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What is Term Life Insurance?
Term life Insurance is a type of life insurance that can be an affordable way to help secure the financial future of your loved ones should you pass away. Premium costs are guaranteed not to change for the term of the policy, such as 10, 20, or 30 years, and coverage typically renews at the end of each term.
If you pass away during your term, your loved ones can receive a tax-free lump-sum payment to use however they choose, whether it is to pay debts, fund education or cover everyday expenses.
How can you benefit from TD Term Life Insurance?
Compare Term Life Insurance plan options from TD Insurance
If you have short-term financial responsibilities, consider Term 10. If you have longer-term costs like a mortgage or dependents, perhaps Term 20 or Term 30 might be a better fit for you.
If you want coverage that you don’t need to renew at a cost that will never increase, and you’re looking to leave a legacy, consider Term 100.
You can apply for any of the Term Life plans below if you’re a Canadian citizen or resident6 and fall within the age requirements for the plan you choose.
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10-Year Term Life |
20-Year Term Life |
30-Year Term Life |
Term 100 Lifetime Coverage |
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From 18 years old to 70 years and 6 months |
From 18 years old to 60 years and 6 months |
From 18 years old to 50 years and 6 months |
From 18 years old to 70 years and 6 months |
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Coverage up to $10,000,000 |
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Coverage up to $10,000,000 |
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Age when coverage ends? |
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Age when coverage ends? |
80 |
80 |
80 |
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Convertible to Term 100 up to 6 months after age 694 |
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Convertible to Term 100 up to 6 months after age 694 |
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N/A |
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Sample policy |
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Sample policy |
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10-Year Term Life
20-Year Term Life
(Popular Choice)30-Year Term Life
Term 100 Lifetime Coverage
10-Year Term Life
20-Year Term Life
(Popular Choice)30-Year Term Life
Term 100 Lifetime Coverage
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10-Year Term Life |
20-Year Term Life |
30-Year Term Life |
Term 100 Lifetime Coverage |
10-Year Term Life |
20-Year Term Life |
30-Year Term Life |
Term 100 Lifetime Coverage |
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From 18 years old to 70 years and 6 months |
From 18 years old to 60 years and 6 months |
From 18 years old to 50 years and 6 months |
From 18 years old to 70 years and 6 months |
From 18 years old to 70 years and 6 months |
From 18 years old to 60 years and 6 months |
From 18 years old to 50 years and 6 months |
From 18 years old to 70 years and 6 months |
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Coverage up to $10,000,000 |
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Age when coverage ends? |
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80 |
80 |
80 |
80 |
80 |
80 |
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Convertible to Term 100 up to 6 months after age 694 |
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N/A |
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N/A |
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Sample policy |
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What's not covered
Scenarios when an insurance benefit will not be paid:
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Death due to suicide within 2 years of the effective date of coverage. Any premiums paid will be returned.
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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 sample policy above.
How much coverage do you need?
The amount of coverage you need depends on your specific circumstances. Start by considering the following areas to help you determine the amount of coverage that's right for you and your loved ones.
Try our TD Life Insurance calculator for a personalized estimate of how much coverage you might need and the cost for that coverage.
Frequently asked questions
Term life insurance can help provide financial support for your loved ones if you pass away while your policy is active. Your beneficiaries receive a tax-free, lump sum payment they can use however they choose, such as paying everyday expenses, covering debts like a mortgage or student loan, replacing income, or helping with final expenses.
Discounts are available on TD Term Life Insurance5. You can:
Save 10%:
- If you are a TD customer (including TD Auto Finance, TD Insurance Home and/or auto, and TD Wealth); or
- If you apply online8.
Or save 5%:
- If you or your spouse are graduates of an eligible Canadian post-secondary institution or a member of an eligible professional association.
Note: The above discounts cannot be combined, the maximum discount available is 10%.
1. Check your price online 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 that will make you eligible for the discount.
2. You can then apply for the coverage plan of your choice. If your application is approved, you will get the eligible discount.
Term life policies don't include a cash value. Like most life insurance plans, term life insurance policies provide a tax-free death benefit to your designated beneficiaries in the event you pass away.
At the end of each policy term (e.g. 10, 20, 30 years) you have the option to:
- Do nothing in which case the TD Term Life Insurance policy will automatically renew at the end of the term with higher premiums based on your age at that time
- Convert part or all of the existing plan to Term 100 and lock in the coverage for as long as you live4
The short answer is, yes. You may purchase multiple life insurance policies. For TD Term Life Insurance, there are no limit on the number of policies, but the maximum amount of coverage is $10 million per insured.
Whether you need a medical exam depends on factors such as your age, coverage amount, and the information provided in your application. In some cases, you may qualify for TD Term Life Insurance without a medical exam. Additional underwriting requirements may apply.
Depending on your age and coverage amount, you could be instantly approved for up to $1,000,000 if you are under 50, up to $500,000 if you are under 60, or up to $249,999 if you are under 70 years old3.
Want to Learn More About Term Life Insurance?
How do I get started with TD Term Life Insurance?
TD Term Life Insurance is an individual life insurance plan underwritten by TD Life Insurance Company.
† The price will be an estimated quote based on the information you provide. Your actual premium may change when we assess your individual circumstances based on the information collected during the application process.
1 TD 10- or 20-Year Term Life Insurance plans automatically renew at the end of each of 10- or 20-year term until the age of 80. TD 30-Year Term Life Insurance plan automatically renews at the end of the initial 30-year term on a yearly basis until the age of 80. Premiums do not increase for the duration of the policy's term. The premium will increase when your term renews.
2 Individual circumstances may vary. If you need advice about your needs, call 1-888-788-0839 and speak to one of our TD Life Insurance licensed advisors.
3 Instant approval is subject to the responses you provide to certain health and lifestyle questions in your application and is available for coverage up to $1,000,000 if you are 50 and 182 days old or younger, up to $500,000 if you are 60 and 182 days old or younger, or up to $249,999 if you are 70 and 182 days old or younger.
4 This option is available up to 6 months after the Insured's 69th birthday, and premiums will be based on the Insured person’s attained age at the conversion date.
5 Discounts are available to eligible applicants who apply for a new TD 10-Year, 20-Year, or 30-Year Term Life Insurance policy. Offers cannot be combined with any other offer and are subject to change or may be withdrawn at any time.
6 A Canadian resident 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.
7 These sample premiums are as of August 2026 and include all applicable taxes. They are subject to change. Your actual premium will depend on your application.
8 The discount is only available to eligible applicants who apply for a new TD 10-Year, 20-Year or 30-Year Term Life Insurance policy using the online application. Offers cannot be combined with any other offer and is subject to change or may be withdrawn at any time.