Life insurance for life’s different stages
Whether you’re stepping into adulthood or approaching retirement, creating a plan to secure your financial future can seem challenging. Ensuring that you have coverage in place for when you or your loved ones need it should be considered when planning your financial strategy. Everyone’s life circumstances differ; you could be finishing your education, starting a new career, or getting married and dreaming of a whole new life ahead. Maybe your kids are about to start college, or you’re just waiting to embrace retirement.
As you go through life stages, you should assess your financial protection needs regularly and consider filling any gaps by purchasing coverage, so that if you pass away, your beneficiary can use the payout as needed. With age being a factor in the eventual price of your policy, it makes sense to consider applying for life insurance earlier in life since the price of life insurance can be lower the younger you are.
Read further for more insight on the benefits of life insurance at each life stage and get an idea of how much a TD 10-Year or 20-Year Term Life Insurance plan might cost.
Life insurance in your 20’s and 30’s
If you are young, life insurance may not feel like a priority. While the joy of finishing college and starting a new career can be exciting, getting insured at this age can offer numerous benefits:
The following premium examples are based on $100,000 of coverage for a TD 10-Year Term Life Insurance plan on a person who does not smoke and is in good health.
- Age 20 - $12.00 per month for a male and $10.00 per month for a female.
- Age 30 - $12.00 per month for a male and $11.00 per month for a female.
Life insurance in your 40’s and 50’s
It’s a good idea to get life insurance coverage as soon as the need is identified. In your 40’s and 50’s, you may be more established with different responsibilities such as putting your kids through school or paying off a mortgage or two. A life insurance policy at this stage can help ensure that these financial obligations can be taken care of by your loved ones should you pass away. It could help your loved ones maintain their standard of living, something you’ve worked so hard to attain for them. A life insurance policy payout can help provide financial support to family members at difficult times.
Life insurance in your 60’s and above
If you’re approaching retirement or have already retired, it’s not too late to consider purchasing life insurance. Securing life insurance coverage can help you leave behind a legacy, help pay final taxes, and cover funeral expenses. You may also be able to leave an inheritance for your children and grandchildren.
TD Term Life insurance premium calculation examples in Canada
The cost of your life insurance depends on various factors such as age, health, and smoking status which are some of the most important factors in determining the cost of your life insurance premiums. The younger and healthier you are, the lower the premiums can be. Below is an easy comparison chart for TD 10-year-term and 20-year-term plan.
Note: Premium examples are based on $100,000 of coverage for a person who does not smoke and is in good health.
Premiums provided throughout the article were calculated in February 2023 and should be considered for reference purpose only.
Term Life Insurance Plan |
Age |
Premium (Male) |
Premium (Female) |
TD 10-Year Term |
20 |
$12.00 |
$10.00 |
30 |
$12.00 |
$11.00 |
|
40 |
$15.00 |
$13.00 |
|
50 |
$26.00 |
$22.00 |
|
60 |
$72.00 |
$51.00 |
|
TD 20-Year Term |
20 |
$13.00 |
$11.00 |
30 |
$14.00 |
$12.00 |
|
40 |
$21.00 |
$17.00 |
|
50 |
$53.00 |
$38.00 |
|
601 |
Not eligible |
Not eligible |
Ages 60 to 70 is eligible for the TD 10-Year and Term 100 plan coverage. Ages 50 to 75 are eligible for the TD Guaranteed Acceptance Life Insurance plan which offers guaranteed coverage for up to $25,000 for Canadian residents with no health questionnaire or medical required.
Enjoy every stage of life with the right insurance plan. The TD Life Insurance Calculator can help you calculate how much life insurance coverage you may need based on your financial goals and circumstances. You are also eligible for a 10% premium discount for a new TD 10-Year or 20-Year Term Life Insurance plan if you are a TD customer or if you apply online. Visit TD life insurance online to learn more or get a personalized quote.
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The content on this page is for general information purposes only and does not constitute legal, financial or insurance advice. Speak to a licensed professional insurance advisor regarding your specific situation. The information contained herein, is subject to change without notice.
"TD Insurance" refers collectively to the following insurance companies: Security National Insurance Company, Primmum Insurance Company, TD General Insurance Company, TD Home and Auto Insurance Company, TD Life Insurance Company, and the following brokers and Agencies: Meloche Monnex Insurance and Financial Services Inc., TD Insurance Direct Agency Inc. and TD Assurance Agency Inc.