TD Life Insurance Canada: Review, Quote, Contact 2024
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Discover the methodologyTD Life Insurance offers a variety of flexible options to meet the needs of Canadians at different life stages. With coverage options up to $10,000,000 and features like instant approval with no medical exams, it’s a solid choice for many. But is it the best choice for you?
In this review, we discuss everything you need to know: What does TD life insurance cover? What plans does it offer? What are the premiums? How to contact TD?
You can also use our free tool below to compare life insurance quotes from Canada's best companies so you can decide if TD life insurance is truly the best choice for you or if there's another that suits you better.
TD Life Insurance Canada: 7 Key Points
- Coverage up to $10,000,000, in term lengths of 10, 20 and 100 years
- Instant online approval with no medical exams for up to $1,000,000 coverage for Canadians aged 50+
- Convert TD term life insurance into permanent coverage without a medical exam*
- Get TD Life Insurance quotes online in less than a minute
- Up to 10% discount for online applications and existing TD customers
- Guaranteed Acceptance Life Insurance up to $25,000
- Dedicated TD Life Insurance Login and App for easy policy management, claims, renewal
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Our TD Life Insurance Review: Secure coverage from a reputed brand
TD Life Insurance, also referred to as TD Bank Life Insurance offers a range of flexible, straightforward policies that can meet the needs of many Canadians. With coverage up to $10,000,000, TD offers both term and permanent life insurance options, including the 10-year, 20-year, and Term 100 plans.
TD term life insurance options are affordable with guaranteed premiums that won’t increase during the policy period. One of the standout features is the availability of instant approval for up to $1,000,000 coverage with no medical exam for certain age groups. This no-medical exam insurance option makes it an attractive choice for those looking for short to mid-term coverage, like newly married couples or those with young children.
TD’s Guaranteed Acceptance Life Insurance is another great option, particularly for Canadians aged 50-75 who are looking for coverage to help with final expenses like funeral costs. It offers coverage up to $25,000 with no medical exams, making it ideal for those with health concerns who may find it difficult to secure traditional life insurance.
The Term 100 Life Insurance is notable for offering lifetime coverage with fixed premiums. Additionally, you can convert your 10 and 20-year Term Life policy into permanent coverage without a medical exam up to age 69.
TD offers up to a 10% discount for existing TD customers or those applying online, making it more affordable for current TD customers or those who want to manage everything digitally.
However, while TD Life Insurance is known for its simplicity and no-medical options, it may not be the best choice for those seeking extensive customization in their policy, as it offers fewer riders than some competitors like Canada Life Insurance or Sun Life.
Additionally, the cost of premiums tends to be higher for those over 35, which may make other providers a more cost-effective choice for older individuals or those with specific coverage needs.
Overall, TD Life Insurance is best for individuals seeking straightforward, reliable life insurance with flexible terms, particularly younger policyholders, families, or seniors looking for guaranteed acceptance. However, for those in search of the lowest premiums or more extensive customization, exploring options from providers like Canada Life or Empire Life could offer better solutions.
Expert advice
TD Life Insurance is ideal for those who prioritize simplicity, guaranteed premiums, and the option for a no-medical-exam policy, particularly young families or seniors needing final expense coverage. However, it might not suit individuals over 35 looking for the lowest premiums or those in need of extensive policy customization.
Pros of TD Life Insurance Canada
- Coverage up to $10,000,000
- No-medical exam insurance up to $1,000,000 with instant approval online
- Convert term to permanent coverage without medical exam until age 69
- Guaranteed Acceptance Life insurance up to $25,000
- Offered by reputed TD Bank Group with strong financial strength
- Up to 10% discount if you apply online
- Up to 10% discount if you are a TD customer
- Up to 5% discount if you or your spouse graduated from an eligible Canadian post-secondary institution or are a member of an eligible professional association
Cons of TD Life Insurance Canada
- More expensive than other providers for ages 35+
- Limited product range
- Few riders for the term life products
- Life cover ends at 80 for standard-term life insurance
- Guaranteed Acceptance Life Insurance is not available to residents of Quebec
Who is TD Life Insurance Company?
TD Life Insurance Company is a subsidiary of TD Bank Group, one of Canada's largest financial institutions. TD Life Insurance, established in 1955, holds a Superior A.M. Best rating for financial strength, ensuring stability for policyholders. The group is also consistently ranked among the top banks in Canada and North America, offering confidence to policyholders that their life insurance policies are supported by a solid financial foundation.
How are TD life insurance reviews from customers?
TD Bank Life Insurance has a 4.3/5 star rating on Google with many clients appreciating their customer service. They are one of the few providers that have left their Google reviews visible to the public. However, several of the one-star reviews indicate that the phone number is hard to get a hold of. If you're also looking at how to contact them, here's the official TD Life Insurance phone number 1-877-397-4188, Monday to Friday from 8:00 am to 10:00 pm, and Saturday from 10:00 am to 6:00 pm ET.
It's best practice to compare multiple providers and weigh the options before deciding if TD is the right choice for you. You could compare TD life insurance quotes with others by getting personalized quotes from various providers using our free comparator tool below.
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What does TD Canada life insurance cost?
The costs of plans vary essentially depending on the type of coverage you want and certain personal variables. For example, your age, smoking and health status, residence and gender all play a part in determining your life insurance premiums.
Fortunately, TD Canada life insurance has costs and quotes available for customers through their website. The table below shows a range of monthly premiums for healthy, non-smoking female and male customers for a 20-year TD term life insurance policy with $250,000 coverage. The premiums also take into consideration the 10% discount available for online applications.
| Age | Female (Premium per month for $250,000 coverage) | Male (Premium per month for $250,000 coverage) |
|---|---|---|
| 25 | $15.30 | $19.80 |
| 30 | $16.20 | $19.80 |
| 35 | $19.80 | $23.40 |
| 40 | $26.10 | $32.40 |
| 45 | $36.90 | $51.30 |
| 50 | $58.50 | $81.90 |
| 55 | $98.10 | $144.00 |
How to get a TD life insurance quote?
You can get a TD life insurance quote that's personalized to your requirements on the website. Just click the "Check my price" option and enter basic details like your age, province, smoking status, and discount options. You can get the quote in less than a minute and even get instant approval if you qualify.
You can also get your TD life insurance quote by:
- Calling 1-877-397-4190, Mon-Fri 8:00 am to 10:00 pm and Saturday 10:00 am to 6:00 pm ET
- Writing to [email protected]
How to contact TD Life Insurance?
| Contact Method | Contact Details |
|---|---|
| TD Life Insurance Phone number | 1-877-397-4188, Mon-Fri 8:00 am to 10:00 pm and Saturday 10:00 am to 6:00 pm ET |
| Address in Quebec | 2990, Pierre-PeladeauSuite/Unit – 200 Laval, Quebec H7T 0B1 |
| Mailing Address | TD Insurance TD Life Insurance Company P.O. Box 1 TD Centre Toronto, Ontario M5K 1A2 |
| Schedule a call | You can ask for a callback on the website by clicking "Contact Us" -> "Schedule a Call" |
| [email protected] |
What types of Life Insurance does TD offer?
TD offers a limited yet good range of insurance options including both temporary and permanent life insurance solutions. It provides coverage ranging from $50,000 to $10,000,000. These include 10-year and 20-year term life insurance, as well as a hybrid term and whole life insurance product called Term 100 Lifetime Coverage.
TD also offers a Guaranteed Acceptance Life Insurance plan. Here is an overview of all the products followed by detailed explanations.
| Feature | TD Term Life Insurance (10-Year) | TD Term Life Insurance (20-Year) | TD Term to 100 Life Insurance | TD Guaranteed Life Insurance |
|---|---|---|---|---|
| Coverage Amount | $50,000 to $10,000,000 | $50,000 to $10,000,000 | $50,000 to $10,000,000 | $5,000 to $25,000 |
| Term Length | 10 years | 20 years | Lifetime | N/A |
| Age Eligibility | 18 to 70 years | 18 to 60 years | 18 to 70 years | 50 to 75 years |
| Convertible to permanent coverage | N/A | N/A | ||
| Medical Exam Requirement | Instant Approval with No Medical Exam (up to $1,000,000)* | Instant Approval with No Medical Exam (up to $1,000,000)* | Instant Approval with No Medical Exam (up to $1,000,000)* | No medical exam |
What does TD Term Life Insurance cover?
TD Term Life Insurance provides flexible coverage for those looking for temporary protection for specific financial responsibilities, such as a mortgage or loans. With options to choose from 10-year, 20-year, and 100-term plans, it ensures peace of mind for a defined period. Here's what TD term life insurance covers:
- Coverage Amount: $50,000 to $10,000,000
- Eligibility: 18 to 80 years old
- Terms: 10, 20, or 100 years
- Instant Approval with No Medical Exam: You can be approved for coverage of up to $1,000,000 depending on age, with no medical exams required, up to $500,000 if you're under 54, or up to $250,000 if you're under 60.
- 30-day Review Period: If you're not satisfied, you can cancel your policy within 30 days and get a refund.
- Apply online: Get a quote in 60 seconds and then apply online in as little as 10 minutes
- Convert to lifetime coverage: Convert your 10 or 20-year plan to permanent Term 100 coverage up to 6 months after age 69 with no medical exam or health questions
- Locked-In Pricing: Premiums are fixed and guaranteed not to increase throughout the term of the policy.
TD Term Life Insurance Plans: A Comparison
Here is a table comparing the key features of TD's Term Life options, showcasing the differences in terms of coverage amounts, eligibility, and additional benefits like instant approval and waiver of premiums.
| Feature | 10-Year Term Life | 20-Year Term Life | Term 100 Life Insurance |
|---|---|---|---|
| Coverage Amount | Up to $10,000,000 | Up to $10,000,000 | Up to $10,000,000 |
| Eligibility | 18 years to 6 months before 70th birthday | 18 years to 6 months before 60th birthday | 18 years to 6 months before 70th birthday |
| Coverage Duration | 10 years | 20 years | Lifetime |
| Premiums | Fixed for each term, guaranteed | Fixed for each term, guaranteed | Fixed, guaranteed until age 100 |
| Convertibility | Convert to permanent policy until age 69
| Convert to permanent policy until age 69
| N/A |
| Age When Coverage Ends | 80 | 80 | Lifetime |
| Instant Approval Option | |||
| Living Benefit | (50% of the benefit in case of terminal illness) | ||
| Waiver of Premiums | Available in case of total disability before age 65 | Available in case of total disability before age 65 | Available in case of total disability before age 65 |
| Tax-free benefit |
If you want to explore the benefits, terms, and exclusions of TD term life insurance plans in further detail, you can download the free PDFs below.
What does TD Guaranteed Acceptance Life Insurance cover?
TD Guaranteed Life Insurance is designed for Canadians aged 50 to 75 and provides financial security for end-of-life expenses, such as funeral costs, without requiring a medical exam. The policy offers guaranteed acceptance, fixed premiums, and lifetime coverage. Here are the details:
- Coverage Amount: Up to $25,000
- Eligibility: Available to Canadians aged 50-75
- Premium Payment Frequency: Monthly
- Key Benefits:
- Compassionate Advance Living Benefit (50% of death benefit for terminal illness)
- Accidental Death Benefit up to $125,000
- Fixed premiums that will not increase
- Coverage continues for life, with no premiums after age 100
- Instant Approval: Available for up to $25,000, no medical exams required
- Tax-Free Death Benefit paid directly to the beneficiary
This plan is well-suited for those seeking affordable coverage without the complexity of medical exams, particularly to cover final expenses. If you want to look at this option in detail, you can download the free PDF below.
What is TD Canada Trust Life Insurance?
It is important to note that there is no "TD Canada trust life insurance", but you may find several online mentions of this term. TD Canada Trust Life Insurance refers to the life insurance products offered by TD Insurance, a part of the TD Bank Group in Canada. Despite the common confusion, there isn't a specific product known as "TD Canada Trust Life Insurance." The life insurance offerings are branded under TD Life Insurance, which is a division of TD Insurance.
We recommend that you compare the coverage of policies from other life insurance providers to decide what's best for you. You could simply use our comparator below to compare coverage, and prices, and get free quotes from the best life insurance in Canada.
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What does TD Life Insurance cover?
Here's what TD life insurance covers under its plans:
- Death Benefit:
- Covered: If the insured passes away during the term of the policy, their beneficiaries will receive a lump sum tax-free death benefit.
- Not Covered: If the death is a result of suicide within the first two years of the policy, the death benefit will not be paid. Instead, the premiums paid will be refunded to the beneficiaries.
- Terminal Illness Benefit:
- Covered: If the insured is diagnosed with a terminal illness and is expected to live for 12 months or less, they may receive an early payout of up to 50% of the death benefit to cover living expenses during their final months.
- Accidental Death Benefit:
- Covered: In the event of accidental death, TD Life Insurance may increase the death benefit by up to five times the original sum (up to a maximum of $125,000), provided the death occurs within one year of the accident.
- Exclusions (General):
- Not Covered: Death caused by involvement in criminal activities, or under the influence of alcohol or drugs, is excluded from coverage. Similarly, any self-inflicted injuries or deaths are also excluded.
Always check the full policy terms for complete details.
How does TD life insurance login work?
TD Bank Life Insurance has a dedicated membership login that can be accessed through its website or mobile app. It is only available for policyholders and the membership portal allows you to manage your TD insurance policies by viewing and updating billing, changing policyholder details and accessing your insurance documents.
You can call the TD Life Insurance contact number mentioned earlier if you have any login issues. The customer service may have some delays in its response due to a high volume of requests.
How to get the TD Bank Life Insurance mobile app?
The company also has a dedicated mobile app for all their customers called TD Insurance. It is a fully comprehensive application that allows policyholders to manage every aspect of their insurance policies from billing claims and simply getting access to documents. The app is available on both Apple App Store and Google Play.
After installing the app, you must log in using your official account login credentials. You may need to register through the app if you don't have an account.
How do you file a TD Life Insurance claim?
To initiate your claim, you can simply call 1-877-397-4187. A dedicated team is available to assist you during the following hours: Monday to Friday from 8 a.m. to 10 p.m. and Saturday from 10 a.m. to 6 p.m. EST.
You will receive a comprehensive claim form upon reaching out to initiate a claim. Alternatively, you can access and download specific claim forms tailored to your needs using your TD life insurance login. These forms include Claim - Life Insurance, Claim - Universal Life Insurance, Claim – GALI Compassionate Advance, and Claim - Term Living Benefit.
Once the necessary claim form is obtained, the original completed form, along with the requisite supporting documentation, should be forwarded to the designated address: TD Life Insurance Company - Claims Department 101 McNabb St Markham, ON L3R 4H8 Canada
It is recommended to retain copies of all forms and supporting documents for future reference.
How much life insurance do I need?
Deciding how much life insurance you need might be a tough task. But it's quite simple using the TD Life Insurance calculator on their official website. Enter basic details such as your age, gender, smoking status, and the amount of coverage you’re considering. The calculator will provide an estimated life insurance amount that you might need to secure your family’s financial future based on your responses. This tool helps you determine how much coverage is appropriate for your situation.
When using the TD life insurance calculator, keep these key points in mind:
- When using a life insurance calculator, consider your financial obligations, such as debts, income replacement, and future expenses like education.
- Account for existing savings and investments to avoid over-insuring.
- Match your term length to your financial responsibilities, such as mortgage years or your children's independence.
- Adjust for inflation and remember that lifestyle and health factors can affect premiums.
You can also try our free HelloSafe life insurance calculator that's easy to use and gives instant results. While a calculator helps to guide you, consulting an advisor offers personalized advice. You can also use our free tool below to compare quotes and get the best financial advice from Canada's best companies.
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FAQs on TD Life Insurance Canada
You can contact the dedicated TD life insurance phone number at 1-877-397-4188 (Monday to Friday, 8:00 am to 10:00 pm ET, and Saturday, 10:00 am to 6:00 pm ET). You can also email [email protected] or schedule a call through their website for assistance.
Yes, TD Life Insurance offers the option to bundle life insurance with other TD insurance products, like home and auto insurance. Contact TD directly to explore possible bundling discounts and available options. You can get up to a 10% discount on your TD Life Insurance if you're an existing member.
TD Life Insurance offers coverage options ranging from temporary to permanent protection. It covers death benefits, final expenses, and living benefits, with options for term life, whole life, and guaranteed acceptance life insurance, depending on your needs.
To get a TD life insurance quote, visit the TD Insurance website and use their online tool. Enter basic details such as age, province, and smoking status, and select any discount options. You can receive a personalized quote in less than a minute.
TD Bank Life Insurance is ideal for individuals looking for straightforward life insurance with guaranteed premiums, especially those who want no-medical-exam policies. However, it may not suit those seeking extensive customization or the lowest premiums, especially for individuals over 35.
