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TD Insurance Critical Illness Insurance Review

by Mark Cluett
5 min read

Not Recommended At This Time

TD Insurance

TD Insurance Term Life Insurance Review

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AM Best
financial strength rating

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Not Recommended At This Time

TD Insurance

TD Insurance Term Life Insurance Review

––

AM Best
financial strength rating

PolicyAdvisor.com Rating

TD Insurance Critical Illness Insurance Review

TD Insurance’s critical illness policy is called the TD Critical Illness Recovery Plan. Though it is backed by TD Insurance, it does not offer many options for prospective clients in terms of coverage amounts & terms or illnesses covered.

Pros

  • Covers three common critical illnesses: Heart attack, life-threatening cancer and stroke.
  • Backed by the TD Insurance brand name.

Cons

  • Only 3 diseases covered. Most competitor plans offer varying coverage tiers including different numbers of diseases.
  • Low coverage limits: Maximum coverage is capped at $50,000. This is low compared to other insurers’ critical illness plans.
  • No lifetime coverage option. Coverage reduces by 50% when the insured person turns 65 and terminates entirely when they turn 70.
  • Premiums increase every 10 years until all coverage ceases. Renewal premiums are extremely high.
  • Covers only life-threatening incidences of cancer, as determined by the insurer. This ambiguity can cause some customer confusion.
  • Priced higher than average compared to other critical illness products in the market.
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Product NameCritical Illness Recovery Plan
Critical Illness coverageBasic coverage
Available Terms10 years
Limited Pay optionNone
Maximum coverageUp to $50,000
Conditions covered3 conditions
Loss of Independent Existence coverageNone
Partial payout conditionsNone
Partial payment or early detection paymentNone
Childhood illnesses coverageNone
Survival period30 days
Return of Premium on deathNo
Return of Premium on expiry/cancellationNo
Second optionNo
Electronic applicationNo
Online account accessNo

Who is TD Insurance?

TD Insurance is the insurance arm of TD Bank Group, one of Canada’s Big 5 banks. TD traces its roots to the Bank of Toronto, which was founded in 1855. The TD Bank Group came into existence in 1955, with the merging of the Bank of Toronto and Dominion Bank. TD Insurance is a much newer entity in the TD Bank Group and is one of Canada’s smaller life insurance companies. Also, check out our TD Life Insurance review to learn more about their other insurance offerings.

Does TD Insurance offer critical illness insurance?

Yes. TD Insurance’s Critical Illness policy is the TD Critical Illness Recovery Plan. It offers basic coverage (3 illnesses).

What critical illness insurance coverage and terms does TD Insurance offer?

TD Insurance offers coverage only for heart attack, stroke and (life-threatening) cancer.

TD Insurance’s maximum critical illness coverage is $50,000 and includes only 3 illnesses. Both these limits are among the lowest in the industry.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days for all conditions.

TD Insurance offers only 10-year coverage – the coverage renews every 10 years (at a significantly increased premium) until it terminates when the insured person turns 70. The coverage amount decreases by half when the insured person turns 65. There is no option for permanent coverage. They also do not have the option of limited pay periods such as 10- or 20-pay.

The benefit is payable only once. If a payout is made, the plan terminates.

Does TD Insurance offer any additional riders or benefits?

TD does not offer any additional benefits or riders such as Return of Premium on Death/Expiry/Cancellation, Partial Payout, or Payout on Loss of Independent Existence.

Our Verdict

TD Insurance provides a critical illness product that is extremely limited in the number of illnesses covered and their coverage and payment terms. The product has no optional or complementary benefits. It is also less affordable than other critical illness policies in the market.

Given all these issues, we would recommend choosing an alternate product.

How do I apply for critical illness insurance?

You can schedule a call with our licensed advisors to find the best critical illness insurance product for your needs. Please click here to look up critical illness insurance quotes or speak to an advisor with the link below.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

Need help?

Call us at 1-888-601-9980 or book time with our licensed experts.

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