What is term life insurance?

Life insurance can help protect the financial security of those you care about. Your selected beneficiaries receive a lump sum, tax-free payment to use however they want should you pass away. Term insurance can be simpler and more affordable than other types of life insurance products.

Watch this 90 second video to help you see how term life insurance can help meet your needs.


How you can benefit from TD Term Life insurance

  • Get a No Obligation Quote
    You can get a quote in 60 seconds with no need to provide any contact information and then apply in as little as 10 minutes.
  • Locked-In Pricing
    Your premiums are fixed and guaranteed not to increase for the length of the policy term.2 With set payments, it may be easier for you to budget.
  • Instant Approval with No Medical Exam
    You could be instantly approved for up to $1,000,000 if you are 50 and under, with no medical exam required.3
  • 30-Day Review Period
    You have 30 days from the date your policy is issued to review your policy and if you choose to cancel your policy during this period, any premiums you have paid will be refunded.
  • Convertible Coverage
    Option to convert your 10-Year or 20-Year Term Life plan to permanent Term 100 life insurance before you turn 69, no health questions or medical required.6

Product Highlights4

Choose from a range of plan options: 10-Year Term, 20-Year Term and Term 100

All three can:

  • Pay a tax-free lump sum amount to your beneficiaries if you pass away.
  • Coverage is up to $10,000,000 with premiums that are guaranteed not to change for the length of each policy term.2

You're eligible to apply if you’re a Canadian citizen or resident5 and fall within the age requirements for the TD Term Life Insurance plan you choose.

10-Year Term Life

Could be suitable if you have shorter term financial responsibilities such as a student or car loan, short-term mortgage, kids moving out or are approaching retirement.

  • Age eligibility: from 18 years old to 6 months prior to your 70th birthday
  • Automatically renews at the end of each 10-year term2, no questionnaire or medical required
  • Coverage ends at age 80
  • Convertible before the age of 69 to Term 1006
  • Preferred rates are available7

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20-Year Term Life

Could be suitable if you have longer-term financial responsibilities: you're newly married, have young children or have purchased a home.

  • Age eligibility: from 18 years old to 6 months prior to your 60th birthday.
  • Automatically renews at the end of each 20-year term2, no questionnaire or medical exam required
  • Coverage ends at age 80
  • Convertible before the age of 69 to Term 1006
  • Preferred rates are available7

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Term 100 Lifetime Coverage

Designed for those who want coverage that doesn’t expire at a cost guaranteed not to increase. Could be suitable if you want to cover end of life expenses or leave a legacy.

  • Age eligibility: From 18 years old to 6 months prior to your 70th birthday.
  • Lasts for your lifetime

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How much coverage do I need? Answer a few questions to calculate how much term life insurance coverage you may need.

What's not covered

Here are some examples of when an insurance benefit will not be paid:

  • You die due to suicide within 2 years of the effective date of coverage. In this case, any premiums paid will be returned.
  • If you have concealed or misrepresented any information during the application process.

The above information is intended as a summary only. For complete terms and conditions, please review the policy specimen below.

Sample TD 10-Year Term Life policy
Sample TD 20-Year Term Life policy
Sample TD Term to 100 Life policy


Discounts for New 10-Year and 20-Year Term Life Plans8

Save 10% if:
Or save 5% if:
  • You are a TD customer, which includes TD Auto Finance, TD Insurance Home and/or Auto, and TD Wealth; or
  • You complete your application online.1
  • You or your spouse is a graduate of an eligible Canadian post-secondary institution or a member of an eligible professional association.

Note: If you apply online and/or you are a TD customer, as well as a graduate/professional, you save a maximum of 10%.

Here's how to get the discount:

Step 1: Check your price+ or call a licensed TD Life Insurance Advisor to get a quote that is applicable to you. Be sure to indicate whether you are a TD customer (specify which type) or a graduate/professional.
Step 2: After getting your quote, you can apply for coverage and if you're approved, you will get the discount shown in your quote.


Want to learn more about life insurance?

Your life insurance needs can change throughout your life. Get helpful information from our Learning Centre.


Get started

Start by checking your price+

Get a no obligation quote.

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Calculate how much coverage you may need

Use the TD Term Life insurance calculator to help you estimate how much insurance you need, then check your price. +

How much do I need?

Talk to us by phone

TD Life Insurance licensed advisors are ready to answer your questions and help you get started. Call us or ask us to call you.

Call 1-888-788-0839
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