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Personal Credit

Line of Credit Critical Illness and Life Insurance


Your TD Canada Trust Line of Credit is one of your most flexible cash management tools. Line of Credit Life Insurance1 can help protect your family from outstanding TD Canada Trust Line of Credit debt - one less thing to worry about in your overall financial plan.

Low-cost protection

Line of Credit Critical Illness and Life Insurance can pay your balance, up to $300,0001, in the event of your death, an accident or covered critical illness.

Certain limitations and exclusions may apply. For example, when a claim arises, if your Line of Credit balance is greater than 110% of its average over the previous 12 months, the benefit may be limited. You can find the details in your certificate of insurance.

Pay for coverage only when you need it

The low cost of your Line of Credit Critical Illness and Life Insurance is based on your age at billing and your average Line of Credit balance, including any fixed-rate loans. Plus, on the premium for the portion of your balance that exceeds $75,000, you'll receive a 20% discount. You pay only for the coverage you need. If you choose to insure more than one customer, you will obtain a 15% discount on the total of your individual premiums.

What’s the cost?

How to calculate your premium

Find the rate that applies to your age in the table below. Then multiply this rate by the average balance of your Line of Credit during the insurance billing period and divide by 1,000.

If applicable, apply discounts mentioned above and provincial sales taxes.

The examples below provide an overview of premium calculation. Premium cost will be adjusted based on the number of days in a billing period. You can find the details in your certificate of insurance.

Example 1
If you are 34 years old and your spouse is 32, and your
average monthly balance on your line of credit is $20,000, then
your monthly insurance cost would be calculated as follows:
Critical Illness Insurance:
(0.19 +0.17)   x$20,000
1,000
= $7.20
Less 15% for the joint discount = $ 6.12
Life Insurance
(0.19 +0.17)   x$20,000
1,000
= $7.20
Less 15% for the joint discount = $ 6.12
Monthly premium expense with a joint-coverage discount;
6.12 + 6.12 = $12.24

Example 2
If you are 34 years old and your average monthly line of credit
balance is $200,000, you’ll get a 20% discount on your
premiums for the portion of the balance that exceeds $75,000.
This means that your monthly life insurance
premium would be calculated as follows:
Life Insurance on the first $ 75,000:
(0.19)   x$75,000
1,000
=$14.25
Life Insurance on the portion exceeding $75,000:
(0.19)   x$125,000
1,000
=$23.75
20% discount on the portion exceeding $75,000 = $ 19.00
Monthly premium expense with all discounts:
$ 14.25 + $ 19.00 = $ 33.25


Monthly premium rate per $1,000 of single coverage
AgeCritical
Illness
Life
Insurance
Up to 29.13.13
30.14.14
31.16.16
32.17.17
33.18.18
34.19.19
35.20.20
36.21.21
37.22.22
38.25.25
39.28.27
40.31.28
41.34.30
42.39.32
43.43.34
44.47.37
45.52.41
46.57.44
47.62.47
48.67.52
49.72.57
50.76.60
51.81.62
52.89.66
53.97.71
541.06.75
551.17.80
561.29*.85
571.45*.90
581.64*.97
591.74*1.05
601.84*1.13
611.94*1.22
622.04*1.32
632.14*1.44
642.24*1.58
652.34*1.73
662.44*1.90
672.54*2.09
682.63*2.30
692.72*2.57


 

Convenient payment method

Your premiums are calculated automatically, based on your outstanding fixed and/or revolving credit balance, and will appear on your line of credit statement.

Applying is easy

If you are applying for a new line of credit, you need to answer only a few health questions to complete the application for Line of Credit Critical Illness and Life Insurance.

Apply today

When you apply for TD Canada Trust Line of Credit through EasyLine Telephone Banking or EasyWeb Internet Banking, you will be mailed an application for Line of Credit Life Insurance with your TD Canada Trust Line of Credit information package.

You can also visit your local TD Canada Trust branch for more details and to apply.

Satisfaction guaranteed!

Line of Credit Critical Illness and Life Insurance comes with a satisfaction guarantee. If you are dissatisfied with Line of Credit Critical Illness and Life Insurance for any reason, you may cancel your coverage for a full refund within 30 days of purchase.



Rates & Numbers

  • TD Prime Rate: 3.000%
    Effective Date SEP 9, 2010
  • Credit Rates: Please call 1-877-247-2265

Credit Protection

Credit Protection can help provide financial security for your loan or line of credit.