money they get. It can be used to replace lost income, pay for college after high school, or cover funeral costs, among other things. Life insurance can be a way to help your family and friends after you die.

When is the best time to get life insurance?

After deciding you need life insurance, here are some things you should think about:

  • For the most part, life insurance costs less when you are younger.

  • Your health could get worse as you age, which would make your premiums go up.

Having these things in mind might make you want to get life insurance faster. Getting married, having kids, retiring, or buying a house are all big events in your life that might make you think about your life insurance needs.

How to get a life insurance?

When you buy life insurance, one of the first things you should think about is how much coverage you need. After that, you pick a product, get a price, and fill out the life insurance application. If the insurance company offers this and you meet the standards, you might get approved right away and be covered right away. Automatic approval means that there is no need for a medical check.

If you can't get automatic approval, your application will be looked at by an underwriter, who will decide if you need to have a medical check. The information being asked for is used to prove your health and way of life, which is then used to decide whether to accept your application. Once the application is approved, an insurance is sent out and coverage starts right away.

What things should taken into account when figuring out premiums?

When insurance companies figure out the rate, they look at a number of things. You should know about these things, which could include your general health, your lifestyle, your age, your sex, and whether or not you smoke.

What kinds of life insurance are there?

Life insurance comes in many forms, but this piece will only talk about two briefly: temporary and permanent life insurance.

Temporary Life insurance:

Life insurance that is only temporary ends when the covered person dies, or before they die. This means that the premiums won't change during the time you choose. There is an automatic renewal at the end of each term at a higher rate based on your age at that time. Plans like Term 10 and Term 20 are examples of short-term life insurance. You can use temporary insurance to pay for things like a mortgage or to make up for lost income that would help your kids if you died.

 Permanent life insurance

When you buy permanent life insurance, you are covered for as long as you live and pay your payments. There are different kinds of fixed life insurance, such as Guaranteed Acceptance Life Insurance, Whole Life Insurance, and Universal Life Insurance.

When you buy Whole Life or Universal Life, you can spend some of your premium to build up cash value. You pay more each month, but you get covering and the chance to build up cash value.

Whole life insurance

Whole life insurance covers you for as long as you live and is a type of permanent life insurance. The cost of the insurance is paid for by an investment part that the insurance company handles. Also, the rates are set.

Universal life insurance :

Universal life insurance is a type of long-term insurance that lets you choose how much to pay each month. There are both protection and investment parts to the policy. You choose which bank account(s) to put your money in. 

The insurer takes money out of the account to pay for the insurance and any other costs that are needed to keep the policy in effect. The rest of the money can grow as an investment, which is also known as the cash value. 

The owner of the policy can change the limits on the premium and death payout. The growth of the investment is not guaranteed and can go up or down depending on the type of investing account chosen. Also, the death payment can go up or down.

Universal Life or Whole Life insurance can be a part of a complete plan for your estate. The growth in cash value is not taxed under these rules. So, these plans might be perfect for people who have a lot of taxable investments, have used up all of their RRSP and TFSA contributions, and are looking for ways to lower their tax bill on investment income.

Universal Life and Whole Life insurance plans need more money and care because they have more features. This means that they might cost more than plans for term life.

Permanent life insurance can be used for things that you will need for the rest of your life, like paying for your funeral or helping a disabled dependent make ends meet.

At TD Insurance, we offer the following four types of life insurance, both short-term and long-term:

Term life insurance from TD for 10 years

For example, the TD 10-Year Term Life Insurance plan covers you for 10 years and can help with short-term financial responsibilities. The rates stay the same for every 10 years. The insurance renews itself automatically at the end of each term. It covers the insured person until they turn 80, at which point it stops. 

When the policy is renewed, the payment goes up by the amount the insured person has aged. Up to age 69, it can be changed into a fixed TD Term-100 plan. This plan might work for you if you have short-term financial obligations like a school loan, car loan, or mortgage that is coming up on its last 10 years, or if you are getting ready to retire.

Term life insurance from TD for 20 years

There is coverage for 20 years with the TD 20-Year Term Life Insurance plan, which can help with longer-term financial responsibilities. Your rates don't change during any of the 20 years. Coverage lasts until the insured person gets 80 years old, after which it ends. 

At the end of every term, it automatically renews. When the policy is renewed, the payment goes up by the amount the insured person has aged. Up until age 69, it can be changed into a fixed TD Term-100 plan. If you are buying a new home, starting a family, have young children, or are just married and getting ready for the future, this plan might be right for you.

TD Life Insurance for 100 Years

A person who buys a TD Term-100 Life Insurance plan pays a fixed payment and is covered for as long as they live. It makes sure that the insured person doesn't die before their insurance runs out. When the covered person turns 100, they no longer have to pay premiums, but their coverage stays in place.

For those who want insurance that won't go up in price, TD Term-100 Life Insurance might be the right choice for you.

TD Life Insurance with Guaranteed Acceptance

With TD Guaranteed Acceptance Life Insurance, anyone in Canada between the ages of 50 and 75 can get coverage right away, starting from $5,000 to $25,000. There is no need for a medical check. Your coverage lasts as long as your insurance does, so there's no end date.

TD Guaranteed Acceptance Life Insurance might be right for people who can't get regular life insurance because of their health or the way they live their lives. It gives money to people who have lost a loved one and can help pay for things like funeral costs.

How much do I need to pay for life insurance?

Everybody needs a different kind of life insurance. How much coverage you need depends on the wants, debts, and other obligations of your family. Know how much money your family and friends would need if you died. Think about things like lost wages, loans and debts, the cost of your children's schooling, and how you and your family live. You and your family may need a certain amount of TD Term Life Insurance. The TD Life Insurance Calculator can help you figure that out.

Tips on how to get TD Life Insurance

Here are the first things you need to do to apply for TD Life Insurance:

  • Go to TD Life Insurance online.

  • Pick the kind of insurance you need.

  • Type in the area where you live.

  • It won't take long to get your price.

If another policy already covers me, should I still buy life insurance?

You may already have life insurance for your mortgage or line of credit, but it may not be enough to help your family's finances in the long run. Also, your company might give group life insurance as an employee benefit, but the coverage might not be very good.

Life insurance with credit safety

It's possible to get credit security life insurance, like mortgage or line of credit life insurance, that will pay off your debts in full or in part if you die. This is a very good safety measure that is paid straight to the bank you borrowed money from. Your family may still need money to pay for things like the funeral, medical bills, property taxes, house repairs and maintenance, and the costs of everyday life.

Group life insurance for employees

This may be a cheap way to get a small amount of coverage, usually a few times your yearly pay. It might not be enough for you, though, based on your situation. If you leave your job, this insurance doesn't follow you immediately.

Why getting your own life insurance is a good idea    

  • It is possible to make sure that you have the right amount of insurance for your needs.

  • There is no way to cancel or change the insurance as long as you pay the premiums. It is yours.

  • Should you switch jobs or banks, you won't have to worry about losing your coverage.

  • Getting term life insurance can be a cheap way to get the extra safety you need.

Getting health insurance when you're young

If you just finished or started your first "real" job a few years ago, it might seem like too soon to think about getting life insurance. But you might be better off in the long run if you start early. It depends on your age and health to figure out how much your life insurance coverage costs. You'll probably pay less if you're younger and healthy. Now might be a good time to think about getting life insurance if you have never done so before.

If you are young, here are some reasons to think about getting short-life insurance:

  • The younger you are when you buy term life insurance, the less you will have to pay each month. Also, for the time you choose, your premiums will not go up. A 30-year-old man who doesn't smoke and is in good health can get $250,000 in coverage for $18 a month through TD 10-Year Term Life Insurance.

  • You don't want a parent, family member, or partner who co-signed for your debt (like a school loan) to be left with unexpected costs after you die. If you name the person who co-signed the loan with you as a beneficiary on your term life insurance policy, they could get a tax-free lump sum payment if you die. They could use this money to pay off the loan.

  • Putting it off might cost you more in the long run. When someone applies for life insurance, their health is checked as part of the acceptance process. As you get older, you're more likely to have health problems that could cause you to pay more for insurance or not be able to get it at all.

  • Getting life insurance when you're young can help you plan ahead. Let's say you want to have kids or your parents are getting older and depend on your income. You could help protect their future financial security if you die and they can't depend on your income anymore.

By getting term life insurance, you can help protect the financial future of the people you care about after you die.

What is Term life insurance?

Term life insurance covers you for a set amount of years. Term life insurance gives a beneficiary a lump sum payment that is not taxed when the covered person dies. The amount may not be given to an estate tax-free if it is given to an estate. When you get term life insurance, you can pick the length of time that you want to be covered. This is called the "term." The program might also be able to be renewed.

Term life insurance can help protect your family's financial safety.

How does term life insurance work?

With a term life plan, you are covered for a certain amount of time. It says how long the rates will stay the same and not change. This is called the term duration.

At TD Insurance, if you don't do anything at the end of the term, the insurance will renew itself, but your premiums will go up based on your age at the time of renewal. The insured person's coverage ends when they hit a certain age, which is written into the plan or policy contract.

When you ask for coverage, you have to answer questions like these:

  • Age

  • Sex

  • Status of smokers

  • Physical Health

  • Your Lifestyle

In some situations, you may need to get a medical check. Along with the amount of coverage and type of plan, this information is used by the insurance company to figure out how much your payments will be. The people who are supposed to get your death benefit can spend it however they want. Should you die after the policy's term ends and it wasn't extended, however, the death benefit would not be paid out.

Permanent life insurance might be a good choice if you want security for your whole life. You can get permanent life insurance that doesn't run out as long as you pay your bills on time. With TD Insurance, you can switch from the Term-10 or Term-20 plan to the permanent Term-100 plan without having to fill out a health questionnaire or get a medical test.

All of TD's term life insurance plans come with:

  • $10 million in coverage

  • Renewing automatically at the end of 10 and 20 years term.

  • Guaranteed rates that don't change during the time.

  • You can change your 10- or 20-year plan to lifetime Term-100 coverage at any time before you turn 69.

Why are TD term life plans a good idea?

TD Insurance has a lot of different plan choices. You should choose a plan based on what you need. Here are some reasons why you should choose TD Term Life Insurance:

It is easy and simple.

One of the easy types of life insurance is term life insurance. You'll know what your money is going to pay for and what your heirs can expect.

Predictable insurance premiums

You can be sure that your premiums will stay the same for the whole time.

It is flexible.

You can also change your TD Term-10 or TD Term-20 policy to Term-100 fixed life insurance at any time before you turn 69.

A good way to add more to existing group plans.

The group life insurance plan you have might not be enough for you. Also, if you switch jobs, you might not have coverage anymore. Getting your own term life insurance helps your family be taken care of if you die, even if you change jobs.

Cash benefits which are tax-free

If you die during the policy's term, the people you choose will get a lump-sum death benefit that is not taxed.

Save 10% if you:

  • If you have TD Auto Finance, TD Insurance Home and/or Auto, or TD Wealth, you are a customer.

  • You fill out your application online.

Save 5% if you:

  • Either you or your spouse graduated from or is a member of a qualified Canadian post-secondary school or professional organization.

TD Term Life Insurance has an offer for instant approval.

You might be able to get up to:

  • $1 million if you are younger than 50

  • $500,000 if you are between the ages of 51 and 54

  • Two hundred thousand dollars if you are 55 to 60 years old.

You can get quick approval if you fill out the health and lifestyle questionnaire that is part of the application.

Getting the right amount of life insurance coverage for your needs.

Before you choose how much term life insurance to buy, you might need to make a list of your present plans and obligations.

  • If you have short-term debts like a school loan or car loan, TD 10-Year Term Life might be a good choice for you.

  • The TD 20-Year Term Life could be just what you need if you're married, starting a family, or just bought a house.

  • And finally, TD Term-100 might be the best choice if you want coverage for life and want to make sure your prices don't change.

A 10-Year Term Life or a 20-Year Term Life policy can be changed to a Term-100 policy at any time before age 69. There is no need for health questionnaires or medical exams, and conversion is ensured.

How much do you need for health insurance?

It might not cost as much as you think to get TD Term Life Insurance. For instance, a 30-year-old woman who doesn't smoke and is in good health could get TD 10-Year Term Life coverage for $400,000 for as little as $18.00 a month2. This tool from TD Life Insurance can help you get a rough idea of how much your term life insurance plan might cost.

How do I sign up for TD Term Life Insurance online?

  • Go to the page for TD Term Life Insurance

  • Click "Check my price" to get a quote and learn more about term life insurance.

  • After getting a price, choose the coverage that meets your needs the best and apply for it.

  • You can also save your resume and application for later use.

  • You must live in Canada and be at least the age limit for the term life insurance plan you choose.