The life insurance products offered by TD average 18% more costly than other insurance companies.
At this point is that you’ll need more advantages or clearly defined product differentiations when you purchase your insurance policy. But, TD life insurance needs to provide its customers with more benefits.
We suggest shopping for a less expensive term insurance policy or one with more options to customize the procedure for the same amount.
TD Life insurance review
We have collected online reviews on TD life insurance sourced from sources such as InsurEye. Listen to customers’ honest reviews before deciding whether to buy yourself.
Positive TD life review:
- “Anytime I have had questions about my coverage or was unsure of what was or was not covered, TD Insurance agents were beneficial and always asked if I needed any more assistance.”
- “Wanted to apply for my life insurance; the process was simple and efficient.”
Negative TD life reviews on insurance:
- “They take over six weeks to review the policy application. They are not easy to deal with, and every time you call, it’s a long wait.”
- “TD has been my insurance company for over 20 years. Recently, contacting their customer service via telephone has been difficult.”
- “Everything is fine until you’ve got a claim.”
TD Life insurance premiums for 2022
If you have TD Life insurance at the lowest price, costs start at about $28 per month for a female and $37 per calendar month for a male. However, the rates vary based on your gender, age, the policy’s coverage, term length, your health and smoking status, and any other dangers.
Some companies prefer to be more flexible with specific characteristics of customers and offer the best insurance rates for those with these traits.
TD life insurance pros and pros and
Here are a few advantages and disadvantages of TD life insurance based on the variety of options and prices we examined.
The pros of TD Life insurance
- TD Insurance offers coverage up to $10 million.
- While it may be higher, there’s the chance of receiving instant approval for policies that provide as much as $500,000 coverage. (If you need to figure out how you’ll need coverage, look at the Life insurance calculator.)
- You can request a quote online by filling out a request form, contacting an experienced advisor for further specifics, looking over examples of policies, or filling out an application online.
- You could be eligible for discounts of 5-10% when you’re already a TD customer, or you’re (or you and your partner are) graduates of the eligible Canadian post-secondary school or associated with a qualified association of professionals.
- Additionally, you get 10% off a bundle quote that includes other kinds of insurance, like car and home insurance.
Pros and cons of TD life insurance
- The term life insurance plans offered by TD are costly in terms of coverage when compared with other insurance companies.
- TD does not offer a broad choice of term life insurance, meaning you have to renew your policy following the 10- or 20-year term. This is more costly than buying a 15 or 35-year term life insurance policy from the beginning.
- The term life insurance policy expires when the policyholder turns 80. However, coverage from the majority of providers lasts until the age of 85.
- While other companies offer the option of converting term life into participating full life insurance, TD provides only non-participating life insurance.
- If you can take advantage of discounts in an insurance bundle, TD cannot offer car insurance for British Columbia, Manitoba, or Saskatchewan residents.
Who do you think is TD Insurance?
TD Insurance is part of TD Bank, a Canadian financial services firm with more than 10,000 customers. They’re famous for their mortgage and banking products.
The insurance products offered by TD Bank include permanent and term life insurance and auto and home insurance. Another division of the operation, TD Wealth, also provides permanent life insurance.
TD Insurance quick facts:
- TD Bank was founded in 1954, but it has a long and extensive history dating back to 1855.
- TD life insurance policies are available for ten years, 20-year terms, term-to 100 and guaranteed acceptance insurance (no health-related questions asked)
- They can provide coverage of up to $10 million.
- You can get a quote online.
Who is the owner of TD Insurance?
TD Insurance is part of Toronto-Dominion Bank or TD Bank, one of the largest banking institutions in Canada. TD Bank is a publicly traded corporation.
TD Insurance compared to other insurance companies in Canada.
In terms of the pricing of these products, how do TD’s term life insurance products compare to others life insurance firms in Canada?
To illustrate, this table looks at PolicyMe’s Term Insurance Price Index scores, an in-depth study of the costs for 108 combinations of age, gender, duration of coverage, and other variables like smoking and health.
CompanyRatingThe average price of the market
policy 1 10 percent lower
RBC Insurance 2 Lower 6%
Canada Life 3 Lower 5%
Desjardins 4 Lower 2%
BMO Insurance 5 Lower 2%
Industrial Alliance 6 Lower 1%
Manulife 7 Average
Sun Life 8 1% Higher
Humania 9 Lower 4%
Ivari 10 6% Higher
Assumption Life 11 14% Higher
TD Insurance 12 18% Higher
Policy advisors aren’t vested in promoting products you don’t want, and insurance options are always inexpensive and easy to find in Canada.
Customers can save as much as 20% off their life insurance coverage through a policy
TD Life insurance features and options
TD Insurance has four main life insurance options, including a 10-year term life, a 20-year time life term, a term up to 100, and guaranteed acceptance terms. Learn about each option further below.
1.) Ten-Year Term Lives
- Protection:$50,000 to $10M
- Time period:10 years, automatically renewable until age 80.
- It is ideal for People with shorter-term financial obligations (student or mortgage for the last ten years) and those at a later life stage, nearer to retirement, whose children will be moving out of the house soon.
- Rules of eligibility: Canadian residents between 18 to 69 (up to six months before the 70th anniversary of their birthday)
2.) 20-Year Term Life
- The coverage ranges from $50K to 10M
- Time period:20 years, automatically renewable until age 80.
- Perfect to: People with longer-term financial responsibility, such as newlyweds who are planning their financial future; people with children who are young or are expanding their families or who are considering an enormous expense into the future, such as purchasing an apartment in the coming years, or have recently bought a home and are now beginning to make mortgage payments.
- Eligibility requirements: Canadian resident between ages 18 to 59 (up to six months before turning 60)
- Terms up to 100The coverage range from $50K to 10M
- Period: Lifetime
- It is ideal for People who want lifetime protection for their families and, who wish to lock in their rates, who would like their last expenses covered.
- Eligibility requirements: Canadian resident between ages 18 to 69 (up to six months before turning 70)
- In contrast to permanent life insurance, which is also an investment option, Term-100 omits the cash value building-up. However, their rates are generally lower than full life insurance, says the Financial Services Commission of Ontario.
4.) Terms of Guaranteed Acceptance
- The coverage ranges from From $5,000 to $25,000.
- Period: Lifetime
- Perfect For: People in a later life stage suffering from degenerative health issues that require their last expenses to be taken care of (such as funeral expenses)
- Eligibility requirements: Canadian residents between 50 to 75
- No physical exam is required, nor are medical questions not asked.
Life insurance products of TD also include:
- Premiums at the level: Your premium level is fixed and is guaranteed throughout the contract.
- Guaranteed renewability: You can automatically renew your term insurance policy after it is over without having to undergo a medical examination
- Transformable: You can convert your 10or 20-year term policy into a long-term one before turning 70, and without having to undergo a medical examination
- A no-obligation period for review: Once you receive confirmation for your policy, you are given 30 days to accept the delivery receipt and approve the payment method.
How do you find TD insurance estimates?
For TD Life insurance rates, visit their website or request an appointment with an advisor.
If you visit the TD Insurance website to get an online quote, The application will request you to provide information such as your date of birth (to establish your age) as well as your gender, if you smoke or not, etc.
You can also visit the website and click to speak to an advisor. It will open another form that you fill in your contact details. After that, a TD advisor will reach out to you within two business days.
In summation: TD life insurance plans are more expensive than other plans.
More expensive than other products available, TD’s term life insurance products aren’t worthwhile for the features they provide. If they improved their flexibility and features, the product could be worth looking into.
Consider other insurance companies offering plans that are cost-effective and flexible.