Term life insurance is coverage over a defined number of years. A term life insurance policy pays out a tax-free lump sum amount to a beneficiary upon the death of the person insured. If the amount is handed over to an estate, it may not receive the benefits tax-free. When you apply for term life insurance, you get to choose the amount of time, or term, of coverage that you feel fits your needs. The policy may also be eligible for renewal.
Term life insurance can be a way to help safeguard the financial future of your family.
Term life plans offer coverage over a specified term. The term duration is the length of time premiums are locked in and are guaranteed not to change.
At TD Insurance, if you do nothing at the end of the term, the policy will automatically renew with premiums increasing to reflect your age at the point of renewal. Coverage expires when the person insured reaches an age stipulated in the plan or policy contract.
When you apply for coverage, you are required to answer questions which include:
In some cases, a medical exam may be required. This information, along with the amount of coverage and type of plan, is used by the insurer to determine your premiums. The death benefit outlined in your policy may be used in any way your beneficiaries choose. However, if you were to die after the policy expires, and the policy was not renewed, no death benefit would be paid out.
If you're looking for lifetime coverage, permanent life insurance may be an option. Permanent life insurance is a type of life insurance that does not expire as long as required premiums are paid. For the Term-10 and Term-20 plans, you can convert to the permanent Term-100 plan with no health questionnaire or medical exam required with TD Insurance.
- Coverage up to $10 million
- Guaranteed automatic renewal at the end of each term for 10-year and 20-year plans
- Guaranteed premiums that remain the same for each term.
- The option to convert 10-year or 20-year plans to the permanent Term-100 coverage any time before age 69.
- It’s simple
- Predictable premiums
- It’s flexible
- It could be a good way to top-up existing group plans
- Tax-free, cash benefit
- You may get a discount1
- You or your spouse is a graduate of an eligible Canadian post-secondary institution or a member of an eligible professional association.
You could be approved for up to:
Eligibility for instant approval is based on your health and lifestyle questionnaire which is part of the application.
To choose an amount of term life insurance, you may need to outline your current obligations and responsibilities.
Both 10-Year Term Life and 20-Year Term Life can be converted to the Term-100 lifetime coverage any time before the age of 69. Conversion is guaranteed and no health questionnaires or medical is required.
A TD Term Life Insurance plan may cost less than you think. For example, a 30-year-old female non-smoker who is in good health could get $400,000 of TD 10-Year Term Life coverage for as low as $18.00 per month2. You can use the TD Life Insurance calculator to estimate how much your term life insurance plan could cost.
- Visit the TD Term Life Insurance page
- Learn more about Term Life Insurance and use the 'Check my price' button to get a quote
- Once you've got your quote, select the coverage that best suits your needs and apply for coverage
- You can also save your application and resume at a convenient time.
- To be eligible, you must meet the following requirements:
- Be a Canadian resident and fall within the age requirements for term life insurance plan you select.