Life Insurance 101

Life insurance. Those are the two words that inspire a lot of questions. Questions like: “What is it?” “What type should I have?” and maybe most importantly “Do I even need it?” We’re here to explain the fundamentals of what you should know about life insurance without all the technical speak.

What Is Life Insurance?

Life insurance can be a heavy subject, but really, it’s a way to help take care of the future financial security for the people you care about. This is an insurance option that can pay out a sum of money to designated beneficiaries (the people you choose to leave money to) after your death. Should you pass away, your beneficiaries receive a tax-free lump sum payment.

Life insurance gives you the opportunity to help provide financial support for those who depend on you. It’s an act of consideration that goes beyond money and allows you to help with their future. Your life insurance payment can be used to replace lost income, fund your child’s education or pay for your final expenses. Having life insurance is a compassionate way to give back to your loved ones.

What Are Some Common Types of Life Insurance?

When choosing the type of life insurance that best fits your needs, it helps to know what your financial goals are going in. Here are four types of life insurance that TD Insurance offers, as well as things to consider with each package.

  • 10-Year Term Life: This plan provides coverage over a ten-year span and is popular with people with shorter-term financial responsibilities. This plan could be right for you if you’re dealing with a student or car loan, preparing for retirement or have a mortgage in its final 10 years.
  • 20-Year Term Life: As the name suggests, this plan has the bigger picture in mind. This policy could be right for you if you’re buying a new home, starting a family or are a newly-wed preparing for the future.
  • Term-100: This plan offers lifetime coverage at a price that doesn’t change for the entirety of your policy. Term-100 could be right for you if you want to take care of your family’s future at a locked-in cost over your whole lifetime.
  • TD Guaranteed Acceptance Life Insurance: This type of policy is focused on providing financial support for loved ones to help pay for funeral costs and other final expenses. Canadian residents between the ages of 50 and 75 are instantly approved for TD Guaranteed Acceptance Life Insurance coverage and require no medical exam to enroll.

Here’s your next step for getting TD Term Life Insurance . Visit us online and learn more about your insurance options so you can feel confident knowing you have the coverage you need.

You can receive a personalized life insurance assessment in minutes with the TD Right Fit Coverage Assessment.

For those seeking TD Guaranteed Acceptance Life Insurance, you can receive a personalized quote in 60 seconds just by answering a few quick questions.

Need some guidance? Our TD Advisors are always ready to help you find the option that you feel most comfortable with. Give us a call at 1-877-397-4188, and we will work with you to answer any questions you might have.


Life insurance products are currently not available for customers in Quebec. If you live in New Brunswick, please call us at 1-877-397-4190 to get a quote and apply for life insurance.