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Credit Protection

Mortgage Life Insurance


Protect your family and your home

If you were to become critically ill, suffer an accidental dismemberment or die, be sure that your family would have the ability to stay in your home and meet your mortgage payments.

Mortgage Life Insurance¹, gives you a flexible, low-cost way to protect them and one of your largest outstanding financial obligations.

Here's how it works:

If you die, get a terminal illness, or suffer an accidental dismemberment, your Mortgage Life Insurance can pay the following benefits:

  • Your entire outstanding mortgage principal amount, less outstanding arrears, up to $500,000²
  • Up to five years of accrued interest, and
  • Any debit balance in your tax account
  • In the case of an illness which has been diagnosed as terminal within one year, this coverage offers an early payout option
  • The same protection is also available to your co-borrowers or to the guarantor(s) of the mortgage
  • Coverage can start on the date your mortgage is approved
  • If your mortgage is over $500,000, you may be eligible for partial Mortgage Life Insurance coverage

It’s an affordable choice

  • Your cost of insurance is based on your age when you apply and the initial amount of your mortgage.
  • Your premiums will not increase for the term of your mortgage, even as you get older.
  • If two or more borrowers are insured with Life Insurance, a 25% discount will apply to the sum of the total Mortgage Life Insurance premiums.

EXAMPLE: If you are 34 years old and your spouse is 36, and you are applying for a $100,000 mortgage, your monthly insurance cost would be:

for You:
for Spouse:
  Your mortgage amount:
($0.14 + $0.21) X $100,000

= $35.00 less 25% discount = $26.25 per month

Your age
Monthly premiums per $1,000
of single coverage
18 - 30 $0.10
31 - 35 $0.14
36 - 40 $0.21
41 - 45 $0.30
46 - 50 $0.44
51 - 55 $0.54
56 - 60 $0.77
61 - 65 $1.04
66 - 69 $1.64

Provincial sales taxes apply in certain provinces. Rates are subject to change without notice.

Pay premiums in conjunction with mortgage payments

Your insurance premiums are included as part of your regular mortgage payment. They will be converted to the payment frequency that you choose for your mortgage payment.

How to apply

  • In most cases, you only have to answer a few simple health status questions
  • Canadian residents, between the ages of 18 and 69, and approved for a TD Canada Trust residential mortgage or the guarantor of the mortgage are eligible to apply
  • To apply for coverage, you must complete an Application. You can also apply for coverage anytime through a TD Canada Trust branch.

Locate a Branch .

The Certificate of Insurance below contains a complete list of benefits, eligibility, exclusions and limitations:

Note: This is the current Product Guide/Distribution Guide and Certificate of Insurance in use by TD Bank. For a copy of a certificate prior to the effective dates above or if you have any questions regarding Mortgage Critical Illness and Life Insurance, please call one of our knowledgeable representatives, toll-free, at 1-888-983-7070 Monday to Friday, 8 am to 8 pm ET. Or, visit your TD Canada Trust branch.