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What is life insurance?
Life insurance can help protect your loved ones financially. With life insurance, you make regular premium payments, and the life insurance company pays a tax-free lump-sum (known as the death benefit) if you pass away while your policy is active. This benefit goes to your designated beneficiaries to use however they choose.
Benefits of life insurance
Why is life insurance important in Canada?
In Canada, life insurance isn't mandatory, but it can play an important role in protecting your family's financial obligations. If you pass away, your life insurance policy pays out a death benefit to your designated beneficiaries. They can use the money as needed, for example:
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Replace lost income
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Paying towards outstanding debts or mortgage
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Maintaining your family's standard of living
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Cover funeral expenses
Why should I buy life insurance?
In the event of your death, life insurance provides a death benefit payment to your designated beneficiaries, which they can use to help cover any of your family’s financial obligations. Your designated beneficiaries can use the money however they wish, for example:
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Paying for your funeral expenses
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Paying towards outstanding debts or mortgage
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Maintaining their standard of living
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Donating to charity
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Replacing income lost
TD Life Insurance offerings for Canadians
TD Life Insurance offers coverage from $5,000 to $10 million depending on the plan option you choose.
If you are a Canadian citizen or resident1 and meet the age requirements, you can apply for coverage.
TD Term Life Insurance |
Guaranteed Acceptance Life Insurance |
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Suitable for |
Young adults, growing families, parents, homeowners, or anyone with financial responsibilities.
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Seniors or people looking to cover end-of-life expenses.
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Plans offered |
TD 10-Year Term Life, TD 20-Year Term Life and TD Term 100 Lifetime Coverage.
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Guaranteed Acceptance Life Insurance
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Eligibility |
You’re eligible for coverage if you're between 18 and up to 6 months after your 70th birthday, depending on the plan you select.
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You’re between 50 and 75 years old.
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Coverage duration |
Until age 80 for TD 10-Year and 20-Year Term Life plans. And lifetime coverage for TD Term 100.
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Lifetime coverage
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Coverage amount |
Up to $10 million
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Between $5,000 and $25,000
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Premiums |
Premiums do not change during the length of each policy term2.
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Premiums are guaranteed not to change. At age 100, your premium payment stops but coverage continues.
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Instant approval |
You could be instantly approved for up to $1 million if you are under 50, up to $500,000 if you are under 60, or up to $249,999 if you are under 70 years old3.
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Instant approval with no health questionnaire or medical exam required.
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Automatic renewal at the end of each term |
Yes, for TD 10-Year and 20-Year Term Life plans. Not applicable for Term 100.
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Not applicable
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Convertibility |
Option to convert TD 10-Year or 20-Year Term Life to permanent TD Term 100 Lifetime Coverage 4.
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Not applicable
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Death benefit |
Tax-free lump-sum paid to your designated beneficiary(ies) if you pass away.
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Tax-free lump-sum paid to your designated beneficiary(ies) if you pass away.
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Review plans |
Life insurance for Canadians
TD Life Insurance offerings
TD Insurance offerings include coverage from $5,000 to $10,000,000, depending on the plan you choose.
Take a look at the options below.
What’s included?
What type of life insurance may be right for me?
What our customers say about us
TD Life Insurance has a 4.3 /5 user rating on Google.
Customers appreciate the simplicity and ease of getting a quote and applying for TD Life Insurance.
Interested in learning more?
Many people don't know why life insurance is important or where to begin with coverage. This article explores the basics of how life insurance works.
Learn about what TD Guaranteed Acceptance Life Insurance is and how you can potentially get coverage without answering any medical questionnaires or undergoing any physical exams.
Learn how much coverage you may need and some factors to consider when calculating your policy coverage amount.
Browse FAQ
When to get a life insurance policy can vary based on your individual circumstances. Some people consider life insurance during major life events, such as:
It can also be a good idea to consider life insurance when you're younger and healthier as the premiums tend to be lower
If you’re young and healthy, you’re more likely to pay lower premiums. Your premiums won’t increase for the length of each policy term2. If you have aging parents who rely on you financially, term life insurance can help safeguard their financial security. Read more about life insurance for the young and single.
The amount of coverage you need depends on your specific circumstances. Start by determining how much money your loved ones would need if you were to pass away. Be sure to consider these factors:
- Loss of income
- Outstanding loans and debts
- Children’s education costs
- Family lifestyle
Use the TD Life Insurance Calculator to help you estimate how much coverage you may need. Or speak with a TD Life Insurance licensed advisor by calling 1-888-788-0839.
Employer group life insurance provides affordable coverage based on your salary. However, it may not be enough for all your financial needs, and you're likely to lose your coverage if you change jobs.
Learn more about understanding employer's group term life insurance and individual term life insurance here.
You could be eligible for a 5% or 10% premium savings on a new TD 10-year and 20-Year Term Life Plan6.
10% savings:
· If you complete your application online7.
· Or if you are a TD customer, which includes TD Auto Finance, TD Insurance Home and/or Auto, and TD Wealth.
Or 5% savings:
If you or your spouse is a graduate of an eligible Canadian post-secondary institution or a member of an eligible professional association.
Here's how to get the discount:
- Get your personal quote online or call a TD Life Insurance licensed advisor to get your quote. Indicate whether you are a TD customer (specify which type) or a graduate/professional.
- After getting your quote, you can apply for coverage.
- If approved, you will get the discount stated in your quote.
Note: The above discounts cannot be combined, the maximum discount available is 10%.
TD Term Life Insurance and TD Guaranteed Acceptance Life Insurance are individual life insurance plans underwritten by TD Life Insurance Company. See each plan's Insurance Policy for coverage details, including limitations and exclusions.
1A Canadian resident is any person who:
• is legally entitled to reside in Canada for at least the next year, and
• has been a resident in Canada for 183 of the past 365 days. Days do not need to be consecutive.
2 Premiums do not increase for the duration of the policy's term. The premium will increase when your term renews.
3 Instant approval is subject to the responses you provide to certain health and lifestyle questions in your application and is available for coverage up to $1,000,000 if you are under 50, up to $500,000 if you are under 60, or up to $249,999 if you are under 70 years old.
4This option is available up to the policy anniversary nearest the Insured’s 69th birthday, and premiums will be based on the Insured person’s attained age at the conversion date.
5Based on user ratings on Google, as of May 29, 2025.
6Discounts are available to eligible applicants who apply for a new TD 10-Year or 20-Year Term Life Insurance policy. Offers cannot be combined with any other offer and is subject to change or may be withdrawn at any time..
7The discount is only available to eligible applicants who apply for a new TD 10-Year or 20-Year Term Life Insurance policy using the online application. Offers cannot be combined with any other offer and is subject to change or may be withdrawn at any time.