TD Life Insurance Review

EDITORIAL REVIEW

TD Life Insurance Review

Term Insurance

Wondering whether TD is the right life insurance company for you? It doesn’t have to be a guessing game.

See below for ratings, quotes, and an in-depth review of TD life insurance products.

OUR RATING

1.0

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THE BOTTOM LINE

TD term life insurance products are significantly more expensive than the rest of the market. At an average of 18% more expensive with no clear product differentiators, we can’t see any justification for buying a TD Life insurance term policy.

Company facts

CUSTOMER COMPLAINTS

1.8 / 5

Based on InsurEye Reviews

BBB RATING

A

Price

Pricing comparisons: TD term life insurance vs. competitor term life insurance

Looking for the best value? See how the price of TD’s term life insurance stacks up against the prices of products offered by other Canadian term life insurance providers.

Scores are based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.

CompanyRankingAverage price relative to market
RBC Insurance16% lower
Canada Life25% lower
Desjardins32% lower
BMO Insurance42% lower
Industrial Alliance51% lower
Manulife6Average
Sun Life71% higher
Humania84% higher
Ivari96% higher
Assumption Life1014% higher
TD Insurance1118% higher

TD life insurance pricing by customer traits

Even if you and your next-door neighbour buy life insurance from the same insurance company, you may not pay the same price. That’s because life insurance companies base your price largely on your age, policy coverage amount, policy duration, smoking status, and current health status. Some companies are more lenient about specific customer characteristics and provide better pricing than other companies for people with these characteristics.

Here’s a breakdown of how TD’s life insurance prices compare to prices offered by other companies for various customer characteristics.

Customer characteristicsPricing
Low coverage need (<$500,000)Poor
Large coverage need (>$500,000)Poor
Shorter coverage need (10 years) Poor
Longer coverage need (20 years) Poor
MalePoor
FemalePoor
Under age 40Poor
Over age 40Poor
Exceptional healthPoor
SmokersPoor

Excellent – The company’s prices are more affordable than the rest of the market for customers with these characteristics

Good – The company’s prices are in line with the rest of the market for customers with these characteristics

Poor – The company’s prices are more expensive than the rest of the market for customers with these characteristics

Interested in getting your personalized life insurance quote?

The first step to buying life insurance is figuring out how much coverage you need. Complete our free online life insurance checkup to identify your needs based on your life circumstances and financial situation.

Product

  • Term 10, Term 20 or Term-to-100
  • Coverage up to $10,000,000

Common features

  • Level premiums– Premiums remain the same for the entire length of your term
  • Guaranteed renewability– When your term insurance policy expires, you can renew  it without undergoing a medical review
  • Convertible– You can convert your term insurance policy into a permanent policy without undergoing a medical review
  • No-obligation review period– Once you receive confirmation that your policy has been issued, you have 30 days to sign a delivery receipt and authorize your payment method

Eligibility

  • Must be a Canadian citizen or be granted Permanent Resident (Landed Immigrant) status by the Canadian Government
  • Not available to Quebec residents

Pros and Cons

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  • Credit card payments allowed
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  • Extremely high prices relative to the market
  • Insurance claim denied if “the claim for insurance benefits is not made within 365 days of the date of death of the insured person”

Ready to shop for life insurance?

The first step to buying life insurance is figuring out how much coverage you need. Complete our free online life insurance checkup to identify your needs based on your life circumstances and financial situation.