
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.
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.
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.
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.
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.
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:
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
TD Insurance has four main service offerings:
TD life insurance products also feature:
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:
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 [...]”
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.
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.
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.
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
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.