TD Life Insurance review
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Summary
Check out the range of TD Life Insurance policies and products and how they match up with those from other Canadian insurers.
TD Bank Group (TD) is one of Canada's biggest banks in terms of total assets. It has an insurance arm called TD Insurance that offers several kinds of coverage, including life insurance, homeowner insurance and car insurance. TD Insurance is headquartered in Toronto, Ontario.
TD Insurance offers 10- and 20-year term life insurance coverage, as well as a Term 100 option that locks in lifetime coverage at a set price. This selection matches up nicely against rival insurers' offerings in the relatively affordable term life category.
Pros
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Variety in term life. TD Insurance offers 10- and 20-year term life insurance coverage, as well as a Term 100 option that locks in lifetime coverage at a set price. This selection matches up nicely against rival insurers' offerings in the relatively affordable term life category.
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Quotes online. You can get basic online quotes for TD term life insurance products in what TD says is "less than a minute," although you may have to contact a company representative to get more detailed information and to finalize the purchase.
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Guaranteed acceptance. TD guarantees you will be accepted for term life insurance if you are between the ages of 50 and 75. Of course, you may have to pay more for this type of policy and the coverage period may be short.
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Option to bundle. TD insurance lets you bundle home and auto insurance together into one package that provides up to a 10% discount on the price of buying separate policies.
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Discounts for good driving. TD Insurance offers discounts on premiums and deductibles for those with good driving records.
Cons
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Small size. TD Insurance is much smaller in terms of total assets than Canada's traditional large insurers – Sun Life, Canada Life and Manulife. This may not matter to you personally as long as TD offers a competitive price on the policy you are seeking.
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Limited life insurance options. TD doesn't offer the traditional whole life insurance coverage that is a staple at other big Canadian insurers. Whole life insurance is generally more expensive than term life insurance, but you can devote some of your premiums towards building long-term savings. It also does not offer disability insurance.
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Geographic limits. TD does not offer car insurance in British Columbia, Manitoba or Saskatchewan.
What TD Life Insurance coverage options are available?
TD offers life insurance products as well as coverage for homes, cars and travel. Below are the main categories of TD Insurance products.
Life insurance
- Term life. This type of TD Life Insurance allows you to buy coverage for a specific time period. TD offers terms of 10 and 20 years. It also offers a product it calls Term 100 that offers lifetime coverage for a locked-in cost. Term life insurance is generally the most affordable type of life insurance.
- TD Guaranteed Acceptance Life insurance. This type of insurance offers financial protection for customers aged 50 to 75 with no medical questions asked.
Health insurance
- Critical illness. This insurance covers costs associated with a sudden, life-altering illness. You receive a lump-sum payment.
- Critical accident. Similar to critical illness insurance, this coverage provides you with a lump-sum payment if you are severely injured in an accident.
- Accident disability. This insurance helps provide you with an income if you become injured and can’t work due to a serious accident.
- Accidental death. This TD Life Insurance policy specifically covers you in the event you die in an accident. The coverage amounts available are generally lower than for regular life insurance, but it is often easier to qualify and more affordable.
Other insurance options
- Travel. TD offers various types of travel insurance. Coverage options include an annual plan or a single trip plan and both help to pay for emergency medical assistance.
- Home and property. This insurance covers your home and belongings from damage or theft. There are policies available for homeowners, tenants, condo owners and for those who wish to ensure a seasonal property like a cottage.
- Car. This insurance covers your personal vehicle in the event it is damaged in an accident or stolen.
- Leisure. This is a broad category of insurance that covers your personal property in the event of accidental damage or theft. Items you can insure include motorhomes, motorcycles, snowmobiles and RVs.
How to contact TD Insurance
Here are some ways to get in touch with TD Insurance.
- Phone. You can call 1-866-361-2311 for general inquiries.
- Email. You can visit the TD Life Insurance homepage for more details about who you need to email to get answers to your questions.
- Ask a question online. The “Contact Us” section of TD Insurance’s website has a handy feature that lets you type your inquiries (or better yet, keywords about your inquiries – e.g. “Cancel policy”) into a form field that pulls up a series of answers to the most commonly asked questions. This saves you from spending time wading through a long FAQ section.
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