Credit Protection

If you're like many people, you use your TD Canada Trust Credit Card to make major purchases — and small ones too! TD Balance Protection Plus and TD Balance Protection Insurance are two credit protection insurance products designed to assist in managing your credit obligations on your TD Canada Trust Credit Card(s) in the event of your Involuntary Unemployment, Total Disability, Dismemberment, Critical Illness or Death.

What’s the difference between the two products? TD Balance Protection Plus gives you additional coverage for your spouse and for Disability Requiring Hospitalization. These benefits are not available with TD Balance Protection Insurance.

TD Balance Protection Plus and TD Balance Protection Insurance can help pay the outstanding balance on your TD Canada Trust Credit Card Account when you can't.

•  What if I become unemployed?

  If you find yourself out of work, through no fault of your own, TD Balance Protection Plus and TD Balance Protection Insurance include an Involuntary Unemployment insurance benefit1, which can pay a monthly benefit of at least 3% towards your TD Canada Trust Credit Card Account outstanding balance.

   
•  What if I become disabled?

  If you become disabled because of an accident or illness and you are unable to work, TD Balance Protection Plus and TD Balance Protection Insurance include a Total Disability benefit1, which can pay a monthly benefit of at least 3% towards your TD Canada Trust Credit Card Account outstanding balance.

   
•  What if I am diagnosed with a critical illness, die or suffer dismemberment?

  TD Balance Protection Plus and TD Balance Protection Insurance also provide the following coverage: If you are diagnosed with a covered critical illness1, the outstanding balance on your TD Canada Trust Credit Card Account at the time of diagnosis can be paid in full, up to $10,000. If you were to die1, the outstanding balance on your TD Canada Trust Credit Card at the time of death can be paid in full, up to a maximum of $10,000. If you suffer dismemberment1, the outstanding balance on your TD Canada Trust Credit Card Account at the time of the loss can also be paid, up to a maximum of $10,000. Coverage converts to Accidental Death benefit at age 66.

   
•  Who is eligible to enroll?

  You may enroll for TD Balance Protection Plus and TD Balance Protection Insurance if you are the Primary Cardholder of a TD Canada Trust Credit Card Account on which Balance Protection Insurance is available, you are a Canadian resident, and you are between the ages of 18 and 65. NOTE: If you choose to enroll in TD Balance Protection Plus, your spouse can also be covered for many of the benefits that are available to you as the Primary Cardholder and insured person named under the Certificate of Insurance.

   
•  Your satisfaction

  If you are not completely satisfied with your protection, simply provide your cancellation instructions, by telephone or in writing, to TD Life Insurance Company1 within 30 days for a full refund. If you decide to cancel at any time after that, any unearned premium will be refunded. You may cancel your coverage at any time.

   

• Additional coverage provided when you enroll in TD Balance Protection Plus

•  What if I am hospitalized?

  If you are hospitalized for at least 24 hours, the Disability Requiring Hospitalization benefit1 can pay one monthly benefit of at least 3% towards the eligible outstanding balance on your TD Canada Trust Credit Card Account to a maximum of $10,000. If you are hospitalized for more than 30 consecutive days, this benefit can also pay the eligible outstanding balance, up to a maximum of $10,000, on your TD Canada Trust Credit Card Account.

   
•  What if I have a spouse?

  Your spouse will be covered for all benefits available to you as the Primary Cardholder, except Involuntary Unemployment Coverage. Your spouse does not have to be a cardholder, authorized user or even a TD Canada Trust customer to be covered.

   
•  How much does credit protection cost?

  TD Balance Protection Plus costs $1.20 per $100 of your average daily balance on your TD Canada Trust Credit Card Account.²

  TD Balance Protection Insurance costs $0.89 per $100 of your average daily balance on your TD Canada Trust Credit Card Account.²

  There are other lower-cost Credit Protection Insurance options to protect your TD Canada Trust Credit Card Account, which provide some of the benefits described above. To find out more about these options or to enroll, call 1-866-315-9069.

   
•  How to calculate your premium?

  Monthly premium is dependent on the number of days in the Insurance Billing Period and how you use your credit card. To calculate your monthly premium:

  Step 1: Determine the number of days in the Insurance Billing Period;
  Step 2: Calculate your Average Daily Balance by adding your End of Day Balance for the entire Insurance Billing Period and divide by the number of days in the Insurance Billing Period (from Step 1);
  Step 3: Apply your premium rate by multiplying the Average Daily Balance (from Step 2) by the premium rate on your Balance Protection product selection;
  Step 4: Add the Provincial Sales tax (if applicable).

  Example:

  Step 1: Determine the number of days in the Insurance Billing Period

  Insurance Billing Period is the same as the number of days in your Credit Card monthly statement

  For illustration purposes, we will use a 30-day billing period

  Step 2: Calculate your Average Daily Balance

  Insurance Billing Period	Transaction	End of Day Balances
  Day 1	$300 purchase	$300
  Day 2 to Day 14 = 13days*	No transactions	$3,900 ($300x13)
  Day 15	$300 payment	$0
  Day 16 to Day 30 = 15 days**	No transactions	$0 ($0x15)
  Sum of total end of day balances for the Insurance Billing Period		$4,200 ($300 + $3,900 + $0 + $0)

  *$300 daily balance was outstanding for 13 days from Day 2 to Day 14
  ** $0 daily balance was outstanding for 15 days from Day 16 to Day 30

  Your Average Daily Balance is $4,200/30 = $140

  Step 3: Apply your premium rate

  Using the Balance Protection Plus plan, the insurance premium is $1.20 per $100 of Average Daily Balance.

  Multiple the Average Daily Balance by the premium rate.

  $140 x $1.20/$100 = $1.68

  Step 4: Apply Provincial Sales tax (if applicable)

  Provincial sales taxes apply in Manitoba (7%), Ontario (8%), and Quebec (9%). In this example Ontario tax rate is reflected.

  Provincial sales taxes = $1.68 x 8% = $0.13

  Total insurance premium including taxes = $1.68+ $0.13 = $1.81