TD Life Insurance is offered by one of Canada’s largest financial services groups. While the TD Bank Group is a leader in banking, investment services, insurance, credit cards, and more, TD life Insurance is a fairly young product.
However, could it be the right fit for you? Does it have everything you’re looking for? To find out, read our complete review on TD life insurance, including its pros, cons, coverage, pricing, and further.
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.
Our TD life insurance review: Comprehensive coverage from a reputed brand
TD Insurance is part of TD Bank Group which is headquartered in Toronto, Canada and has over 90,000 employees worldwide. The company offers TD life and health insurance solutions (and td life and critical illness insurance), as well as other policies, exclusively to Canadian residents and retail customers.
Often referred to as TD Bank life insurance due to the association, it is a favoured policy for millions of Canadians. Unlike many other providers in Canada, TD life insurance (also including td mortgage life insurance) plans are fully underwritten by TD Life Insurance Company.
It is a good solution for those looking to provide comprehensive financial security for their loved ones, especially for current customers who can receive 10% off the life insurance premiums.
Its affiliation with TD Bank Group lends credibility, and the availability of no-medical-exam policies and discounts make the insurance plans quite an impressive option. However, it might not be ideal for everyone.
While it offers a variety of coverage options, it might not provide the same breadth as other insurers. Those over 35 might face higher premiums, and the limited range of riders and products could be limiting for those seeking specialised coverage.
Pros of TD life insurance Canada
- Up to 10% discount for TD customers
- Coverage up to $10,000,000
- No-medical exam policies available
- Guaranteed Acceptance Life insurance up to $25,000
- Offered by reputed TD Bank Group
Cons of TD life insurance Canada
- More expensive than other providers for ages 35+
- Limited life insurance product range
- Few riders for the term life products
- Life cover ends at 80 for standard-term life insurance
- TD life insurance reviews say customer service is not the best
How much does TD 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, the company 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 existing TD customers.
| Age | Female (Premium per month) | Male (Premium per month) |
|---|---|---|
| 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?
If you are certain the plans from this company are the right fit for you, quotes are readily available through their website and online quoting tool. All you have to do is navigate to the life insurance solutions and link through to their pricing page. Once there, you enter your personal information and requested coverage amount to get a live quote.
Sometimes, however, you won’t be able to finalise your TD life insurance quotes using the online system. This may be due to how you answered some medical questions in the application stage. In those instances, the best way to get accurate policy or plan quotes tailored to suit your unique needs is by contacting a licensed company advisor.
How to contact TD life insurance?
The customer service can be reached directly via the td life insurance contact methods below, or a call can be requested from an authorised advisor through their website.
| TD Life Insurance Contact Method | Contact Details |
|---|---|
| Phone number | 1-877-397-4188, Mon-Fri 8:00 am to 10:00 pm and Saturday 10:00 am to 6:00 pm |
| 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 |
What does TD life insurance cover?
It covers Canadians who are looking to protect their families and loved ones from the potential financial burden of their passing. It does so and very effectively by covering all causes of death from natural to accidental, as well as homicide and suicide after two years of continuous coverage.
TD Canada life insurance is the perfect way to provide financial security when planning for family protection, business continuation or in specific situations. Financial security within these three categories can often be broken down into the following.
Family protection
- Mortgage and rent payments
- Final expenses such as funeral costs
- Survivor’s income
- Higher education and tuition fees
Business continuation
- Buy and sell agreements
- Business continuance
- Collateral insurance
Special needs
- Surviving critical illness
- Retirement income
- Charitable donations
What types of life insurance does TD offer?
The company offers a limited yet good range of insurance products including both temporary and permanent life insurance solutions. TD provides coverage ranging from $50,000 to $10,000,000. These include straightforward 10-year term life and 20-year term life insurance, as well as a hybrid term and whole life insurance product called Term 100 Lifetime Coverage.
All policies are also available at discounted rates if you fulfil either of the criteria below.
Save 10% if:
- You are a TD customer, or
- Complete your application online
Save 5% if:
- You or your spouse are alumni of an eligible Canadian post-secondary institution, or
- Member of an eligible professional association
TD Term Life Insurance
TD term life insurance comes in two product options: A 10-Year Term and 20-Year Term Life. Both policies are simple temporary-term life insurance plans that are great for those wanting to save money on premiums but still provide good financial security for any dependents.
Both policies come with a range of benefits including the ability to get covered without a medical exam. You can get TD term life insurance quotes using their online tool.
TD Term Life insurance’s key features include:
- Guaranteed premiums
- Guaranteed renewal
- Convertible to Term 100 plan before age 69
- 10-Year or 20-Year term policies
- No medical exam under age 50 when if healthy and death benefit <$1,000,000
- 5% or 10% discount available for TD customers
- Coverage available up to $10,000,000
- Coverage ends at 80
Here is a sample 10-year term policy with the full description of its features and exclusions.
TD Whole Life Insurance
TD whole life insurance is offered through their permanent Term 100 Lifetime Coverage and Guaranteed Acceptance Life Insurance policies. These policies are designed for those wanting lifetime coverage for a fixed rate without any specific investment add-ons.
By being a simple whole-of-life Term 100 cover, these products are significantly cheaper than other permanent life insurance options but with most of the same benefits. In order to be eligible for the 100-Year Term plan, you have to be a Canadian citizen or permanent resident of Canada and aged 18-70. The Guaranteed Acceptance Life Insurance plan is only available for Canadian residents aged 50-75.
Main features of the TD 100-Year Term Life policy includes:
- Guaranteed premiums
- Lifelong coverage
- Premiums cease at age 100
- Coverage available up to $10,000,000
- 5% or 10% discount available for TD customers
Key policy details for the Guaranteed Acceptance Life Insurance policy:
- Guaranteed premiums
- Guaranteed acceptance for those aged 50-75
- No medical exam required
- Lifelong coverage
- Premiums cease at age 100
- Death benefits available between $5,000-$25,000
Here is a sample policy with the full description of its features and exclusions.
How to use TD life insurance calculator?
It is not always easy to know how much life insurance you need in order to provide financial security for your family in the event of your passing. That is why HelloSafe has built a life insurance calculator which will tell you exactly how much coverage you need in order to best protect your dependents.
TD Insurance also has a dedicated calculator which can be found on its website. Similar to HelloSafe, the TD calculator uses several variables and financial indicators to give you an estimated coverage that you would need in order to secure the financial future of your dependents.
How does TD life insurance login work?
TD Insurance has a dedicated membership login that can be accessed through its website or mobile app. It is only available for insurance 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.
The life insurance td bank membership portal is called MyInsurance and policyholders can register an account in just a few minutes by providing their personal information, telephone number and email.
You can call the td life insurance number mentioned earlier if you have any login issues. The td life insurance customer service may have some delays in its response due to a high volume of requests.
How to get the 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 claims to billing and simply get access to documents. The app is available on both Apple App Store and Google Play.
After installing the app, you’ll need to log in using your official account login credentials. If you don’t have an account, you may need to register through the app.
How to file a claim with TD Life Insurance?
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.
Upon reaching out to initiate a claim, you will receive a comprehensive claim form. Alternatively, you have the option to access and download specific claim forms tailored to your needs using your 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
The Bottom Line
TD Life Insurance offers solid life insurance products backed by the reputable TD Bank Group, known for its extensive financial services in Canada. With term and whole life policies, including options for no-medical-exam coverage, TD Life Insurance provides flexible solutions for various needs. However, it may not be the best option for everyone due to higher premiums for those over 35 and a limited range of riders and products. Existing TD customers can benefit from discounts, making it an appealing choice for some. While customer service reviews are mixed, TD Life Insurance remains a reliable option for Canadians seeking comprehensive coverage from a trusted provider.