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Loan Life and Disability Insurance


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While most individuals want to pay down their outstanding loans as quickly as possible, the unexpected can happen. TD Loan Life and Disability Insurance1 can provide flexible protection for your loan obligations at a price you can afford.

Loan Life Insurance

If you die or suffer a covered accidental dismemberment loss1, the outstanding balance of your covered personal loans and any interest charged can be paid in full, to a maximum of $250,000. Neither your family nor your estate would have the financial burden of paying off your loans.

Loan Disability Insurance

With Loan Disability Insurance1, which can be added to your Loan Life Insurance1, if you become Totally Disabled1, your regular monthly loan payments can continue to be made for you, to a maximum of $2,000 per month. Your benefits will continue until one of the following occurs - 1) you are no longer Totally Disabled, 2) your covered loans have been paid in full, or 3) you have received benefits for five consecutive years.

Affordable coverage

Loan Life and Disability Insurance have special group rates. For additional comfort, you can extend the coverage to an unlimited number of co-borrowers and/or guarantors. If more than one person is insured for Loan Life and Disability, a 15% discount will be applied to the sum of the individual premiums.

Loan Life Insurance

Your premium is based on the premium rate for your age on the date you apply and the initial loan amount.

Loan Disability Insurance

Your premium is based on the premium rate that applies to the loan amortization period and the initial loan amount.

For example, if you are 34 years old, your cost of Loan Life and Disability Insurance for a three-year (36-month) term loan of $10,000 would be:
(0.23 + 1.06) x $10,000= $12.90/month†
1000


† Provincial sales taxes apply in certain provinces. Rates are subject to change without notice.

Monthly Loan Life Insurance premium rate
per $1,000 of coverage†
Age Under 31 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-69
Single
Rate		 0.19 0.23 0.25 0.31 0.37 0.49 0.70 1.00 1.50


† Provincial sales taxes apply in certain provinces. Rates are subject to change without notice.

Monthly Loan Disability Insurance premium rate
per $1,000 of coverage†
Loan Amortization Period Premium Rates
12 months or less $1.50
13 to 24 months $1.27
25 to 36 months $1.06
37 to 48 months $0.97
49 months or more $0.90


† Provincial sales taxes apply in certain provinces. Rates are subject to change without notice.

Easy payment options

For your convenience, premium payments are automatically withdrawn from the same account as your regular monthly loan payments.

Easy application method

No health questions will be asked and no medical examination is required. You are eligible to apply for TD Canada Trust Loan Insurance if -

  • You are the borrower, co-borrower and/or guarantor on a TD Canada Trust personal fixed or variable rate loan,
  • You are between 18 and 70 years of age on the date the loan is approved,
  • You are a resident of Canada, and
  • You apply within 30 days from when the loan funded

How to apply

To apply for coverage, you must complete and submit an application by visiting your local TD Canada Trust branch or calling

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

Satisfaction guaranteed!

Loan Life and Disability Insurance comes with a satisfaction guarantee. If you are dissatisfied with TD Loan Life and Disability Insurance for any reason, you may cancel your coverage for a full refund within 30 days.

The Certificate of Insurance below contains a complete list of benefits, eligibility, exclusions and limitations:

Note: This is the current Product Guide/Distribution Guide and Certificate of Insurance in use by TD Bank. For a copy of a certificate prior to the effective dates above or if you have any questions regarding Mortgage Critical Illness and Life Insurance, please call one of our knowledgeable representatives, toll-free, at 1-888-983-7070 Monday to Friday, 8 am to 8 pm ET. Or, visit your TD Canada Trust branch.

1Accidental Dismemberment coverage is provided by TD Life Insurance Company. All other coverages are provided by the Canada Life Assurance Company and administered by TD Life. Benefits will not be payable if death or disability occurs as a result of a pre-existing condition within the first six months of coverage. Defined terms and complete details of all benefits, including exclusions and limitations which may apply, are contained in the Certificate of Insurance. Restrictions on eligibility for products apply.