TD Life Insurance Review

Looking for a full review and breakdown of TD Insurance’s life insurance options? Here, you’ll find an in-depth look at features, pricing, and ratings of TD ’s offerings.

When looking for the best life insurance policy to protect your family, it’s important to take your time to weigh your options. A life insurance policy is a decade(s) long agreement so you should be sure that it fits your specific needs.

Our rating: 1/5

The bottom line on TD Life Insurance

TD’s life insurance products are on average 18% more expensive compared to other insurers on the market.

At this price point, you’ll want more benefits or clear product differentiators with your policy. However, TD life insurance doesn’t offer their customers much more. 

We recommend shopping around for a more affordable term policy or a policy with more customization options for the same price.

Read more reviews of the top rated life insurance companies in Canada.

Facts about TD Life Insurance

TD Insurance is part of Toronto-Dominion Bank, or TD Bank, one of the biggest banks in Canada. 

Its insurance products include term life and permanent insurance, as well as home and auto insurance. 

Another division of TD Bank’s business, TD Wealth, also offers permanent life insurance. 

Among TD Bank’s term life insurance policies are: a 10-year term, 20-year term, term-to-100, and guaranteed acceptance life insurance (no health questions asked).

You can also read our review of TD Mortgage life insurance.

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TD life insurance coverage plans: pricing comparisons

TD Insurance vs. competitors

When it comes to pricing, how does TD’s term life products compare to other life insurance companies in Canada?

For illustrative purposes, this table offers a glimpse, featuring scores based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, and additional factors like health and smoking status.  

Company Ranking Average price relative to market
PolicyMe 1 10% Lower
RBC Insurance 2 6% Lower
Canada Life 3 5% Lower
Desjardins 4 2% Lower
BMO Insurance 5 2% Lower
Industrial Alliance 6 1% Lower
Manulife 7 Average
Sun Life 8 1% Higher
Humania 9 4% Lower
Ivari 10 6% Higher
Assumption Life 11 14% Higher
TD Insurance 12 18% Higher

PolicyMe advisors aren’t incentivized to sell something you don’t need, and the coverage options they offer are consistently the most simple and affordable in Canada. 

‍TD Insurance pricing by coverage type

Your monthly individual life insurance premium can vary. It all depends on your age, gender, policy coverage amount, term length, health and smoking status, and other additional risks.

There are also providers who are more lenient about specific customer traits, offering a better insurance premium for individuals with those traits. 

Here’s how TD life insurance fares when it comes to pricing for customers with different backgrounds, compared to other insurance companies in Canada:

Customer Characteristics Pricing
Low coverage need (less than $500,000) Poor
Large coverage need (more than $500,000) Poor
Shorter coverage need (10 years) Poor
Longer coverage need (20 years) Poor
Male Poor
Female Poor
Under age 40 Poor
Over age 40 Poor
Exceptional Health Poor
Smokers Poor

Excellent: Prices are more affordable than the rest of the market for this customer segment

Good: Prices are in line with the rest of the market for this customer segment

Poor: Prices are more expensive than other providers for this customer segment

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TD Life Insurance coverage details: options and features

TD Insurance has four main service offerings: 

1) 10-Year Term Life

  • Coverage: $50,000 to $10M
  • Period of time: 10 years, automatically renewable up to age 80
  • Ideal for: People with shorter-term financial responsibilities (student or car loans; mortgages in its final 10 years); those in a later life stage, closer to retirement; those whose kids are moving out soon
  • Eligibility rules: Canadian resident between age 18 and 69 (up until six months prior to their 70th birthday)

2) 20-Year Term Life

  • Coverage: $50,000 to $10M
  • Period of time: 20 years, automatically renewable up to age 80
  • Ideal for: People with longer-term financial responsibilities, such as newlyweds planning their financial future; those with young children or who are growing their families; who are factoring a big additional expense in the future, like buying a house in the next couple of years, or those who have recently purchased a house and are beginning to make mortgage payments
  • Eligibility rules: Canadian resident between age 18 and 59 (up until six months prior to their 60th birthday)

3) Term to 100

  • Coverage: $50,000 to $10M
  • Period of time: Lifetime
  • Ideal for: People who want lifetime coverage to protect their families; who want to lock in their rates; who want their final expenses taken care of
  • Eligibility rules: Canadian resident between age 18 and 69 (up until six months prior to their 70th birthday)
  • Unlike permanent life insurance, which also serves as an investment product, Term-100 does not include cash value build-up 

4) Guaranteed Acceptance Term

  • Coverage: $5,000 to $25,000
  • Period of time: Lifetime
  • Ideal for: People in a later life stage, or with deteriorating health conditions who want their final expenses taken care of (such as funeral costs)
  • Eligibility rules: Canadian resident between the ages 50 and 75
  • No physical exam needed or medical questions asked


TD life insurance products also feature: 

  • Level premiums: Your premiums level is fixed and guaranteed for the entire length of the term
  • Guaranteed renewability: You can automatically renew your term insurance policy once it expires without undergoing a medical exam
  • Convertible: You can convert your 10- or 20-year term insurance policy into a permanent one before you turn 69, without undergoing a medical exam
  • No-obligation review period: Once you receive confirmation for your policy, you have 30 days to sign a delivery receipt and authorize a payment method
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TD life insurance pros and cons

Life insurance is meant to protect your family against future events that prevent you from bringing home an income. 

Whether due to an injury from a critical accident or worse, life insurance serves as a safety net in your future financial plans. It helps relieve your family of unexpected financial pressures with a lump sum tax-free payment in case something happens to you. 

That said, you’ll want a coverage plan that’s suitable for your needs while also being affordable. 

Based on the range of features and pricing we’ve looked at so far, here are some of the pros and cons of TD life insurance:

Pros:

  • TD Bank and TD Insurance, reputed for its financial services, are recognized brands
  • TD Insurance offers coverage of up to $10M
  • While the cost may be more expensive, there is the possibility of getting instant approval on up to $500,000 in coverage
  • Their online services are easy-to-use. You can get a quote by filling out a prescribed form, speak to a professional advisor for details, review sample policies, or make an online application
  • You may qualify for a discount of 5-10% if you’re an existing TD customer; if you are (or your spouse is) a graduate of an eligible Canadian post-secondary institution, or a member of an eligible professional association
  • You also get 10% off a bundled quote with other types of insurance, such as home and auto insurance

Cons: 

  • TD’s term life insurance policies are more expensive for the coverage they offer, compared to other insurance companies
  • TD doesn’t offer a wide range of term life options, forcing you to renew your policy after the 10-year period or 20-year period. This more expensive than purchasing a 15- or 35-year term life policy off the bat
  • Term life coverage expires when the policyholder turns 80, whereas coverage from most providers are active until age 85
  • While most other providers offer the option to convert term life to participating whole life insurance, TD only offers non-participating whole life insurance
  • For those factoring in discounts from an insurance bundle, TD does not offer car insurance in British Columbia, Manitoba, or Saskatchewan 
Infographic that states 49% of Canadians are being sold the wrong type of life insurance for TD Life Insurance Review

TD Life Insurance review excerpts

Take their word for it: when it comes to evaluating life insurance companies, it helps to hear directly from those who have purchased life insurance coverage from those providers. 

Here are some TD life insurance reviews from InsurEye and Better Business Bureau

“They take over 6 weeks to review the policy application [...]”

“TD [...] has been my insurer for over 20 years. Recently, reaching their customer service by phone has been impossible.”

“Everything is good until you have a claim [...]”

FAQs about TD life insurance

Can TD cancel my life insurance policy? 

Yes. Like any life insurance company, TD can cancel your current policy if you don’t pay your insurance premiums, or if they find out that you’ve lied while answering health questions, including your smoking habits and other additional risks, on applicable forms. 

How can I cancel my TD life insurance?

By giving them a call:
Phone: 1-877-397-4188, option 1
Hours: Monday-Friday, 8am to 10pm ET; Saturday, 10am to 6pm ET

Note that when you cancel your current policy (a policy that’s still active), you will be charged a fee. No fees will be applied when you cancel during a renewal. 

Is TD the best life insurance in Canada?

Considering the benefits and features for its price point, we can’t say TD life insurance is the best in Canada. 

TD Bank’s term life insurance products are on average 18% more expensive compared to others in the life insurance industry, however it doesn’t offer much more in terms of benefits or product differentiators. 

How do I contact TD Insurance?

For professional advice from licensed advisors, you can call TD Insurance:

Phone: 1-877-397-4188, option 1
Hours: Monday-Friday, 8am to 10pm ET; Saturday, 10am to 6pm ET

In summary: 

Pricier than others on the market, TD’s term life insurance products could be worth it with more features and greater flexibility, which it doesn’t currently offer.

PolicyMe was built to make life insurance more simple and more affordable for Canadians. Our online application process takes just minutes to complete and offers several term life insurance options, all backed by life insurance giant Canadian Premier

PolicyMe is headquartered in Toronto, Ontario -- providing life insurance solutions for Canadians in 8 provinces and territories.

Laura McKay

COO & Co-Founder

About the Author

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