If your hobbies include high-risk activities like motorsport and skydiving, you may need to pay more to offset the additional risk taken on by the insurer. Working in an industry with a lot of occupational hazards could also result in an increased cost.
A life insurance policy can help protect the financial future of those you care about. If you're thinking about applying for life insurance but are not sure how much coverage you need, use the TD Life Insurance Calculator.
Here's an example of how much life insurance could cost:
Eric is a single, 30-year-old non-smoker who is in good health. He is a homeowner with a $150,000 mortgage and has no other debt. He makes $50,000 per year and his parents live with him.
If Eric decided to opt for $175,000 in coverage, it would cover 100% of the outstanding balance on his mortgage and leave $25,000 to pay off other expenses. That way, if he were to pass away, his parents could continue to live in that house.
Eric could get this amount of coverage for $18/month on a TD 10-Year Term Life Insurance plan.
It’s important to keep in mind that life insurance may not cost as much as you think. You can get quick a quote and apply online for TD Term Life Insurance or Guaranteed Acceptance Life Insurance. If you need any help, you can call 1-877-397-4188, option 1, Monday to Friday 8 a.m. to 10 p.m. and Saturday 10 a.m. to 6 p.m. ET to speak with a TD Life Insurance licensed advisor over the phone.
If you're already a TD customer, you can save 10% on a new TD 10-Year or 20-Year Term Life Insurance policy. This includes TD Auto Finance, TD Insurance Home and/or Auto, and TD Wealth customers. If you're not a TD customer, you can save 5% if you or your spouse is a graduate of an eligible Canadian post-secondary institution or a member of an eligible professional association. If you are a TD customer as well as a graduate/professional, you save a maximum of 10%.2
*1 Source – worldbank.org
2 The 5% or 10% premium savings is available to eligible applicants who apply for a new TD 10-Year or 20-Year Term Life Insurance policy. The offers cannot be combined with any other offer and is subject to change or may be withdrawn at any time.
TD Term Life Insurance is an individual life insurance plan underwritten by TD Life Insurance Company. Some restrictions may apply. Application subject to approval. See Insurance Policy for coverage details, including limitations and exclusions.
The content on this page is for general information purposes only and does not constitute legal, financial or insurance advice. Speak to a TD Life Insurance licensed advisor regarding your specific situation. The information contained herein, is subject to change without notice.