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Life can be unpredictable. It can be filled with wonderful moments — and life-changing challenges. Mortgage Critical Illness and Life Insurance can each help you pay out up to $500,0002 to your mortgage balance, so you can concentrate on recovery.
Real-life stories of how mortgage credit protection solutions work
Allen's Story
Cheryl’s Story
Credit Protection Solutions
Mortgage Critical Illness Insurance
Mortgage Critical Illness Insurance provides a benefit you receive while you are alive. This coverage is available as an enhancement to your TD Mortgage Life Insurance and may pay a benefit if you fall victim to Cancer (life threatening), Acute Heart Attack, or Stroke,3 and survive.
Learn more about Mortgage Critical Illness InsuranceMortgage Life Insurance
If you die, get a terminal illness, or suffer a covered accidental dismemberment,3 with Mortgage Life Insurance, your TD mortgage on your home may be reduced or paid off.
Learn more about Mortgage Life InsuranceWhat is Mortgage Critical Illness and Life Insurance?
Mortgage Critical Illness Insurance
Let us help you prepare for the unpredictable. TD Mortgage Critical Illness Insurance can pay out up to $500,000 to your TD mortgage in the event of a covered critical illness, so you can concentrate on health, recovery, and family.
With Mortgage Critical Illness Insurance, one of your largest monthly expenses could be eliminated, freeing up money to use for health-related expenses like private nursing care, physical therapy, medical equipment, child care and babysitting services, even modifications to your home.
Mortgage Critical Illness Insurance is only available as an enhancement to Mortgage Life Insurance, which insures your mortgage (up to $500,000) in the event of death. With these two important forms of credit protection, we are able to offer you excellent insurance coverage.
Did you know?
While a critical illness can seem scary, the odds are you will survive. In all likelihood, you know of someone who's been diagnosed with cancer, heart attack, or stroke. It happens to approximately one out of every two men and one in two women in Canada.4
But while the incidence of critical illness is increasing every year, advances in medical science are helping victims beat life-threatening illnesses like never before.5
Studies have shown:
- Cancer victims of all ages are living longer than before
- Approximately 80% of all heart attack and stroke victims will survive6
"After the diagnosis, our home line of credit was paid off.
It was weight off our shoulders.”
Cheryl, Critical Illness Survivor
Expand See the cost of premiums
|
Your Age |
Monthly premiums† per $1,000 of single coverage |
|
18-30 |
$0.11 |
|
31-35 |
$0.16 |
|
36-40 |
$0.23 |
|
41-45 |
$0.43 |
|
46-50 |
$0.67 |
|
51-55 |
$1.00 |
† Provincial sales taxes apply in certain provinces. Rates are subject to change.
Easy Application Method
Applying for Mortgage Critical Illness and Life Insurance has never been easier. In most cases, you only have to answer a few health questions. No medical examination is required in most cases.
If you're a Canadian resident between the ages of 18 and 55 and are a new or existing TD Canada Trust mortgage customer, you're eligible to apply for this protection. Coverage can continue until you reach age 70. See your Certificate of Insurance for details.
You must complete and submit an Application, to apply for coverage.
To apply for coverage or learn more about your credit protection options:
Or
Call 1-800-818-3700
Mon – Fri 8:00 a.m. – 10:00 p.m. EST
Sat – Sun 10:00 a.m. – 6:00 p.m. EST
Or connect with a TD Mobile Mortgage Specialist: Book an Appointment
Mortgage Life Insurance
Let us help protect your family financially. If you were to die, suffer from a terminal illness or covered accidental dismemberment, your Mortgage Life Insurance can pay the following benefits up to $500,000:
- Your outstanding TD mortgage principal amount, less outstanding arrears, up to $500,000
- Any discharge or penalty fees
- Any overdrawn balance in your tax account and
- Any interest owing
If you are diagnosed with a terminal illness that will cause your death within one year, this insurance offers early payout to help alleviate financial concerns. For additional security, the same protection is also available to your co-borrowers or to the guarantor(s) of the mortgage.
You can apply for coverage up to 180 days before your closing date or up to 36 months before closing date for builder mortgages. This way, you are protected even before you move into your new home.
If your mortgage is over $500,000, you may be eligible for partial Mortgage Life Insurance coverage.7
Your insurance payments are combined with your regular mortgage payments. They will be converted to the payment frequency that you choose for your mortgage payment.
Expand See premium rates and an example
If two or more persons are insured with Life Insurance, a 25% discount will apply to the sum of the total Mortgage Life Insurance premiums.
Here's an example of how you could save: If you are 34 years old and your spouse is 36, and you are applying for a $100,000 mortgage, your monthly insurance cost would be:
|
Cost |
Cost |
Your mortgage amount: |
|
($0.14 |
+ $0.21) |
X
$100,000
1,000 |
|
= $35.00 less 25% discount = $26.25 per month† |
||
|
Your age |
Monthly premiums† per $1,000 |
|
18 - 30 |
$0.10 |
|
31 - 35 |
$0.14 |
|
36 - 40 |
$0.21 |
|
41 - 45 |
$0.30 |
|
46 - 50 |
$0.44 |
|
51 - 55 |
$0.54 |
|
56 - 60 |
$0.77 |
|
61 - 65 |
$1.04 |
|
66 - 69 |
$1.64 |
† Provincial sales taxes apply in certain provinces. Rates are subject to change without notice.
Easy Application Method
Applying for Mortgage Life Insurance has never been easier. In most cases, you only have to answer a few health questions. No medical examination is required in most cases.
You are eligible to apply if you are a Canadian resident, between the ages of 18 and 69, and approved for a TD Canada Trust residential mortgage or the guarantor of the mortgage.
You must complete and submit an Application, to apply for coverage.
To apply for coverage or learn more about your credit protection options:
Or
Call 1-800-818-3700
Mon – Fri 8:00 a.m. – 10:00 p.m. EST
Sat – Sun 10:00 a.m. – 6:00 p.m. EST
Or connect with a TD Mobile Mortgage Specialist: Book an Appointment
Money-back guarantee
Your satisfaction and financial security are important to us. That’s why we offer a 30-day money-back guarantee. If for any reason you are dissatisfied with your insurance coverage, you may cancel it within 30 days of the date of applying for a full refund of any premiums you’ve paid for your coverage. You can also cancel your own coverage at any time without the consent of the other borrowers. If you have any questions regarding Mortgage Critical Illness and Life Insurance, please visit your TD Canada Trust branch.
The Certificate of Insurance below contains a complete list of benefits, eligibility, exclusions and limitations:
- Protection for your mortgage – Product Guide and Certificate of Insurance (October 2016)
- Quebec Residents: Please also refer to the Distribution Guide:
Protection for your mortgage – Distribution Guide and Certificate of Insurance (October 2016)
† The insurer pays the amount of the outstanding credit balance to The Toronto-Dominion Bank subject to maximum coverage limits as outlined in the Certificate of Insurance.
1. Mortgage Critical Illness Insurance is only available as an optional additional coverage to Mortgage Life Insurance. Restrictions and limitations apply
2. Total for all TD Canada Trust mortgages. Mortgages include Conventional or Canadian Mortgage and Housing Corporation (CMHC) insured mortgages only. Self-directed RSP mortgages and mortgages on commercial properties are not eligible to be insured.
3. As defined in the Certificate of Insurance. Exclusions and limitations apply.
4. Canadian Cancer Society. 2013.
5. National Cancer Institute of Canada. Canadian Cancer Statistics,2013. Heart & Stroke Foundation of Canada, 2008-2009 attack (Heart & Stroke Foundation of Canada, Statistics) and in 2008-2009, the hospitalized heart attack rate was 217 per 100,000 population (Canadian Institute for Health Information, Health Care in Canada 2010).
6. Based on Canadian population of 33,628,571 in 2009, given approximately 16,000 Canadians die each year as the result of a heart.
7. The insurer will pay the amount of the outstanding credit balance to The Toronto-Dominion Bank subject to maximum coverage limits as outlined in the Certificate of Insurance. Mortgage Critical Illness Insurance is only available as an optional additional coverage to Mortgage Life Insurance. Restrictions and limitations apply
Life, terminal illness, and optional critical illness insurance underwritten by The Canada Life Assurance Company. Accidental dismemberment coverage underwritten by TD Life Insurance Company.
TD Life Insurance Company is the authorized administrator for this insurance. For more details on insurer and/or administrator, as well as all benefits and restrictions, please refer to the Certificate of Insurance.