The concept of life insurance brings up questions such as
“What exactly is life insurance?”,
"How does it work?",
“Which type is the best?” and maybe even
“Do I really need it?”.
On this page, you'll find information about the basics of life insurance without any jargon or confusing language.
- What is life insurance and how does it work?
- Do you really need life insurance?
- When is the right time to apply for life insurance?
- How to get a life insurance policy?
- What are the factors considered in calculating premiums?
- What are some of the different types of life insurance?
- How much life insurance coverage do I need?
- How to apply for TD Life Insurance?
While life insurance has many facets, it's a good idea to begin by defining what it is?
A life insurance policy is a contract between you and your insurer. The insurance company agrees to pay a specified amount to the person or people chosen as beneficiaries in the event of the insured person's death. You pay a certain amount of money to the insurer for this coverage. This is known as the premium. When an insured person passes away and an eligible claim is made, a lump-sum tax-free death benefit amount is paid out to the chosen beneficiary. It’s a way to help provide future financial security for the people you care about in the event of your death.
There are people in your life who depend on you. Life insurance can be a part of your plan to help provide financial support to loved ones when you pass away. The money they receive can be used however they like. For example, it can be used to replace lost income, fund post-secondary education, or pay for final expenses. A life insurance policy can be a way to help give back to your loved ones.
Once you've determined that you need life insurance, you should consider the following:
- Life insurance typically costs less when you are younger.
- As you get older, your health could deteriorate, which would make premiums more expensive.
With these reasons in mind, you may want to think about getting life insurance sooner. Major life events such as getting married, having children, retirement or buying a home can be reasons to start considering your life insurance needs.
One of the first things to consider when buying life insurance is the amount of coverage you will need. You then choose a product, get a quote, and complete the life insurance application. You could get automatic approval and instant coverage if this is offered by the insurer and you meet the eligibility requirements. Automatic approval means no medical exam is required.
If automatic approval is not available, your application will be assessed by an underwriter, who will determine if a medical exam is required. The purpose of the information requested is to confirm your health and lifestyle status, which is used to make a decision on your application. On approval, a policy is issued, and coverage begins immediately.
Insurance companies take into consideration a variety of factors when calculating the premium. It's important to understand these factors, which may include your overall health, lifestyle, age, sex and smoking status.
Any Canadian resident aged 50 to 75 is instantly approved for coverage ranging from $5,000 to $25,000 with TD Guaranteed Acceptance Life Insurance. There is no medical exam required. There's also no end date – as long as your policy stays active, you have coverage.
TD Guaranteed Acceptance Life Insurance could be right for those who are not able to qualify for standard life insurance plans usually due to health and/or lifestyle issues. It is financial support for loved ones and can help pay for final expenses such as funeral costs.
Life insurance is different for everyone. The amount of coverage you require depends on your family's needs, debts, and other obligations. It's important to understand how much money your loved ones would need if you were to pass away. Consider factors such as lost income, outstanding loans and debts, your children’s education costs, and your family’s lifestyle. The TD Life Insurance Calculator can help you calculate how much TD Term Life Insurance you may need for you and your family.
Take your first steps towards applying for TD Life Insurance:
- Visit TD Life Insurance online
- Choose the type of coverage you need
- Enter your province of residence
- Get your quote in less than 60 seconds
TD Term Life Insurance and TD Guaranteed Acceptance Life Insurance are individual life insurance plans underwritten by TD Life Insurance Company. 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 life licensed professional advisor regarding your specific situation. The information contained herein, is subject to change without notice.