TD Life Insurance Review: Updated for 2022

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Looking for a full review and breakdown of TD Insurance’s life insurance options?

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.

Here, you’ll find not only the pros and cons of TD life insurance, but also an in-depth look at the features, pricing, and ratings of TD’s offerings.

Our rating: 1/5

Our TD life insurance review

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 life insurance reviews

We collected online reviews of TD life insurance from sources like InsurEye. Hear from real customers before deciding to buy yourself.

Positive TD life insurance reviews:

  • “Anytime I have had questions about my coverage, or was unsure of what was or was not covered, TD Insurance agents were very helpful and always asked if I needed any more assistance”
  • “Wanted to apply for my life insurance, process was simple and efficient.”

Negative TD life insurance reviews:

  • “They take over 6 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 insurer for over 20 years. Recently, reaching their customer service by phone has been impossible.”
  • “Everything is good until you have a claim [...]”

TD life insurance rates for 2022

With TD life insurance, at the lowest range, the rates start at approximately $28 per month for a woman and at $37 per month for a man. But, 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

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

Want to see how affordable life insurance can be with PolicyMe? Get a quick, online, no-obligation quote today. Your quote might just surprise you.

TD life insurance: pros and cons

Here are some of the pros and cons of TD life insurance based on a range of features and pricing we looked at.

Pros of TD life insurance: 

  • TD Insurance offers coverage up to $10M
  • While the cost may be more expensive, there is the possibility of getting instant approval on policies with up to $500,000 in coverage. (If you aren’t sure how much coverage you need, try our life insurance calculator.)
  • You can get a quote online through a form, speak to a professional advisor for details, review sample policies, or apply online
  • You may qualify for a discount of 5-10% if: you’re an existing TD customer, you are (or your spouse is) a graduate of an eligible Canadian post-secondary institution, or you’re 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 of TD life insurance: 

  • 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 is 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 is 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 

Who is TD Insurance?

TD Insurance is part of TD Bank, a Canadian financial services company with over 10 million customers. They’re known for their banking and mortgage products.

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. 

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

TD Insurance quick facts:

  • TD Bank was founded in 1954 but has a history going back to 1855
  • TD life insurance policies available: a 10-year term, 20-year term, term-to-100, and guaranteed acceptance life insurance (no health questions asked)
  • They offer coverage up to $10M
  • You can get a quote online

Who owns TD Insurance?

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

TD Insurance compared to other insurance companies in Canada

When it comes to pricing, how do 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 coverage options are consistently simple and affordable in Canada.

TD life insurance options and features

TD Insurance has four main life insurance options: 10-year term life, 20-year term life, term to 100 and guaranteed acceptance term. Read about each one in more detail below. 

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 ages 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 ages 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 ages 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. But, their premiums are usually cheaper than whole life insurance, notes the Financial Services Commission of Ontario

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 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

How do you get TD insurance quotes? 

To get TD life insurance quotes, you can go through their website or request a phone call with one of their advisors.

If you go to the TD Insurance website to get a quote online, the form will ask you questions like your birth date (to determine your age), your gender, whether you smoke or not, etc.

Alternatively, you can also go to their website and click the button to speak with an advisor. This will lead to a different form where you give your contact information. Then, a TD advisor will contact you within 2 business days.

If you don’t want to wait, see some example quotes for your age and gender now. 

In summary: TD life insurance plans are pricier than competitors

Pricier than others on the market, TD’s term life insurance products aren’t currently worth it for the features they offer. If they improved their features and flexibility, then they may be worth considering.

Instead, consider other life insurance companies that offer plans which are both affordable and flexible. 

For example, 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

FAQs: TD life insurance

Does TD Canada Trust sell life insurance?

Yes, TD Canada Trust sells life insurance. TD Insurance offers the following policy types: a 10-year term, 20-year term, term-to-100, and guaranteed acceptance life insurance. 

Keep in mind, however, that their life insurance rates are 18% higher on average compared to other insurance companies. So, you’re better off getting quotes from other insurers before settling on TD Insurance.

Does TD Ameritrade offer life insurance?

No, TD Ameritrade does not offer life insurance policies because it is a platform for investing and trading stocks. To buy life insurance, you can check out companies like PolicyMe that offer affordable life insurance policies to Canadians.

Can TD cancel my life insurance policy? 

Yes, TD can cancel your life insurance policy. Like any life insurance company, TD can cancel your current policy if you don’t pay your insurance premiums. 

They can also cancel it 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?

You can cancel your 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?

We cannot say TD is the best life insurance in Canada based on the benefits and features you get at its price point. 

TD Bank’s term life insurance policies are on average 18% more expensive than others in the life insurance industry. Also, it doesn’t offer much more in terms of benefits or product differentiators that make the higher price worth it.

How do I contact TD Insurance?

To contact TD Insurance for professional advice from licensed advisors, you can call them:

Phone: 1-877-397-4188, option 1

Hours: Monday-Friday, 8am to 10pm ET; Saturday, 10am to 6pm ET

Still considering your life insurance options? Check out more reviews of Canadian life insurance companies:

Laura McKay

COO & Co-Founder

About the Author

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