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Business Credit Insurance — Preparing For Unexpected Health Risks

As a small business owner, you have a lot of responsibilities resting on your shoulders. So what would happen if an unexpected covered health issue (like a life-threatening cancer diagnosis) dealt a financial blow to your small business? Business Credit Insurance products could help you protect the business you’ve worked so hard to build.

What is TD Business Credit Insurance?

Our Business Credit Insurance products are designed to help keep your company fiscally secure in the face of a covered critical accident or critical illness by providing coverage for the outstanding balance of the insured’s authorized business credit products.

How could Business Credit Living Benefit Insurance help me and my business?

Being sidelined with a critical illness or disability can impact your bottom line and lead to issues like significant debt and possible bankruptcy. Business Credit Living Benefit Insurance pays a benefit towards the outstanding balance of your insured business credit products if the insured person suffers from a covered critical illness or becomes totally disabled1.

With this coverage, you could be eligible for up to $1,000,000 if you are diagnosed with life-threatening cancer or suffer an acute heart attack or stroke. This benefit could help you keep your business running and help you meet your financial obligations even as you deal with a personal setback. In addition, the disability coverage offered in Business Credit Living Benefit Insurance can pay up to $3,000 per month for a maximum of 24 months if the insured person becomes totally disabled2.

Is it only the business owner who’s eligible for business credit protection?

Small businesses aren’t always a one-person show. That’s why TD Business Credit Living Benefit Insurance coverage can extend to a number of potentially integral members of your team.

You can apply for credit protection coverage for people who are Canadian residents between the ages of 18 and 55 and are:

  • the owner of the business
  • a personal guarantor of some or all of the debt included in the Total Authorized Business Credit
  • the spouse of the owner of the business (not applicable in Quebec)
  • a director or officer of the business (not applicable in Quebec)
  • an employee whose contributions are essential to the business and without whom the business would have difficulty operating (not applicable in Quebec)

Having TD Business Credit Protection can help reduce the financial burden a business partner (or even a life partner) might face if you were to suffer a covered critical illness or to pass away2.

Interested in learning more about how credit protection can help your small business? You can reach us online or call us at 1-866-222-3456, where TD advisors are ready for your questions.

The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall take precedence. Please speak to an Advisor or consult your policy wordings for further details.

1As defined in the respective Certificates of Insurance. Exclusions and limitations apply.

2The insurer will pay the amount of the outstanding credit balance to The Toronto-Dominion Bank subject to maximum coverage limits as outlined in the Certificate of Insurance. Restrictions and limitations apply.

Business Credit Living Benefit Insurance provides critical illness and disability coverages. Business Credit Life Insurance provides life and accidental dismemberment coverages. Accidental dismemberment coverage is provided by TD Life Insurance Company (“TD Life”). All other coverages are provided by Sun Life Assurance Company of Canada (“Sun Life"). TD Life is the authorized administrator for Sun Life. For complete details of coverage, including defined terms, benefits, features, limitations and exclusions, please refer to the Certificates of Insurance. Applications subject to approval.