TD Life Insurance Review

compare life insurance quotes from 30+ companies in Ontario


  • Life insurance form

 The TD Life Insurance Company is an extension of the Toronto Dominion Bank in Canada or the TD Bank Group. It offers Canadians multinational banking options, as well as financial services.

The company is headquartered in Toronto, Ontario and was founded 63 years ago in 1955.

TD is the largest bank in Canada when it comes to total assets. It is the second largest bank in terms of market capitalization and is rated one of the best banks in Canada.

The bank is home to more than 85,000 employees, has more than 1,150 branches and serves over 22 million customers worldwide.

Assets in 2016 amassed to $938 billion US, while the bank’s total income reached more than $6 million US.

TD Insurance is a branch of this successful company, offering individuals, families, and business a large range of insurance options. The bank embraces the reality that each person or company is different, and each deserves a plan that caters to their unique needs.

TD Life Insurance Term Life

Girl Woman Joy Of Life

Term life insurance from TD comes in three attractive plans to suit the needs of each client. These include Term 10, Term 20 and Term 100.

TD prides itself on affordable coverage. It is not unheard of for a middle-aged, non-smoking client to have up to $20,000 in coverage for as low as $20/month.

TD Life Insurance Term 10

This plan is ideal for those with short-term financial responsibilities. The basic goal of this plan is to provide loved ones with monetary help in the future.

The plan is ideal for people: With the car or student loans, a mortgage that is almost cleared, kids moving out soon, etc.

Benefits of TD Term 10:

  • Affordable and flexible
  • Ideal for anyone with low financial duties
  • Can be changed to permanent
  • 30-day look to decide if the plan is right for you
  • Guaranteed premiums

Sample Payments

Premium FromBasic Premium
December 2017$54.15
December 2027$303.98
December 2029$303.98
December 2037$705.80
December 2038$1,002.97

TD Life Insurance Term 20

Twenty 20 Number

For those people who have an idea of what their financial situation will look like in the future, this kind of insurance is ideal.

The plan is ideal for people: Who have recently gotten married or bought a house, have younger children or who are planning to have a family.

Benefits of TD Term 20:

  • Helpful for planning ahead
  • Anyone 18 and over can get it
  • Offers affordable payment plans
  • Financial protection for loved ones
  • 30-day look to decide if the plan is fitting
  • Can be changed to permanent life insurance
  • Automatically renews every 20 years until you are 80

Sample Payments

Premium FromBasic PremiumWaiver of PremiumsTotal
September 2016$22.75$2.77$30.52 monthly
September 2036$167.50$16.75$184.25 monthly
September 2043$167.50N/A$167.50 monthly
September 2056$972.93N/A$972.93 monthly

TD Life Insurance Term 100

Light Paint Number 100

Many people who are interested in term insurance, but who want consistent coverage go for Term 100. While the premiums are higher at the start, the costs never change and the plan covers you for a lifetime.

This plan is ideal for people who want to lock in their payments at a specific cost, with no renewal needs. It’s also beneficial for ensuring loved ones are taken care of financially.

Benefits of TD Term 100:  

  • Premiums are fixed and will never go up during the policy
  • Premiums stick even if your health changes
  • The coverage is also available to all family members, partners, and spouses
  • 30-days to decide if you’re happy with the plan

Sample Payments

This sample is for a middle-aged woman who is a non-smoker.

Premium FromBasic PremiumWaiver of PremiumTotal
September 2016$95.21 monthlyN/A$95.21 monthly

Working with TD Life Insurance

In terms of the top insurance companies in Canada, TD came out in 14th place with their assets totaling $8.985 billion.

TD has been a successful business in the field for decades, with a high percentage of success with clients. Clients can be sure that TD can back up its quotes, and that they will always be able to pay out when it comes to beneficiaries.

The Better Business Bureau had rated a variety of the branches from TD, including the TD Bank Financial Group that was given an A-. There have been 27 complaints in the last 3 years, and 8 complaints in the last 12 months.

The Numbers 

TD Insurance offers a range of policies, and quotes are based on a number of unique factors including age, gender, health, lifestyle and more.

For a middle-aged, non-smoking individual, rates can be as low as $20/month. Term life, rates do increase from this number over time, however, a Term 100 or permanent plan can ensure that a rate anywhere from $80-90 can be maintained without question.

TD offers affordable rates, which often makes them one of the most desired businesses for insurance. Other plans that are available include:

TD Guaranteed Acceptance Life Insurance

approved

This plan is available for customers between the ages of 50 and 75.

Benefits include:

  • Ensured finances for end-of-life expenses
  • Instant approval regardless of health
  • Coverage ranged from $5,000-$25,000
  • Medical exam not required

This is an affordable coverage that can be used on its own or in combination with other plans.

Other ways to save with TD Life Insurance is to bundle coverages, which can help clients to save 10% or more on their life insurance.

Bundles include combining life insurance with either home or auto insurance.

Conclusion

When it comes to finding affordable protection, TD is definitely one of the best competitors to consider. With so many plan options and flexible rates, clients are sure to find something that suits them.

Rates will vary based on health, age, lifestyle, etc., however, things like bundles and longer-term life insurance can help to lower rates. As one of the most recognized companies across Canada and the United States, TD Life Insurance Company is a strong contender.

Resources:

https://corporatefinanceinstitute.com/resources/careers/companies/top-banks-in-canada/
https://www.tdinsurance.com/products-services/life-insurance
https://www.relbanks.com/top-insurance-companies/canada

Related