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Frequently asked questions

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Answers to frequently asked questions about term life insurance

Our easy-to-use online Needs Assessment Tool can help determine the right amount of coverage for you. Simply enter your expenses and assets, and how much money you would like to provide for your loved ones and estimate your needs. Then use the premium calculator to get a feeling for how much TD Term 10, TD Term 20 and TD Term to 100 coverage would cost for you.

For more help, speak to one of our advisors, with no pressure to buy.

The cost of term life insurance is based on your gender, age, smoking status, health status and the amount of coverage you choose. Try our easy-to-use Needs Assessment Tool to estimate how much coverage you may need and to estimate your monthly premiums for TD Term 10, TD Term 20 and TD Term to 100.

Generally, the younger you are when you apply, the lower your premium will be so consider locking in a lower rate when you’re younger and healthier.

Some applicants are approved with no medical tests required and some require minimal testing such as a blood check or a urine sample. Testing can be done in the comfort of your home, or wherever is convenient for you.

For others, more detailed testing might be required, including a visit to a doctor’s office. The medical tests that will be required to assess your application will be determined by your age, coverage amount and your health condition. All related costs will be paid by TD Life.

Within a few days of applying a representative of TD Life may contact you to verify the information that you have provided during the application process. We will then review your application and determine if you need any medical tests. If testing is required we will contact you to set it up at a time and place that is convenient for you.

The entire review process lasts on average 3-6 weeks and we will try to provide you with an answer as soon as possible.

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 call us at
1-877-397-4187 (Monday to Friday, 8 am to 8 pm, EST) and any premiums paid will be refunded.

You can also choose to cancel your coverage after the 30-day, free look period. We do, however, recommend that you speak to one of our life insurance advisors to explore all the options available to you.

Yes, existing TD Insurance customers can save 10% on TD Term 10 or Term 20 insurance when they bundle with a Auto or Home policy, or with other select TD Insurance products. Call 1-877-397-4188 for details.

With our term life insurance products, you can add a Waiver of Premium Benefit, at an extra cost, when you purchase your policy before age 59. This ensures that your coverage remains in place in the event that you become disabled before age 65.

The premiums you pay are fixed for either 10 or 20 years (depending on whether you choose TD Term 10 or TD Term 20). At the end of each 10 or 20 year period the premiums will be based on higher renewal rates and will be guaranteed for the next 10 or 20 years up to age 80. Your premiums will be set at the beginning of your coverage and are guaranteed, that means that TD Life cannot change them regardless of any changes to your health or financial status.

You can cancel your coverage at any time. Simply contact us on your policy’s 10th or 20th anniversary and let us know that you do not want automatic renewal of your policy.

With TD Term 10 or TD Term 20, you can convert all of or part of your initial coverage to TD Term to 100 (permanent insurance) at any time before you reach age 69, with no medical questions. You might want to consider a combination of permanent and term life insurance in order to provide added protection for your beneficiaries. You should also note that both TD Term 10 and TD Term 20 coverage terminate on your 80th birthday — another reason why you might want to convert to TD Term to 100 at some point.

Yes. You decide if you want to designate your beneficiary as revocable (meaning you can change them at any time), or irrevocable (they cannot be changed without their consent). You can also choose to name a charitable organization rather than a person as your beneficiary.

TD Insurance cannot discontinue a term life insurance policy. As long as you continue to pay your premiums, you cannot lose coverage once it has come into force, regardless of the status of your health.

Your premiums are fixed for the duration of the term and guaranteed not to increase during that period, even if your health changes.

TD Term 10 and TD Term 20 policies will renew automatically — with no questions about your health — at the end of each term, until you reach age 80. No action is required on your part.

With TD Term to 100 life insurance, you no longer have to pay premiums after age 100, but your coverage remains in place. Your beneficiaries will receive their tax-free, lump-sum payment even if you die after your 100th birthday.

This is an affordable way to get a modest amount of coverage – usually a multiple of your annual salary. However, depending on your personal circumstances, it might not be enough. And, if you change employers, this insurance doesn’t automatically go with you. An individual life insurance policy gives you a number of important advantages:

  • You can ensure you have the amount of insurance coverage that meets your needs
  • The policy is yours and, as long as you pay the premiums, can only be cancelled or changed at your request
  • You don’t have to worry about losing your coverage if you change jobs

Contact one of our advisors:
Call 1-877-397-4188 — Monday to Friday, 8 am to 8 pm, EST
Email your question

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