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TD Term Life Insurance Review

by Mark Cluett
7 min read

Not Recommended For Canadian Life Insurance Buyers

TD Insurance

AM Best
financial strength rating Rating

Not Recommended For Canadian Life Insurance Buyers

TD Insurance

AM Best
financial strength rating Rating

TD Life Insurance Review

Though TD Life Insurance offers a few options for term life coverage, there are no differentiating factors strong enough to recommend TD’s products over their many Canadian competitors. TD Life Insurance premiums are typically more expensive compared to similar quotes from other insurers. Their term policies also offer limited features to personalize or augment the coverage.


  • TD Life Insurance offers pure term (including no medical term) and permanent life insurance (until age 100)
  • Offers coverage up to $10 million, in line with coverage offered by other large insurers
  • Possibility of getting coverage up to $500,000 instantly approved, albeit at higher prices compared to competitors in the industry
  • Strong, recognizable brand name, albeit a smaller player in the life insurance industry


  • Limited choice of term life coverage options. You can only choose between Term 10 and Term 20 life insurance products. If your need is longer/different than these terms, then you may have to choose between these two coverages and renew your coverage after your initial term. Not an efficient strategy as renewal prices are significantly more expensive.
  • TD Insurance’s term life policies are significantly more expensive than plans from other leading life insurers for comparable amounts. You pay a much higher life insurance premium in exchange for the TD brand name
  • Convertibility options are limited, as TD only offers a non-participating whole life product. Most life insurance companies in Canada offer multiple options to convert your coverage into permanent options, including in participating whole life options, to achieve higher growth
  • There are limited riders or optional add-ons to augment coverage. Most insurance companies offer such optional features such as child term riders, guaranteed insurability, critical illness riders, and exchangeability, to help enhance and personalize coverage to your individual needs
  • Max age is 80 years old, which is less than the 85 years or lifetime coverage offered by most life insurance companies.
  • TD Insurance is not rated/accredited by major financial rating and customer service evaluators like AM Best or BBB

Who is TD Insurance?

TD Insurance is part of TD Canada Trust, one of Canada’s best-known financial conglomerates and a global banking institution. TD was founded in 1955. Despite the size and pedigree of its parent company, TD Insurance is a relatively smaller life insurance company, ranking 27th in the list of largest life insurance companies in Canada.

TD: Quick Facts

    • Founded: 1955]
    • Headquarters: Toronto, Ontario
    • AM Best Rating: Not Rated.
    • Better Business Bureau Accreditation and Rating: No
    • Assets: $0.2 billion
    • Annual Premiums: $112.6 million

What types of term life insurance does TD offer? 

TD Insurance offers two term life insurance products. They also offer a Term-100 and Guaranteed acceptance term, both of which are permanent products.


  • Targeted at customers who have shorter-term financial responsibilities: student or car loans, or mortgages in their final years of amortization
  • Also a fit for those closer to retirement
  • Coverage from $50,000 – $10,000,000
  • Coverage period of 10 years
  • Automatically renewable up to age 80


  • Designed for those who have debts that require settlement in the medium term
  • Targeted at customers with young families or those who have recently purchased a home
  • Coverage from $50,000 – $10,000,000
  • Coverage period of 20 years
  • Automatically renewable up to age 80

Term-100 (Permanent coverage)

  • Designed for applicants seeking lifetime coverage to protect their families
  • Also has potential use as final expense protection
  • Coverage from $50,000 – $10,000,000
  • Coverage until age 100
  • No cash value build-up

Guaranteed Acceptance Term

  • Designed for applicants between the ages of 50-75 years
  • No medical exam required
  • Coverage up to $25,000
  • Lifelong coverage

What term life insurance amounts and coverage does TD Insurance offer?

  • Available Term Lengths: TD Insurance offers Term periods of 10 years, 20 years and Term-100 (coverage until the age of 100)
  • Available Term Types: TD Insurance offers guaranteed level premiums, for all 3 terms
  • Maximum Amount of Coverage: $10 million
  • Renewability: There is automatic renewal for 10 and 20-year plans at the end of the term without medical underwriting until age 80, at which point coverage ends
  • Convertibility: There is an option to convert 10- or 20-year plans to permanent coverage any time before age 69

What other insurance coverage does TD Insurance offer?

TD Insurance offers a wide range of insurance products to customers, apart from term life, such as:

  • Home, Condo and Tenant
  • Travel
  • Auto (Motorcycle, RV, Car)
  • Critical Illness
  • Credit Protection

TD Insurance is a much more significant player in the OTL (Other Than Life) insurance category. It is one of the top 3 home and auto insurance groups in Canada, by market share.

Is TD Insurance right for you?

While TD Insurance offers name recognition and basic life insurance coverage products that are a fit for many Canadian consumers  – there may be better options. As insurance advisors for multiple life insurance companies and products, we can help you decide if TD products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

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.

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