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 minutes8
  • 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.

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 Plans7

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.

Family brings joy – but also responsibility. Get tips on choosing life insurance to help protect your family’s financial future.

It may not be too early to start thinking about life insurance. Here are a few reasons to consider term life insurance at a young age.

Starting your life together? To prepare for the road ahead, you may want to consider life insurance.

Get started

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 The discount is only available to eligible applicants who apply for a new TD 10-Year or 20-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.
2 Premiums do not increase for the duration of the policy's term. The premium will increase when your term renews.
3 Instant approval is subject to the responses you provide to certain health and lifestyle questions in your application. Applicant must be 50 years old or under.
4 This information is a summary only. Please review the Sample Insurance Policies for full coverage details, including information on limitations, exclusions, and eligibility requirements.
5 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.
6 This option is available up to the policy anniversary nearest the Insured’s 69th birthday, and premiums will be based on the Insured person’s attained age at the conversion date.
7 Discounts are available to eligible applicants who apply for a new TD 10-Year or 20-Year Term Life Insurance policy. Offers cannot be combined with any other offer and is subject to change or may be withdrawn at any time.
8 Individual circumstance 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.
Mailing Address:
TD Life Insurance Company
P.O. Box 1 TD Centre
Toronto, Ontario M5K 1A2

Have a question? Find answers here