Is Td disability insurance worth it in 2024?
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Discover the methodologyDisability insurance is a great financial planning tool and insurance product that often slides by unnoticed. It’s not as common as health or life insurance, but it can be equally as effective in securing your and your loved one’s long-term finances.
It does this by effectively replacing your earned income should something happen to you where you can’t work. But what exactly is disability insurance and how does it work? Let's understand by looking at the popular TD disability insurance plan.
This article reviews TD disability insurance policies. It covers everything from how it works, how much it costs, and how you can get a quote in minutes. Also, use our free comparator to compare the best disability insurance plans and get personalized quotes right here.
TD Disability Insurance: 4 Key Takeaways
- No medical exam is required to enroll
- The premiums range from $15 to $25 per month
- There are few restrictions on eligibility
- TD Accident Disability Insurance provides coverage until your 70th birthday
Our 2024 review of TD Disability Insurance
TD Disability Insurance has numerous benefits when compared to other disability insurance providers in Canada. From the ease of enrollment to the additional recovery benefit, it is the perfect disability insurance option for anyone looking for affordable coverage.
The following TD disability insurance advantages are the key reasons why they make a good insurance provider.
Pros of TD Disability Insurance
- Range of monthly benefits from $500, $1,000 to $1,500
- Monthly premiums from $15
- No medical exam needed
- Tax-free monthly income benefit
- Additional 1-month rehabilitation benefit
- 30-day open look period
- Coverage until your 70th birthday
- Easy online enrollment
- Simplified claim submission process
Cons of TD Disability Insurance
- Some occupations aren’t covered
- Not suitable for those needing a high monthly benefit
- No coverage while outside of Canada
Not sure if TD’s Disability Insurance is for you? Use our free comparison tool below to compare the best disability insurance plans and quotes in your area.
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Who is TD Insurance?
TD Insurance is one of the biggest insurance providers in Canada and belongs to one of the country’s largest financial services organizations, TD Bank Group. TD Insurance focuses on two sectors of the insurance industry including general insurance and life and health insurance products.
Working under the slogan “Quality insurance products require quality advice”, TD Insurance proudly states that they only hire top insurance professionals who strive to save their customers money and find insurance policies that suit their unique needs and budgets.
TD Insurance was founded in 2000 and currently has its headquarters in Toronto, Ontario.
How much does the TD Accident Disability Insurance cost?
The cost of TD disability insurance ranges from $15 to $25 per month, excluding applicable taxes, depending on the monthly benefit you choose. The table below shows the monthly premiums for the three levels of coverage, regardless of your age.
| Premiums per month (ex. taxes) | Monthly income benefit (paid up to 24 months per disability) |
|---|---|
| $15 | $500 |
| $20 | $1,000 |
| $25 | $1,500 |
Is disability insurance tax deductible in Canada?
Disability insurance premiums may be tax deductible in Canada depending on the type of insurance you have and the entity that pays for the premiums. Private disability insurance is not tax-deductible, whereas corporate disability insurance is tax-deductible. You can read our full guide on the disability insurance tax deductible subject.
What Disability Insurance does TD Insurance offer?
TD Insurance offers disability coverage under their TD Accident Disability Insurance plan. Like any disability insurance, the policy is specifically designed to replace your lost income if you become disabled and are unable to continue working.
With TD’s disability insurance in place, you ensure that you can continue to support your family if something were to happen and you give yourself time to reassess your situation and plan for any adjustments that may have to be made to your living arrangements.
The best thing about having TD Accident Disability Insurance is that you won’t have to worry about your finances and can instead focus solely on your recovery. Furthermore, with TD Insurance’s additional rehabilitation expense benefit, you’ll receive an additional monthly payment in each disability period which you can use on rehabilitation expenses.
Good to know
There are two primary categories of disability insurance - short-term and long-term. Read our comprehensive guides on short-term disability and long-term disability insurance.
What does TD Accident Disability Insurance cover?
TD Accident Disability Insurance covers you if you become disabled and can no longer work as a direct result of an insured accident. Within this policy, an accident relates to any bodily injury that is sudden and unexpected, and being deemed disabled refers to your inability to perform essential duties of your regular job while also needing regular from a licensed physician.
If you cannot work, TD disability insurance will provide you with a monthly income of $500, $1,000, or $1,500, depending on your chosen monthly benefit for a total of 24 months, in addition to paying an extra rehabilitation benefit valued at one monthly benefit at the end of your recovery period. The monthly income benefit received from TD Insurance is always paid tax-free and deposited directly into your bank account.
If you think that disability insurance may be suitable for you and can provide you with some peace of mind, don’t hesitate to compare options and get a few quotes using our comparison tool below.
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Who can buy TD Disability Insurance?
Anyone can buy TD’s disability insurance as long as they meet the eligibility requirements. While a little restrictive, TD Insurance’s requirements aren’t any more or less constrained when compared to other providers in Canada who also offer disability coverage. Furthermore, if you are eligible, you can enroll and receive coverage without having to undergo any medical examination.
The full eligibility requirements for TD Accident Disability Insurance are as follows.
- Canadian resident and TD customer aged 18-60
- You have to work at least 30hrs/week
- Any occupation except pilots, armed forces, bridge workers, offshore oil employees, students, anyone handling explosives, underground miners, professional divers, ironworkers, steeplejacks, or quarry workers.
- You must have a bank account or credit card in your name
Watch out!
Unfortunately, TD disability insurance is not available for residents in Quebec and while you do not have to undergo a medical to enroll in TD’s disability insurance, any claims arising within the first 6 months of your insurance inception date due to the inability to work from a pre-existing condition will be declined. Read our guide on disability insurance benefits in Quebec for more information.
How can I contact TD Insurance?
Licensed TD Insurance advisors can be contacted Monday to Friday between 8 am and 10 pm, and Saturdays between 10 am and 6 pm at 1-888-788-0839.
You can also call 1-877-397-4188, option 1, or 1-900-855-0511, if you have any general queries, want to make a claim, or enroll in TD disability insurance coverage.
