If you’re in the market for life insurance, you may not have considered TD. They’re not one of the largest life insurance companies in Canada, but they are owned by one of Canada’s largest banks. This could make them a good choice for you, especially if you’re already a TD customer. Even if you’re not, they’re worth checking out – it’s easy to get a quote online.
Their offerings are slim – only a few types of insurance to choose from. But if you’re looking for a bare-bones term or guaranteed acceptance life insurance policy, they’re worth investigating.
TD life insurance features
Here’s a summary of the types of life insurance TD has to offer.
Why You Want It
Get a quick quote with instant approval + Save up to 10% with discounts
Special Features
- Instant approval for up to $10 million in coverage
- 30-day review period in case you change your mind
- Discounts for having other TD products
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Term Life Insurance
Terms Available
- 10 years
- 20 years
- 100 years
Permanent Life Insurance
Guaranteed Acceptance Life Insurance
Universal Life Insurance
TD life insurance product rating: 3.1 stars
TD offers bare-bones term insurance without a lot of complicated options. If you just want a simple term insurance policy, they could be a good choice. They also offer guaranteed acceptance life insurance with no medical questions required.
That said, if you’re looking for anything else, you’ll probably want to go elsewhere. But it’s easy enough to get a quick quote from TD, so including them in your comparison shopping couldn’t hurt.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of TD life insurance
So why should you consider TD for your life insurance needs? Here are some of the benefits.
Pros
It’s easy to get an online quote
After answering a few questions (birthdate, gender, smoking status and province of residence), you’ll get an estimate of what your insurance will cost. This is all done anonymously – you won’t need to provide your name, email address, or phone number.
They have sample policies online
You can take a look at the fine print before you commit.
It’s convenient to apply online or over the phone
If you do decide to apply for TD life insurance, you can do it online. But unless you’re purchasing guaranteed acceptance insurance, you’ll have to answer more questions about your health and your family’s medical history. You may also need a medical exam, done by TD life insurance at no cost to you. Alternatively, you can apply for insurance by speaking to a TD life insurance advisor on the phone. In either case, you might need to wait to find out if your application is approved.
There’s no sales commission
TD life insurance advisors are paid a salary, rather than receiving commissions on sales. In theory that should result in lower premiums and impartial advice. It also means there’s no extra fee to cancel your policy mid-term.
Option to convert term to permanent insurance
TD life insurance advisors are paid a salary, rather than receiving commissions on sales. In theory that should result in lower premiums and impartial advice. It also means there’s no extra fee to cancel your policy mid-term.
The cons of TD life insurance
TD life insurance doesn’t offer the most customizable policies out there.
Cons
They don’t have as many options as a traditional insurance company
There are only a few choices for TD life insurance, including 3 term options (10 years, 20 years, and 100 years – also known as permanent). They also offer Guaranteed acceptance life insurance for those aged 50 – 75 who $25,000 or less of insurance coverage.
You don’t get the personal touch
A traditional insurance company will usually provide you with a dedicated advisor who knows your situation and can provide ongoing advice. With TD life insurance, it’s all done online or through their call centre.
Policies automatically renew
At the end of each term, TD life insurance policies automatically renew without additional medical requirements, as long as you’re still in the required age group. While this could be considered a benefit, the premiums will increase substantially when your policy rolls over into the new term. Given that you can cancel at any time, it’s not a big issue but it’s something to be aware of.
TD life insurance alternatives
As mentioned, TD doesn’t have very many different life insurance options. For comparison purposes, here are the offerings from two other major life insurance companies:
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Life Insurance | PolicyMe Life Insurance | Policy Advisor Life Insurance | Serenia Life Financial |
| Genius Rating | ||||
| Why You Want It | Get a quick quote with instant approval + Save up to 10% with discounts | Save up to 20% on your life insurance + Get Child Coverage at no extra cost. | Get instant life insurance quotes from 30 top insurers + No brokerage fees. | 10, 20, 30, and 100-year term length options + Valuable member benefits. |
| Term Life Insurance | | | | |
| Terms Available |
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| Permanent Life Insurance | | | | |
| Guaranteed Acceptance Life Insurance | | | | |
| Universal Life Insurance | | | | |
| Get a quote See more TD products Compare | Get a quote See more PolicyMe products Compare | Get a quote See more Policy Advisor products Compare | Learn More See more Serenia Life Financial products Compare |
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FAQ
What is TD life insurance?
Life insurance provides benefits to your loved ones when you pass away. TD life insurance comes in only a few types – term insurance (the amount you pay stays the same for 10 or 20 years, then increases), permanent insurance (your premiums remain the same forever), or guaranteed acceptance insurance (insurance with no medical exam required, for people aged 50 – 75).
How can I get a TD life insurance quote?
Getting a TD life insurance quote is easy – just go to their website and fill out the questionnaire. You’ll need to provide your birth date, gender, province of residence, and whether or not you smoke/vape.
How do I cancel my TD life insurance?
You can cancel your TD life insurance policy over the phone or in writing. Any unearned (advance) premium paid will be refunded. You can also cancel within 30 days of your policy start date for a full refund.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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