A. There are 4 types of Life insurance offered by TD Insurance.
- TD 10-Year Term Life
- TD 20-Year Term Life
- TD Term-100
- TD Guaranteed Acceptance Life Insurance
TD 10-Year and 20-Year Term Life insurance policies automatically renew every 10 and 20 years, respectively, at which time premium costs increase to reflect your age at the time of renewal. For TD 10-Year and 20-Year Term Life insurance policies, premiums are guaranteed not to change for each 10-year or 20-year period. Both term life policies expire on the life insured person’s 80th birthday.
For TD Term-100 life insurance, policy premium costs are guaranteed to remain the same. They are payable until the insured person turns 100 years old. Although coverage continues, there are no premium payments after the age of 100. The policy will remain active until the insured person passes away.
You can choose to convert a TD 10-Year or 20-Year Term Life insurance policy to a TD Term-100 life insurance policy at any time, up to and including the policy anniversary closest to your 69th birthday, with no further questions or medicals required.
Guaranteed Acceptance Life Insurance is a permanent life insurance policy you can obtain regardless of your health. The premium costs are guaranteed to remain the same. To be eligible you must be a Canadian resident. You must also be within the ages of 50 and 75. When you reach age 100, your premium payments cease, and the coverage continues until a death benefit is paid. Coverage is available from $5,000 to $25,000.
Learn more about TD Guaranteed Acceptance Life Insurance for Canadians or get a quote.