Term Life Insurance
Term Life Insurance Products
As life changes, so do your insurance needs.
Term life insurance is one of the simplest forms of life insurance providing a fixed amount of insurance for a specific period of time.
Life is never predictable, and you want to be sure you've protected what matters most.
Unsure how Term Life Insurance can help you.
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Compare Term Products
| Features | TD Term 10 | TD Term 20 | TD Term to 100 |
|---|---|---|---|
| Term period | 10 years | 20 years | Lifetime |
| Guaranteed fixed Premiums for the Term Period |  |
|
Premiums end at age 100; coverage remains in effect |
| Minimum amount | $50,000 | $50,000 | $25,000 |
| Maximum amount | $5 million | $5 million | $5 million |
| Payment options | Monthly or annual | Monthly or annual | Monthly or annual |
| Automatic renewal | For another 10 years, to age 80; no medical exam |
For another 20 years, to age 80; no medical exam |
n/a |
| Death benefit (tax-free lump sum) |
|
|
|
| Eligibility | Canadian residents (age 18 - 70), except residents of Québec and New Brunswick | Canadian residents (age 18 - 60), except residents of Québec and New Brunswick | Canadian residents (age 18 - 70), except residents of Québec and New Brunswick |
| Reinstatement of policy (after a missed or cancelled payment) |
Can be reactivated within two years of policy lapsing |
Can be reactivated within two years of policy lapsing |
Can be reactivated within two years of policy lapsing |
| Option to convert to TD Term to 100 insurance | Any time, to age 69 |
Any time, to age 69 |
n/a |
| Additional options (can be added to your policy at time of purchase for an additional cost) |
Waiver of premium (benefit that ensures coverage if you become disabled) | Waiver of premium (benefit that ensures coverage if you become disabled) | Waiver of premium (benefit that ensures coverage if you become disabled) |
TD 10-Year Term Life Insurance
A simple, affordable short-term solution
With a mortgage and family expenses, do you worry about how your loved ones would cope financially if your income were suddenly to cease?
With TD Term 10 Insurance, you can rest easy knowing that the people who depend on your financial contribution will be taken care of if you were to die in the next 10 years.
Term 10 offers:
- Coverage from $50,000 to $5 million.
- Premiums that are guaranteed to stay the same during the initial 10-year term period.
- A tax-free lump-sum benefit to your designated beneficiaries.
- Protection your family could use for needs such as paying down a car loan, credit card debts, line of credit, mortgage, covering childcare and tuition costs and taking care of daily expenses.
- Possibility to convert to permanent insurance up to the age of 69.
Frequently asked questions about term life insurance
Who is eligible?
- Residents of Canada, except for residents of Québec and New Brunswick
- Applicants between the ages of 18 and 70.
TD 20-Year Term Life Insurance
Plan for your family's financial future
Could your family still have the future you're building for them if you were no longer here? Protect them with TD Term 20 Insurance.
With TD Term 20, you can provide protection for the next 20 years for the goals you have set, in case you are not here to make them happen. A tax-free payment to your loved ones can help them carry on with their lives.
Term 20 offers:
- Coverage ranging from $50,000 - $5 million.
- Fixed premiums for a 20-year term, guaranteed not to increase during that period.
- A tax-free lump-sum benefit to your designated beneficiaries.
- Protection your family could use for needs such as paying off a mortgage, covering university costs and relieving them of the burden of your funeral expenses, as well as providing cash for day-to-day living expenses.
- Possibility to convert to permanent insurance up to the age of 69.
Frequently asked questions about term life insurance
Who is eligible?
- Residents of Canada, except for residents of Québec and New Brunswick
- Applicants between the ages of 18 and 60
TD Term to 100 Life Insurance
Lifetime protection for your family
With TD Term to 100, you provide permanent protection for your loved ones when you pass away. You will have the comfort of knowing that when you are no longer here, your family members will receive a tax free pre-determined lump sum to maintain their lifestyle.
Term to 100 offers:
- Coverage from $25,000 to $5 million
- Protection for your lifetime even if you live past 100
- Fixed premiums for the entire term of the policy, guaranteed not to increase, regardless of changes in the state of your health
- A tax-free lump-sum benefit to your designated beneficiaries
- Financial protection your family could use for needs such as your final expenses, mortgage payments, capital gains taxes or living expenses.
Frequently asked questions about term life insurance
Who is eligible?
- Residents of Canada with the exception of those in Québec and New Brunswick
- Applicants between the ages of 18 and 70
Frequently-asked questions for term insurance
How do I know how much life insurance I need?
Determining how much life insurance you need can be a challenge, since your needs can change depending on where you are in your life and your lifestyle.
Use our online Life Insurance Calculator to help you determine the right amount of coverage for you. This tool helps you decide how much you may want to provide for your family in terms of annual income, for example, and for how many years. It also takes into account expenses immediately payable after a death (mortgages, personal loans and other debts, education fund, emergency funds, final expenses). It looks at the above information in relation to the value of your current assets and helps determine the amount of insurance you need to ensure your loved ones are taken care of.
How much does term insurance cost?
The cost for term insurance is based on a number of factors, including your gender, age, smoking status and the amount of coverage you choose. Use our quick, easy quoter to find out the premiums for our different term products. (TD 10-Year Term, 20-Year Term and Term to 100 Life Insurance).
Am I locked in for term insurance once I purchase a policy?
You have a 30-day free-look period where you can decide whether or not the coverage suits your needs. If you decide to discontinue the life insurance before the end of the free-look period, simply contact us.
With Term 10, will my premiums increase over the 10-year period?
Your premiums are fixed for the duration of the term and guaranteed not to increase during that period even if there is a change in the state of your health.
With Term 20, will my premiums increase over the 20-year period?
Your premiums are fixed for each 20-year term and guaranteed not to increase during that period even if there is a change in the state of your health.
With permanent insurance, will my premiums increase over the life of the policy?
Your premiums are fixed for the duration of the policy and guaranteed not to increase even if there is a change in the state of your health.
What happens if I live to be older than 100?
With TD Term to 100 Life Insurance, you no longer have to pay premiums after age 100, but the coverage remains in place. Your family will receive the benefit even if you die after reaching 100.
What if I become totally disabled?
With our term life insurance products, you can add a Waiver of Premium Benefit to the policy at an extra cost. This ensures that your coverage remains in place in the event that you become disabled. If you are completing an online application, this benefit can and can be added at the same time that you purchase your term insurance.
Can I renew TD 10-Year Term Life Insurance after 10 years?
TD 10-Year Term Life Insurance will automatically renew - with no questions about your health - at the end of each 10-year term, until you reach age 80. No action is required on your part.
Can I renew TD 20-Year Term Life Insurance after 20 years?
Unless you indicate otherwise, this insurance is automatically renewed after 20 years. No medical examination is required for automatic renewals until you reach the age of 80.
Will my premiums change when the policy renews?
The initial premium you pay is based on gender, smoking status, the amount of coverage you select and your age, and is guaranteed for the entire term of the coverage (either 10 or 20 years). If you renew for another 10-year term or 20-year term, your premium will be based on renewal rates (which may be higher) and will be guaranteed for the next 10 or 20 years.
What if I decide not to renew my life insurance?
You simply notify us that you do not want automatic renewal of the policy by contacting our call center.
Can TD Insurance decide to discontinue my term life policy?
TD Insurance can't discontinue a term life insurance policy. As long as you continue to pay your premiums, you cannot lose coverage once you have been approved, regardless of the status of your health.
Can I change my term insurance to a permanent policy?
With Term 10 and 20, you can convert to permanent insurance with no medical questions until you reach age 69. You might want to consider a combination of permanent and term insurance to provide added protection for your loved ones. You should also note that Term 10 and Term 20 coverage terminates on the insured's 80th birthday. - another reason you might want to convert to permanent coverage at some point.
Why should I choose TD Insurance for my insurance needs?
TD Life Insurance Company is a leading provider of life and health insurance to Canadians. We provide advice to help you make the right choice for your needs. Our representatives are licensed professionals whose goal is to assist you with your questions and guide you in making the right decisions for you. If you need additional advice about our products, you can call 1-877-397-4187. Our knowledgeable insurance representatives are available to help you, Monday to Friday, from 8 a.m. to 8 p.m. EST.
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