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What is the importance of term life insurance?

If you have loved ones that depend on you for financial support, life insurance can help take care of their future financial security. Should you pass away, your beneficiaries receive a lump sum, tax-free payment to help them replace lost income, maintain their living standards, pay for your children's education, pay off debts and cover your final expenses. Watch our video to learn more.

Our TD Term Life Insurance policies provide coverage for death, including as a result of COVID-19, as long as all required health questions were answered accurately, and all requested information was provided at the time of your application. Please see your policy for the terms and conditions. If you have any questions about your TD Term Life Insurance policy, please call us to speak to an advisor at 1-888-788-0839.

What term life insurance coverage is right for you?

Term Life Insurance can provide coverage for 10 years, 20 years or for life depending on your needs. For example, a 35 year-old non-smoking female can get $400,000 of coverage for as low as $20.00 per month2. Whichever TD Term Life Insurance plan you choose, enjoy features like:

  • Coverage up to $10 million.
  • A guaranteed monthly or annual cost over the entire length of the term3, which is great when it comes to budgeting your money.
  • Automatic renewal for 10 and 20 year plans at the end of the term without medical questions or exams until you turn 80, at which point your coverage ends4.
  • The option to convert 10 or 20 year plans to permanent coverage any time before age 69.
  • Preferred rates available for 10 and 20 year plans5.

10-Year Term Life

A 10-year term is often best suited for people who have shorter-term financial responsibilities. Ultimately, your goal is to help provide your family with financial protection.

Term-10 could be right for you if:

  • You have a student or car loan.
  • Your mortgage is in its final 10 years.
  • Your kids are moving out soon.
  • Retirement is on the horizon.

20-Year Term Life

People who choose a 20-year term often do so because they have a good idea what the next 20 years look like, and what sort of debts they’ll have.

Term-20 could be right for you if:

  • You just got married and are planning your future.
  • Buying a new house in the next couple years is a definite possibility.
  • You recently bought a house.
  • You have younger children or you're growing your family.


Quite often, people choose a Term-100 because they want lifetime coverage at a cost that doesn’t change.

Term-100 could be right for you if:

  • You want lifetime coverage to help protect your family's financial future.
  • You want to lock in your cost.
  • You want to make sure your final expenses are taken care of.

Are you eligible for term life insurance?

If you’re a Canadian resident1, and fall within the age requirements for term life insurance, you’re eligible to apply for Term 10, Term 20 and Term to 100 life insurance from TD.

A Canadian resident1 is any person who:

  • is legally entitled to reside in Canada for at least the next year, and
  • has been a resident in Canada for 183 of the past 365 days. Days do not need to be consecutive.

For Term 10 and Term to 100, the applicant must be between the ages of 18 years old and 6 months prior to their 70th birthday.

For Term 20, the applicant must be between the ages of 18 years old and 6 months prior to their 60th birthday1.

What are the benefits of term life insurance?

There are benefits to choosing TD Term Life Insurance. Here are a few you might like to learn about.

Predictable premiums

Your premiums are fixed and guaranteed not to change for the length of the term.


Convert your 10 year or 20 year term life to permanent life before you turn 69.

Tax-free cash benefit

Your beneficiaries will receive a lump sum, tax-free benefit if you pass away.

Bundle & save

Bundle your 10 or 20 year term life insurance with select TD Home or Auto Insurance, and you could save up to 10% on your premium.

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It’s time for coverage that’s right for you

Whatever stage of life you’re in, life insurance could be for you. We can help you find the right coverage for you.

Getting married?

Planning for a future together, a 20-Year Term could make sense.

Growing your family?

To help add stability to your next 20 years, a 20-Year Term could be right for you.

Buying a home?

Your biggest asset could use some protection. Consider a 20-Year Term.

Thinking about life after retirement?

Looking to leave something behind? Term to 100 could be the coverage for you .

Tips from TD Life Insurance

Learn more about Life Insurance.